While we cannot provide market commentary, it is widely recognized that the fixed income markets have been in a free-fall since the beginning of this year. The combination of record high inflation, the Feds reaction to that, combined with the war in Ukraine, has caused investors to reduce their participation in the mortgage-backed securities market. This has negatively impacted our ability to provide availability for our AzIDA HOME Plus down payment assistance (DPA) offerings. This situation is not unique to the AzIDA’s HOME Plus program, as other DPA program providers are experiencing similar difficulties.
These conditions can change on a day-to-day basis, unfortunately they have lasted longer than anyone has anticipated. And while we cannot predict the future, we are hopeful that the combination of current events, that are sending shockwaves throughout the market, end soon. We apologize for any inconvenience this has caused. Thank you for your understanding.
Please talk with your lender for any alternatives available during these challenging times.