Down Payment Assistance
Arizona Down Payment Programs are available through some amazing Non-Profits companies in Arizona. These programs are designed to assist individuals who do not have the money for a down payment to purchase a home or don’t want to wipe out their savings to buy a home. There are multiple Down Payment Programs that a person could qualify for. Down Payment Programs are funded thru Government Grants and are administered through “Licensed Mortgage Companies” or “Approved Lenders” under the program. Certain programs do not have location and income restrictions, its best to talk to an “Approved Lender” to make sure you have the best program for your state and county. To find the right program you would qualify for, all you do need to know: Your Credit Score, The County your purchasing in, and the Purchase Price of the property you want to buy.
What Programs Should I Use?
There are many programs available in Arizona and to just look at one might be a mistake, they all have differences between them. You really have to be fluent in mortgage terms to realize what program fits what box. You will find that programs will vary on Income, Location, Employment, Debt To Income, Amount of loan, Student Loans, Home Value, Credit Score, and even Closing Cost. Best practice is to find a lender that has multiple of these programs and let them show you what program works best for you. There is a Chance to get turned down by one program and you may qualify for another. The Down Payment Programs themselves will NOT talk to you directly about how to get approved, everything goes through an approved lender. The Approved lender is a Local Lender in the community (typically Lives in your state) and knows all these programs and what one would be the best fit for you!
30 Year Fixed Rate FHA Loans Available
FHA loans are more forgiving to prior credit Issues than a Conventional Loan ( Fannie/Freddie Mortgages). Some programs offer both types of loans, although most of the time you will have a lower monthly payment with an FHA down payment assistance program. We will explain the program fully and show you how you can use a down payment program along with the right loan programs. All the Programs use a 30-year fix rate loan.
First Time Buyers Programs Available!
Arizona has First Time Home Buyer Programs that allow First Time buyers to put little down to NO down and still have great rates you can also use Grants when available for their county to lower out of pocket cost.
Eligibility for Frist Time Buyer
If you have not owned a home in the last 3 years, you are considered a first-time home buyer. First time home buyers are able to take advantage of down payment assistance programs. In fact, these grants are designed to assist people in purchasing a home that would not be able to buy.
Why Is There A Need For Down Payment Assistance?
Down Payment is one of the largest factors that prohibit people from buying a home. Most banks do not have loan programs to accommodate clients without a down payment. Homeownership builds more stable communities, Homeowners are better employees, Homeownership provides a more stable environment to raise children and kids from stable environments do better in school. The leaders in our Government understand all of these things and promote these programs
How Down Payment Assistance Works
There are many down payment assistance programs available in all areas of Arizona. The government provides these programs to increase the number of homeowners and create a stable housing market. Because of these programs, the rate of home ownership has increased throughout the state of Arizona.
How much of a down payment can I receive?
The amount of the down payment assistance grant/gift can vary from county to county in Arizona. The range is between 3% to 5% of the purchase price of the home and maximum down payment assistance in Arizona tops out at $20,000 in assistance. Again Your County and Purchase price along with credit all play factors. The best part about grants/gifts is in most cases they do not have to be repaid.
If you have more questions please do not hesitate to contact us!