Down Payment Assistance-Arizona
“Putting Families in Homes”
Down Payment Assistance-Arizona
Down Payment Assistance is available through some amazing programs in Arizona, that are funded with local government grants and by Non-Profit originations. 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 one. There are multiple programs that a person could qualify for to buy a home. The process to get approved, you need to contact a local community lender that is approved by the program.
All down payment program participants have to talk to an “Approved Community Lender” to make sure you have the best program for your City and County. You will need to know your Credit Score, The County in which you want to purchase and the approximate Purchase Price of the property you want to buy.
What’s The Best Program Program?
There are many programs available in Arizona and to just look at one program might not be the best plan of action, they all have differences between them. You really have to be fluent in mortgage terms to realize what program fits what box. 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 community lender in your area that has multiple of these programs and let them show you what program works best for you. No Down Payment Program will talk to you directly you have to have to use an approved community lender about how to get approved. 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!
FHA Down Payment Assitance
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?
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 First 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 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
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 and 25% of all jobs rely on the housing market. Because of these programs, the rate of homeownership 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 $18,850 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.
No cost to apply, but when down payment assistance funds run out, some programs end for the year. So apply early, It’s a No cost pre-approval program, so there are usually a large number of applicants.
Big Banks Don’t offer this?
I went to my local bank and they did not have any of these programs available, Banks do not provide down payment assistance loan products because they are considered high risk. Banks consider it a high risk when a buyer has no financial investment in the home purchase (no skin in the game). Banks will always ask you for a down payment biased on a percentage of the purchase price. That is why you have to use an approved lender by the program
Looking for a loan you don’t have to make a down payment?
The programs and lenders that we work with DO NOT require that you make a down payment which allows these programs to make the down payment for you. Your down payment is covered through grants and gifts set aside by the local government.
How To Get Approved?
So that you get an answer quickly, we have you fill out 1 form it takes about 3 to 5 minutes and most people receive same day service. We work hard to get you approved and make sure that all the T’s are crossed and the I’s are dotted with all government paperwork. We will review your individual needs and recommend a program especially for your situation.
Funds for Down Payment Assistance Programs
Funds were still available as of Friday 03/01/2019 for the Down Payment Assistance programs in Arizona. If you would like to know all of the criteria, please complete the form below for a No cost evaluation.
Below are some of the more frequently asked questions regarding the Federal Assistance Down Payment Programs. If you have a specific need that doesn’t fit in the box below or you have additional questions, you will want to connect with one of our advisors at 480-292-8288. Please ask to speak with Ryan or Stu. You have the option of submitting the online form and once it is completed, someone will reach out to you.
- Multiple down payment programs available (giving us more ways to get you approved)
- No cost to get you Approved with program
- Less than perfect credit can qualify 580 Credit Needed
- Programs to fit many income ranges. NO Cap on income
- Must be used to purchase a primary residence in Arizona
- Typical closing happens in approximately 30 days
- This is not a hard money loan or private money loan.
- First time home buyers benefits are available.
- This is not limited to first time home buyers.
- Situation …? Yes they will allow for some situations
We have programs for : Maricopa County, Pinal County, Pima County, Yavapai County, Coconino County, Mohave County, Gila County, Cochise County, LaPaz County, Yuma County, Navajo County, Apache County, Graham County, Santa Cruz
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*The Product/Program information contained here is educational only and not a commitment to Lend all Loans have to be reviewed By a licensed underwriter, Rates and available loan programs are subject to change without notice. Eligible Products – Purchase in Arizona Other conditions and restrictions may apply.
Price Mortgage, LLC dba District Lending is a licensed Mortgage Broker in the state of Arizona, California, and Oregon. MLS 1429043 AZ MB-0934484 CA MB-60DBO85836 OR MB-5706. This is not a commitment to lend. All loans subject to credit approval. Guidelines subject to change without prior notice. This information is provided to assist business professionals only and is not an advertisement extended to the consumer as defined by Section 226.2 Regulation Z.-EOE. Equal Housing Lender.
690 E Warner Rd, Ste. 103, Gilbert, AZ 85296. Main: (480) 428-5220 | Office: (480) 470-0722
Contact your loan officer for more information.
Stu Harris Loan Officer | Direct Line 480-447-0000 | LO NMLS: 381429 | BK 0936968
Price Mortgage LLC 690 E Warner Rd, Ste. 103, Gilbert, AZ 85296. Office: (480) 470-0722