Down Payment Assistance-Arizona
No income Restrictions
Grants are Available No Repayment
Down Payment Assistance-Arizona for 2020
Down Payment Assistance Programs There are 7 diffrent down payment programs available in Arizona. These programs are provided thru government and non-profits organizations in Arizona. If you’re a person missing a down payment or don’t want to wipe out your savings, these programs are designed to assist you in buying a home. Having access to multiple programs makes it easier for a person to qualify to buy a home.(working with someone that only has access one program limits you on geting approved) The next step is you need to check your eligibility for what program works for you and find its approved lender.
Who Qualifies for Down Payment Assistance?
These programs are designed for everone, because of no income restrictions. Multiply your yearly household Income by 5 and that is the aproximity your maxium home price you could buy. ($50,000 yearly X 5 = $250,000 home) Your total debts like car payment, credit card paymernt, student loans ect. may reduce the qualifing amount.
FHA Down Payment Assitance
FHA loans are more forgiving to prior credit issues than a conventional loan “Fannie and Freddie Mortgages”. Some programs offer both types of loans, although usually, you will have a lower monthly payment with an FHA down payment assistance program. We will show you how to structure the down payment assistance with the right home loan program.
Why The Governments Offers Down Payment Assistance?
A Down Payment is one of the largest factors that prohibit people from buying a home. Upwards of 25% percent of all jobs are tied to the housing market for employment. The government knows that Homeownership builds more stable communities, better employees and provides a stable environment to raise children that do better in school. Our government leaders understand the effects of homeownership and promote these programs as such.
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 programs give up to 100% of the down payment needed to buy a home. The amount is determined by the price of the home. Check your eligibility today and find out how much you will get!
Down Payment Grant Programs Are Still Available As Of
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.
Not All Lenders Are Equal, Why Big Banks Don’t Offer This?
Not all lenders are the same with down payment programs, some just have one program. The Big Banks do not provide down payment assistance loan products because they are considered high risk. They 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 based on a percentage of the purchase price. This is another reason to use us as “Your approved lender” by the program. We are approved with mutiple programs to assist more people to buy a home. The Grant program regulates these lenders on what fees and rates they can charge. Typically the big banks won’t let anyone regulate what they can make on a loan. The programs and lenders that we work with DO NOT require that you make a down payment. Your down payment is covered through grants set aside by the local Non-Profits and Government.
Below are some of the frequently asked questions regarding the Grant Down Payment Assistance Programs. If you have a specific needs that don’t fit in the box below or you have additional questions, you’ll want to connect with one of our advisors at 480-447-0000. You have the option of submitting the online form and once it is completed, someone will reach out to you.
- There are multiple down payment programs available, giving us more ways to get you approved.
- There is no cost to you to get approved with the program.
- Less than perfect credit can qualify. 620 Credit Min.
- Programs to qualify borrowers in different incomes ranges. No Income Cap
- Must be used to purchase a primary residence in Arizona.
- Typical closing happens in approximately 30 days.
- Not a hard money loan or a private money loan.
- First time home buyers benefits are available.
- All situations considered.
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 available loan programs are subject to change without notice. Eligible Products – Purchase in Arizona Other conditions and restrictions may apply.
Contact your Agent for more information.
Ryan Harris | 480-370-0851 | [email protected] | SA679637000 | NextPageRealty.com | 7702 E Doubletree Ranch Rd. Suite 300, Scottsdale, AZ 85258