Programs To Purchase A Home
Grants Make Your Down Payment
No Income Restriction
Move-In 30 Days
Down Payment Programs
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!
What”s The Best Program?
There are many programs available in Arizona and 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. One program might work for you and another may not, The Down Payment Programs themselves will NOT interact with 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!
An FHA Loan With No Down Payment?
The programs and FHA 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 set aside by the non-profits and Local government.
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.
First Time Buyers Programs!
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 programs. In fact, these grants are designed to assist people in purchasing a home that would not be able to buy.
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. The rate of homeownership has increased throughout the state of Arizona due to these programs. 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.
What can I Expect?
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.
Big Banks Don’t offer this?
My local bank did not have any of these programs available, Banks do not provide down payment program 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
Funds for Down Payment Assistance Programs
Funds were still available as of Friday 11/08/2019 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 Down Payment Programs available. 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 480-447-0000. 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)
- FHA and Conventional Programs Available
- No cost to get you Approved with program
- Less than perfect credit can qualify
- Programs to fit many income ranges.
- 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 a 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
They made everything so easy. I did not even have to go to their offices till I was ready to close. They do this electronic signature where they walked me through all the forms over the phone and I signed them with my computer.
I want to thank “Jessie” my DPA Advisor I thought that I would never be able to buy a home after My bankruptcy and he got it done. I was amazed that after everything I moved in the home for $5.37 cents. The title company Gave me a check at closing for my earnest money deposit that I had given the seller to hold and a second check to cover all but $5 of the appraisal fee. So for the cost of lunch at Mc D’s, $5 I moved into my home.
This is a Great Program, I bought the home I was renting and it was 45 days before my first payment was due. It was like skipping a rent payment and right at the Holidays. Now I am buying something that will be mine and just as they said… $135 was my total out of pocket cost to buy the home and my payment are less than my rent. I could hardly believe it!!
Well I want to Thank Chris He was my Advisor, He was very professional to work with. I have to Say that I had skepticism going into this home purchase and that I would be approved for this Gov. Grant and did not have to repay the Grant. I thought that there would be additional hoops to jump through and long processing time. Well I was wrong, this is a very well Orchestrated operation and I was closed in 27days after finding my home. They handled everything, they worked with my realtor to have the seller pay my closing cost. I got my earnest money back at closing. All I can say is Thank you!
I want to thank you so much, without you showing me how to get this loan and Grant money, I would still be renting. Everything went so smooth, and they kept me informed the whole way. I closed on my home in May and the fees were exactly what they told me they were. I really got a great deal on my house because of my realtor Scott. We were closed in 20 days. All my friend ask me how I got the money for the down payment, I just let them know these guys are “Home Pros” and have all the answers.
“I thought I made too much money to qualify for Down Payment Assistance”
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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 | Ryan@NextPageRealty.com | SA679637000 | NextPageRealty.com |
7702 E Doubletree Ranch Rd. Suite 300, Scottsdale, AZ 85258