CONTACT 602-628-0209 TO LEARN HOW YOU CAN GET PRE-QUALIFIED FOR ONE OF THESE PROGRAMS
BUY THIS HOME & other homes with
DOWN PAYMENT & CLOSING COST ASSISTANCE
The Arizona Department of Housing currently offers several different home buyer programs that provide down payment and closing cost assistance to creditworthy renters who can qualify for a mortgage, but lack the resources for the down payment and or closing costs with which to purchase an owner-occupied, primary residence throughout the State of Arizona. Some of the more widely accepted programs are:
The BRAND NEW HOME BUYING PROGRAM
$500 MOVE - IN Program – BRAND NEW HOMES throughout the valley. Many locations.
$1,500 or $2,500 MOVE - IN Program – BRAND NEW HOMES throughout the valley. Many locations.
The HOME IN FIVE (5) Home Loan Program provides you and your family may be eligible for a 2.5% or 3.5%(depending on your FICO score) down payment/closing cost assistance grant (no repayment is required), with a .5% origination fee.
We offer an additional 1% down payment assistance for qualified United States military personnel, First Responders and Teachers.
How the Home in 5 Advantage Program Works:
Meet and apply for a home loan with a Participating Lender to see if you are Eligible for the Program. Participating lenders will provide details for applying along with your Applicable Percentage Rate (APR) as required by law.
Attend a Homebuyer Education Course through a HUD approved housing counseling agency.
At closing receive down payment assistance. (thousands of dollars toward the purchase of your home)
The HOME PLUS Home Loan Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance (DPA) non-repayable grant.
DPA is a non-repayable grant for down payment and closing costs, equal to a percentage of the initial principal balance of the mortgage loan. DPA is only available in conjunction with a HOME Plus loan. Qualified U.S. Military Personnel may receive an additional 1% on ANY mortgage type.
HOME Plus Program Highlights:
Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
Borrower(s) Income not to exceed $92,984.
Purchase Price limit not to exceed $371,936.
Each borrower must complete a homebuyer education course before closing. The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies, or through another HUD-approved homebuyer education provider. For more details, see the last page of the HOME Plus Participating Lender document.
The HOME READY PROGRAM by Fannie Mae are ideal for FIRST TIME HOME BUYER PROGRAM
Ideal HomeReady Borrowers:
- Have low to moderate income
- Are first-time or repeat homebuyers
- Have limited cash for down payment
- Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
- Have supplemental boarder or rental income
- Are looking to purchase or refinance
The Home Possible® PROGRAM by Freddie Mac offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.
The NEIGHBORHOOD STABILIZATION PROGRAM (NSP)provide funds from the U.S Department of Housing and Urban Development’s to assist in making homeownership possible for families in home price reduction and/ or closing cost assistance.
The PATHWAY TO PURCHASE Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance second mortgage equal to 10% of the purchase price, up to a maximum of $20,000. The DPA second mortgage is a five-year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. Generally, minimum credit score is 640. The down payment assistance is provided in 17 specifically targeted Arizona Cities:
Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
The HOMEPATH Program provide funds for First-time home buyers that complete this education course by their initial offer may request up to 3%* closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost.
The LIFT Program from the Wells Fargo Foundation provides grants for down-payment assistance through NeighborWorks America to local NeighborWorks organizations and/or other nonprofits.
The WISH Program provides qualified homebuyers a match of up to $15,000 of down payment funds.
* Status and Program can change without notice, Please contact us for more info.
If you are a veteran or a current member of the U.S. military, you may qualify for Academy Mortgage’s VA Loan Program, which currently offers up to 100% home financing. A VA Loan can be a great option, especially if you have limited funds for a down payment or closing costs or if you prefer to keep cash reserves for other investments and expenses.
Get one step closer to realizing affordable homeownership.
Zero money down.
No monthly mortgage insurance.
Gifts and seller contributions accepted toward closing costs.
Elegibility determined by Veterans Affairs Certificate of Eligibility.
The Section 184 Indian Home Loan Guarantee Program is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership and increase access to capital in Native American Communities.
With Section 184 financing borrowers can get into a home with a low down payment and flexible underwriting. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.
Non-Traditional Credit Sources Can Be Used!
Borrowers without a FICO credit score can use two non-traditional credit sources, each with a satisfactory 12-month payment history:
1 - One credit source MUST be rental or other housing-related payments.
2 - The other source may be payments utilities, insurance, or car.
With Fannie Mae's Non-Traditional Credit Program, not having a FICO credit score is no longer a barrier to getting a conventional home mortgage! Non-traditional credit borrowers may be eli gible for purchase and limited cash-out refinance transactions.
This program may also be used for loans with multiple borrowers, when one or more has a credit score (minimum 620) and one or more has non-traditional credit history.
LTV/CLTV up to 90%
DTI up to 40%
Mortgage insurance is required (borrower-paid or lender-paid).
15- and 30-year fixed-rate options
Loan amount limits are standard conforming; no high balance.
Property types: One-unit single-family residence, condo, and planned unit development (PUD); manufactured homes not allowed. Must be owner-occupied.
Homeownership education may be required.Type your paragraph here.
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STATUS and CONDITIONS MAY CHANGE WITHOUT NOTICED. PLEASE CONTACT REALTOR FOR UPDATED INFORMATION ANYWHERE SHOWN ON THIS WEBSITE! 602-628-0209
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