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The Arizona Home Plus mortgage program has been updated to offer a greater variety of opportunities to Arizona home buyers who need down payment assistance. These expanded options include different down payment amounts, higher maximum loan amounts and income limits, different loan programs and different qualifying criteria. Eligible people can receive down payment, closing costs, and rehabilitation assistance through the Arizona Dream Downpayment Initiative. The amount of assistance cannot exceed $10,000 or 6% of the home’s purchase price, whichever is greater. Only first-time homebuyers (individuals who have not owned a home during the 36-month time period before purchasing a home) interested in purchasing single-family housing are eligible.
However, they do allow for loans with a down payment as low as 3.5% of the home’s purchase price. Lenders offing a FHA loan are also restricted in the fees they are allowed to charge you. There is no purchase price limit to this program other than the maximum amounts of the loan program that you choose.
OTHER ASSISTANCE RESOURCES
A Pima Tucson Homebuyer’s Solution conventional loan program is now offered through the both the Fannie Mae FHA Preferred loan program and the Freddie Mac FHA Advantage loan program. Down payment assistance options between 3% and 5%. The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership. The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona. With this loan, your interest rate is fixed for the first five years. After that, there are limits on how much your rate can change with each adjustment.
Currently, much of Pinal County and very few areas in Maricopa County apply. The single-family direct homeownership loan is for low- or very low-income borrowers purchasing homes in rural areas. Eligible properties must be 1800 square feet or less with a market value below the applicable area limit. No swimming pools or properties designed for income-producing activities are allowed. The household adjusted income of the borrower must not exceed the applicable low-income limits for the area. As an Arizona-based company, we are committed to making the mortgage application process easier while at the same time being conscious of the environmental impact of our business.
ARIZONA
ADDI will be administered as part of the HOME Investment Partnerships Program by state and local participating jurisdictions. For more information on ADDI or the HOME program, contact your state or local participating jurisdiction by searching the contact information found here.
The down payment assistance can potentially cover all of your down payment and closing costs. All information provided is deemed reliable but is not guaranteed and should be independently verified. Triangle MLS, Inc of NC, ZeroDown and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. The information on each listing is furnished by the owner and deemed reliable to the best of his/her knowledge, but should be verified by the purchaser. Triangle MLS, Inc. of NC and ZeroDown assume no responsibility for typographical errors, misprints or misinformation. This property is offered without respect to any protected classes in accordance with the law.
Arizona Home Buyer Concierge Service
Here are the downpayment programs for buying a home in Arizona so that you do not have to wait to find the perfect home for you. If you have already started looking for homes in Arizona you know that the prices are sky high and the houses are getting sold within weeks of being up for sale. It may seem that waiting for the prices to come down may be a smarter move. But it will turn out to be a long wait as it is a high demand market.
Those looking for a zero down payment mortgage should assess their creditworthiness and how much they are able to borrow. AND if the market rate is LESS than what you locked at time of close, we will float down the rate. You can contact the local participating jurisdiction to confirm available funds and time required to close. Assistance for down payment and/or closing offered up to 5%. An additional 1% is available to qualified Veterans, active duty Military, active Reservists and active National Guard. Qualified members of the U.S. military are eligible for an additional 1% of down payment assistance.
These loans are guaranteed by the federal government through the Veterans Benefits Administration. Arizona VA mortgages meet the housing needs of eligible veterans. For homebuyers wishing to put less than 3.5% down on a home purchase in the Phoenix area, there is now a Conventional 97% Loan To Value product from Fannie Mae. This lesser known conventional home loan option of 3% down payment requires a minimum 680 credit score. The two government loan programs that offer 100% financing are by the Agriculture Department and Veteran Affairs Department. The first misconception that you may have is that you will require a huge amount of money at hand to buy a home.
The Zero Down Portfolio Home Loan is an adjustable-rate mortgage that’s linked to an economic index. That means your interest rate could increase or decrease over time. Our mortgage experts are ready to help you one-on-one, every step of the way.
Minimum credit ratings vary according to loan product. Any loan product that we may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product. This site is in no way affiliated with any news source or government organization and is not a government agency. You must be a first-time homebuyer for this program. The Arizona Home Plus home loan program is popular because the funds have been consistently available over the past few years.
As such, many people in Arizona have been able to achieve the pride, stability, freedom and wealth that accompanies home ownership. The assistance program is structured as a three-year, no interest, no payment, soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien. Once again, the lien is completely forgiven after you stay in the home for three years without refinancing. This type of lien is sometimes referred to as a silent second mortgage because you do not have to pay interest or make payments.
We streamline the process to make it easier for you, and we’re always ready with advice and assistance. Complete the zero down home loan application for Arizona. Our team is available should you have questions about the no money down home loan process. The total income of your household should not exceed $99,170. United States Department of Agriculture backed loans are designed for qualified home buyers in rural areas.
The Neighborhood LIFT Program is administered by Neighborhood Housing Services of Phoenix, NHS Phoenix, and can be used to purchase a home in the City of Phoenix. Up to $7,500 can be awarded to the participant in this program to be used towards down payment and closing costs. The U.S. Department of Agriculture Rural Housing loan is 100% financing or no down payment loan.
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Upon the completion of your inquiry, we will work hard to assist you with an official loan application and provide loan product eligibility requirements for your individual situation. Your credit score affects the interest rate you qualify for when you apply for a mortgage. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of your loan.
This program is derived from the Freddie Mac Home Possible Advantage program and is the other Arizona conventional Home Plus loan programs offered. This program is derived from the Fannie Mae HomeReady program and is one of the Arizona conventional Home Plus loan programs offered. The Neighborhood Stabilization Program is a federally funded program which allows applicants to become homeowners through monetary incentives that help with down payment and closing costs.
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