What Is A Down Payment Program?
There are several options for Arizona down-payment Assistance. These programs will assist an home buyer by giving them the money for down payment. The things you need to know about when using Arizona down-payment assistance programs.
1) They can be restricted to counties
2) They have income restrictions
3) They can be grants, Silent seconds, or you might have to make payments.
4) Each program has different qualifications, so if you are told you don’t qualify for one program find a lender that offers other programs.
5) Most programs require a credit score of 640 or Higher.
Benefits of Down Payment Assistance
Allows a home buyer to buy a home now, which allows you to start growing equity in our home. Once you are in your home you can start receiving a tax benefit, because you can write off the interest and property tax on your home.
Arizona Down Payment Programs
There are several programs available to Arizona residents, Below is a list of programs with general guidelines.
Pathway to Purchase
Pathway to Purchase (P2P) is attractive 30 year fixed rate mortgage with a Down Payment Assistance (DPA) second mortgage up to * 10% of the purchase price.
Borrower(s) income not to exceed $92,984.
Purchase price limit not to exceed $371,936.00
New construction and spec homes are not allowed
The DPA provided is 10% of the purchase price * up to a maximum of $20,000
P2P program is strictly limited to the targeted zip codes in the following cities (see trget area table for specific zip codes)
– Bull Head City, Casa Grande, Glendale, Green Valley, Kingman, Phoenix, Rio Rico, Sahuarita, Sierra Vista, Tucson, Vail and Yuma.
Each borrower must complete a homebuyer education course before closing.
Arizona Home Plus Conventional Loan Program
This program is an Conventional loan which gives the buyer option of receiving 1% to 5% money for down payment assistance. Offered Statewide.
This program is FHA , VA, USDA which gives the buyer option of receiving 3% to 5% money for down payment assistance. Offered Statewide.
Minimum credit score is 640
Income – Maximum is $105,291
Maximum purchase price – Follow county limits for program used
Maximum DTI 50%
Home In Five Advantage
Offered in Maricopa County
Receive 3.0% or 4.0% assistance on FHA and VA Loans
Receive 1.0% to 7% assistance on Conventional Loans
Minimum credit score is 640
Income – Maximum is $99,169 for FHA and VA loans
Maximum purchase price – None, FHA and VA limits apply
Maximum DTI 50%
Get Pre-Approved for Down Payment Assistance
If you are seeking a lower down payment in Phoenix, or anywhere in Arizona, contact us 602-692-9933 for more information.
