Arizona Down Payment Programs

 

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.

AFI 100

This program is very popular for several reasons The first being you only need a 620 credit score, the other Arizona down payment programs require 640 credit score. The second being we can get clients approved at higher debt to income ratio. Where most programs limit debt to income ratio, this one follows FHA guidelines. Below you will find program highlights.

You receive 3.5% for your Down payment
Offered through the entire state of Arizona
Minimum credit score is 620
Qualifying income up to 135% of Area Median income*
Some borrowerers may qualify for second mortgage forgiveness**

* Depending on # of meembers in household
** Restrictions apply

New Home Advantage Program

Is another popular program for Down payment assistance. This program is an FHA loan and can be used through the entire state of Arizona.

Offered through the entire state of Arizona
Receive 3.5% for down payment
Minimum credit score is 640
Maximum loan sizes varies by county
Maximum DTI 50%
Income is less than 115% of area median income.

Arizona Home Plus Conventional Loan Program

This program is an Conventional loan what gives the buyer option of receiving 1% to 5% money for down payment assistance. Offered every county except Pima County.

Minimum credit score is 640
Income – Maximum is $92,980
Maximum purchase price – $371,936
Maximum DTI 45%

 

Home In Five

Offered in Maricopa County
Receive 2.5% or 3.5% depends on your credit score
Minimum credit score is 640
Income – Maximum is $92,980
Maximum purchase price – $371,930 limited by FHA county limits
Maximum DTI 45%

Get Pre-Approved for Down Payment Assistance

If you are seeking a lower down payment in Phoenix, or anywhere in Arizona, contact Amerifirst at 602-692-9933 for more information, or click this link