Programs For 1st Time Buyers
First time home buyers in Arizona have many options available to them for help in purchasing their first property. The Arizona Department of Housing (ADOH) provides some very cushy programs for Arizona residents seeking to purchase their first residence.
Here are some highlights:
HOME PLUS Home Loan Program
The Arizona Department of Housing, seeks to provide assistance to creditworthy renters who can qualify for a mortgage but lack the resources for the down payment. The HOME Plus Home Loan Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance (DPA) grant that can be used toward the down payment and / or closing costs.
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.
For complete details on all first time home buyer programs available in Arizona, including contact information and instructions on how to apply, please visit the Arizona Department of Housing web page.
More Arizona First Time Buyer Programs
In addition to the above homebuyer programs offered by ADOH, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Arizona.