Arizona First Time Home Buyers looking to buy a home in Arizona who need down payment assistance will need to turn to their local municipality or non profit home counseling agency for home buyer programs. The state of Arizona has the Arizona Housing Finance Authority which administers First Time Home Buyer and Down Payment Assistance Programs. Below you will find a break down of some of the major home buyer assistance programs in Arizona.
Statewide Arizona Home Loans For 1st Time Buyers
First Time Home Buyers who need home buying assistance may be able to turn to the Arizona Housing Finance Authority for help in buying a home. The Arizona Housing mortgage program for first time home buyers offers attractive low interest rates for 30 year mortgages. Home buyers using this program must be able to qualify for an FHA, VA, or Conventional Loan with Fannie Mae and Freddie Mac. To qualify for this program you will have to apply for it through a participating mortgage lender or bank.
The Phoenix Housing Department Home In 5 First Time Home Buyer Program - What Is It?
The Home In 5 program is a below market interest rate mortgage loan with a 5% grant for down payment. There are special incentives for veterans. The Home in Five program was developed to assist homebuyers in Phoenix buy a new construction or existing property by offering below market mortgage interest rates.
There is a 5% grant for closing cost and down payment assistance. This program was designed to target moderate and low income households. These loans will be on a first come first serve basis. Be sure to ask you Realtor or Loan officer if there is still money available.
The mortgages are either VA guaranteed, Fha insured, Rural Housing Service, Freddie Mac or Fannie Mae loans. The loans are thirty year fixed rate mortgage products with a 1% discount fee that is paid by the seller or the buyer.
How Do Down Payment Programs Work In Arizona?
To be eligible for the Home in 5 program you must be a first time home buyer. A first time home buyer is someone that has not owned a home in the last three years. A target area does not have a first time homebuyer restriction. The property must be in Maricopa County. If you are a qualified Veteran you are exempt from the first time home buyer restriction. The property must be used as a primary residence. No second homes or rental properties can be financed through this program.
What Types Of Down Payment Assistance Programs Are Available In Arizona?
Wells Fargo Mortgage Assistance Program – There is a partnership between Local Initiatives Support Corporation (LISC) and Wells Fargo Bank. The Well Fargo Mortgage Assistance Program which will make up to $10,000 in down payment money available to moderate and low income home buyers. This assistance is offered in the form of a deferred loan that has a five year term. At the end of the loan term, the full amount of the loan will be forgiven if the home has not been sold. If the home is sold before the five years is up, the full amount of the deferred loan will become due and payable to the program.
The City Of Phoenix Industrial Development Authority Homeownership Incentive Program – CHRA provides a three year no interest forgivable loan of no more than $1500. This can be used for down payment or closing costs. The property must be purchased in the city of Phoenix. A home buyer must contribute $1000 of their own money to the home purchase.
Gilbert Down Payment Assistance Programs
Town Of Gilbert Downpayment Assistance Program – This program will provide 1 on 1 pre purchase counseling and zero percent down payment assistance loans up to $40,000. These loans are 100% repayable upon a successful sale or refinance of the property.
Glendale Down Payment Assistance Program
City of Glendale American Downpayment Initiative, ADDI Program – Glendale feels that giving financial incentives to buyers will encourage reinvestment into the Glendale community. This program offeres 0% interest loans to eligible buyers that have incomes 80% below the area median income. Loans of up to $7500 are available. This loan is repayable upon a successful sale or refinance of the property.
Phoenix Down Payment Assistance Program
City of Phoenix American Dream DownPayment Initiative, ADDI Program – The American Down Payment Initiative is a $10,000 downpayment and closing cost assistance program offered by the city of Phoenix. This loan is supposed to be used for down payment and closing costs. To be eligible you must contribute $1000 of your own money. Home counseling is required prior to funding of the loan. Talk to your loan officer for more details.
What Are The Names Of Some Of The Nonprofit Agencies Who Offer Home Buyer Assistance?
Do a search in Google for any of these names and you'll get the contact information to any of these organizations.
Chiconos Por La Causa, City of Phoenix, Housing Department, Community Housing Resources of Arizona, Habitat for Humanity, HFM, InterTribal Council, Local Initiatives Support Corp, National Council of La Raza, Labor's Comm Service Agency, Neighborhood Housing Services, Phoenix Revitalization Corp, Safe Haven, Sunnyslope Village Revitalization, Los Vecinos Housing Development, Inc.
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