If you are looking for an Arizona home buying program to help you buy a house in Arizona one program worth checking into is the Arizona Home Buyer Solutions Program. This program offers a cash gift that can be used for your down payment in conjunction with getting an FHA home loan.
How Does The Arizona Home Buyer Solutions Program Work?
The Arizona Home Buyer Solutions Program offers a cash gift to eligible home buyers who use an FHA home loan to buy a house in Arizona. Family Housing Resources is a nonprofit 501(c)(3) Arizona based corporation whose sole mission is to help lower income to middle income families and individuals get affordable and decent housing. Family Housing Resources offers home buyer, renting and home counseling services to those individuals who need their services.
The cash gift provided by Family Housing Resources works in conjunction with an FHA home loan. FHA requires eligible home buyers to have a miminum of 3.5% of the home’s sales price for down payment. In other words if you were going to purchase a $100,000 home using an FHA home loan you would need $3,500 of your own money for down payment. With the gift from Family Housing Resources of up to 2.5%, you would only have to come up with 1% or $1,000 to purchase your home.
Even better than this, since the loan you are getting to take advantage of this gift program is an FHA home loan, you can also get up 6% seller assistance that can be applied towards your closing costs. You can also get additional gift funds from a family member or even your employer which could help you get into a home without any out of pocket expenses.
Features of The Arizona Home Buyer Solutions Program
You do not have to pay back the gift funds to Family Resources. You must attend a home buyer education course.
To qualify your income cannot exceed certain levels depending on the Arizona county you wish to live in. Family Housing Resources and its services are supported through the Industrial Development Authorities of Pima County and City of Tucson, Pima County Community Services, City of Tucson, Maricopa County and City of Phoenix, various cities and counties throughout Arizona and the Arizona Department of Housing.
Unlike many down payment assistance programs, you do not have to be a first time home buyer to take advantage of this program.
You must be able to qualify for a standard FHA home loan.
If you are looking for more information on this program please complete the form below.