Want to buy a home in Arizona but don’t have the cash for a down payment? Do you need down payment assistance in Arizona? Probably the best option going is by using a FHA mortgage and the gift program offered through the Lending Company of Arizona.
The biggest obstacle to homeownership for many people is the lack of down payment funds. In fact, one estimate shows that 1 out of 4 homes sold in 2008 used seller funded down payment assistance programs. Take away those programs, and nearly 40 percent of potential home buyers would be excluded from the market.
Now, you may be able to buy a home in Arizona with as little as 1% down. The America’s Home Buyer Solution Gift Program can offer you down payment and closing cost assistance. This assistance is in the form of a gift that you are under no obligation to repay. One of the best parts of the program is, your part of the down payment can be a gift from a family member.
You might be asking yourself, how do I get in on this great program? Well, this down payment assistant grant is only offered through The Lending Company, a direct endorsed U.S. Housing and Urban Development lender. The money for the gift comes from one of two HUD-approved 501 3© non-profit charities.
About America’s Home Buyer Solution Gift Program:
The America’s Home Buyer Solution Gift Program is not a seller-funded down payment program.
It provides up to a 2.5% gift to home buyers on a FHA first mortgage.
Home buyer’s down payment could be as low as 1%.
The seller is encouraged to contribute up to 3% to be applied towards closing costs, rate buy downs and other prepaid items.
Interest rates are competitive.
Loan approval guidelines are flexible.
The gift is not limited to first-time home buyers.
The gift is not limited to foreclosures or vacant properties.
Homes and condos for 1 to 4 families are eligible, as long as they are HUD approved and owner occupied.
The Gift Program will not run out of funding like city and state stimulus programs.
The gift program is available with FHA fixed 30 year mortgages.
Available statewide in Arizona.
Income limits may apply. Check with your loan officer.
No prepayment penalties.
All borrowers must have a minimum credit score of 620.
Non-occupants may act as co-borrowers.
The gift program requires home buyer education.
For more information on the America’s Home Buyer Solution Gift Program, please fill out the form below: