Are you interested in buying a home in Arizona but you are struggling to save enough for a down payment? Arizona Down Payment Assistance Programs is the best solution for you. Down Payment Assistance (DPA) help homebuyers with grants or low interest loans so that they can reduce the amount of money that they need to save for a down payment.
There are many Down Payment Assistance Programs across every State in USA and they vary depending on the region and policies that govern them. In Arizona, homebuyers who are struggling with raising enough money for down payment can benefit from the following types of Down Payment Assistance Programs;
- Home Plus Mortgage Program
Home Plus Mortgage Program is very popular in Arizona because funds are always available. Over the recent years, the program has been expanded to offer more flexibility to homebuyers. There are varying down payment amounts, different qualifying criteria, higher maximum loan amounts as well as the income limits.
It’s a three years assistance program which has no interest, zero payment, soft second mortgage which is forgiven monthly at a rate of 1/36 for all the lien period. If you manage to stay in your home for a period of 3 years without refinancing, your lien is completely forgiven. Under this program, there is not any minimum amount that you need to provide in order to close. In addition, qualified members of the U.S military are entitled to an extra 1% of the down payment assistance.
For you to qualify for Home Plus Assistance Program, you need to have a maximum income of $105,291 and a maximum debt-to-income of 50%. Also a homebuyer must have a minimum credit score of 640.
- Home In Five Advantage Program
Home In Five Advantage is another great assistance program that is offered all over Maricopa County. It has benefited a lot of homebuyers in Phoenix area and other parts of Maricopa County for many years.
Home In Five Advantage offers assistance for down payment or closing for up to 3-5% with an additional 1% benefit for those who are in Military service and Veterans. The funds are available most of the times and you receive assistance as a form of silent second loan that has no interest, no payment and it’s usually forgiven monthly over the first 3 years.
For you to qualify, you don’t have to be a first time home buyer. Also, it requires a minimum of 640 credit score and a maximum income of $105,000 from all borrowers.
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- Pima Tucson Homebuyer’s Solutions
As the name suggests, Pima Tucson Homebuyer’s Solutions helps home buyer in Tucson, Arizona with grants and loans to help them reduce the amount of money they need to save for the down payment. The program does not have any purchase price limit but the maximum income is $105,291. Also, home buyers must have a credit score of not less than 640.
Pima Tucson Homebuyer’s Solutions is granted through Fannie Mae FHA Preferred loan program and also through Freddie Mac FHA Advantage loan program. It offers down payment assistance of 2.5-6% and you don’t have to be a first-time homebuyer for you to qualify.
In addition, the assistance money received through this program is also a silent second that does come with interest nor payment and it’s usually forgiven monthly for a period of three years of owning a home.
The funds to Pima Tucson Homebuyer’s Solutions are consistently available.