Arizona Real Estate | Arizona Down Payment Assistance | Arizona First Time Home Buyer Program

There is several Zero Cash Down Payment Program that we offer you a way to buy a home with NO down payment. That’s right zero down payment. You may have owned a home before and are presently renting, or are a first time homebuyer and need a way to break into the housing market but held back because you thought you required a substantial down payment. Why continue to pay someone else's mortgage, while you can pay your own mortgage.  The Zero Cash Down Payment Program may be just the answer you need. Here’s what is required to qualify for the Zero Cash Down Payment Program which is an Arizona Down Payment Assistance program. We also offer all First Time Home Buyer Programs.

Please contact us to get you in touch with a trusted lender to help you find out about the Arizona Down Payment Assistance and First Time Home Buyer programs right for you.

Tony Vejar
Your Arizona Real Estate Specialist
(602)361-5867
https://luxuryazliving.com/contact
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Arizona Down Payment Assistance Program
2018 Pathway To Purchase PROGRAM DETAILS

The 2018 Pathway To Purchase down payment assistance program offers up to 10% of  the loan amount up to a maximum of $20,000 towards your down payment and/or  closing costs in 17 cities throughout Arizona. Income limitations and debt ratio  limitations apply. You do not need to be a First-Time Homebuyer but must meet  minimum FICO score and conventional guideline requirements. Maximum purchase  price cannot exceed $371,936.



Pathway To Purchase PROGRAM DETAILS

Arizona Department of Housing has created this program for individuals or  families that want down payment assistance but can qualify for a conventional  mortgage. The 10% assistance is a grant that is combined with a 95% or lower  first loan on a 30 year fixed rate mortgage. Financing for these loans are  available on existing homes, condos, or townhouses. New construction or spec  homes cannot be purchased using this program

HOME BUYER ELIGIBILITY 

  • Buyers must have a minimum fico score of 640 and a maximum 45%  debt-to-income (DTI) ratio. 
  • Standard loan guidelines exist for qualification (i.e.: adequate income,  acceptable credit, and down payment requirement). 
  • All buyers must attend a homebuyer education course, obtain a certificate of  completion, and receive a home inspection. Homebuyers may find a list of HUD  approved Housing Counseling agencies who offer the Pre-purchase Homebuyer  Education course on the HUD.gov website. 
  • You cannot own another home to qualify for this program (but do not need to  be a first time homebuyer). 

PROGRAM ELIGIBILITY 

  • Homebuyers may purchase a home in 17 different cities throughout Arizona.  
    These cities include Arizona City, Avondale, Buckeye, Casa Grande, Coolidge,  Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red  Rock, Sierra Vista, Snowflake, Tucson, and Yuma.
  • Buyers must occupy the home as their principal residence within 60 days of  closing. 
  • The program may only be used to purchase a home (i.e.: no refinancing). 

INCOME LIMITS FOR ELIGIBLE BORROWER 

  • Maximum credit qualifying income may not exceed $92,984 for ALL  borrowers.

PURCHASE PRICE LIMIT 

  • Maximum purchase price limit of $371,936.

DOWN PAYMENT ASSISTANCE 

  • All homebuyers qualifying for down payment assistance will receive 10% of  the original loan amount to be used for down payment and closing cost assistance  up to a maximum of $20,000.
  • THIS ASSISTANCE IS A SECOND MORTGAGE WITH A 0% RATE. 
    • DPA Second Mortgage is a lien against the subject property with the  following components: five?year deferred loan, 100% forgiven after five years,  0% interest rate, and no monthly Payment.

Let the Tony Vejar the Red Carpet REALTOR® give you the Red Carpet VIP Services.

We work with the Best Arizona Lenders in the Valley to help you with all  your Financial Needs.

Please contact us so we can help you successfully qualify for the Arizona Pathway to purchase program and get you into your Dream Home.


Tony Vejar - My Home Group Real Estate Group
Your Arizona Red Carpet REALTOR®
Direct: 602-361-5867
Email: Tony@LuxuryAzLiving.com
Click Here to Contact Us


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Arizona Down Payment Assistance Programs

The social and economic benefits of home ownership are many.  A home creates an asset that provides the ability to create wealth, borrow and achieve self-reliance.  Plus, renters may actually realize monthly savings on buying vs. renting.  Yet with increasing rents, stagnant wages and high levels of student loan debt, it can be VERY difficult for first-time or boomerang homebuyers to save enough money for a down payment. 

The very popular HOME Plus Home Loan Program seeks to eliminate this hurdle, offering a pathway to homeownership by giving creditworthy renters who can qualify for a mortgage, but cannot afford the down payment and or closing costs, the funds to move forward.

Administered by the Arizona Industrial Development Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage combined with down payment assistance (DPA) ranging from 0% - 5% depending upon the new underlying first mortgage. The DPA is equal to a percentage of the first mortgage and is proved in the form of a three-year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien.  The DPA can be used toward the down payment, closing costs or a combination of the two.  The DPA is only available in conjunction with a HOME Plus mortgage. 

Please feel Free to ask about any and all Arizona Down Payment Assistance programs that fit best for you. We also offer an Arizona First time home buyer programs.

Program Highlights:

  • Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
  • Borrower(s) annual income not to exceed $99,170.
  • Purchase Price limit not to exceed $396,680.
  • One borrower must complete a homebuyer education course before closing.
  • Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages.
  • All borrowers on the mortgage must meet the minimum credit scores reflected below as well as the new underlying first mortgage agency/GSE guidelines.

First Step:

We do not require a direct application from the homebuyer.  Selecting your lender is the first step in the process; your lender will be your point of contact throughout the mortgage process.  They will work with you to obtain a program qualifying mortgage and register you for HOME Plus assistance. If you want to determine if you qualify for the HOME Plus assistance and the new underlying first mortgage you'll need to meet with an approved, participating lender.

We can help point you to a trusted lender.


Please contact us to get you in touch with a trusted lender to get you the correct Arizona Down Payment Assistance programs right for you.

Tony Vejar
Your Arizona Real Estate Specialist
(602)361-5867
https://luxuryazliving.com/contact

Arizona Home Plus

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Home In 5 Down | Payment Assistance

About the Home in Five Advantage Program

The Home in Five Advantage program helps low and moderate-income individuals and families buy a home in Maricopa County.

Qualified homebuyers receive up to 3 percent assistance for down payment and closing costs, plus a loan with a competitive interest rate.
Most Borrowers Get 3%
Eligible Individuals Get 1% More
Additional Assistance to Eligible Individuals
An additional 1% assistance is available to K-12 teachers, first responders, U.S. military personnel, veterans and income qualified individuals who earn up to $33,100 annually.

Please contact us to get you in touch with a trusted lender to get you set up with the correct Arizona Down Payment Assistance and First Time Home Buyer programs right for you.

Tony Vejar
Your Arizona Real Estate Specialist
(602)361-5867
https://luxuryazliving.com/contact

Home In 5 Down | Payment Assistance