Down payment assistance programs are talked about a lot but some how they're still confusing! So here is some of the information about down payment assistance programs in Arizona. You DO NOT have to be a first-time home buyer to qualify for some of these programs.
Home In 5 Program: This is the most popular down payment assistance program.
- 640 minimum credit score. Higher credit equals more assistance.
- Debt to Income ratio needs to be no higher than 45%
- Online homebuyers course is required.
- You can only buy a primary residence for under $370,000
- No repayment is required after 3 years of living in home as primary residence.
What do you get? Up to 4.5% cash to help you with a downpayment. Now, that is the maximum amount of assistance, keep that in mind.
- Teachers, Veterans, Law Enforcement, First Responders get an additional 1% in downpayment assistance!
- 30 year Fixed Rate Loan.
- Your APR depends on the loan type and financial data. It will be higher than market rate.
This is the most popular program in Maricopa County. I have seen buyers get almost $10,000 dollars towards the purchase of their home. That is a huge help and depending on your Realtor's® negotiating skills, you may be able to buy a home with little money out-of-pocket.
So if one of your dreams is homeownership, this can take you one step closer! Talk to a mortgage broker and see where your at, then give me a call! I'm here to help you get the home you want and want the home you get!