ZERO DOWN PROGRAMS IN ARIZONA

ZERO DOWN PROGRAMS IN ARIZONA

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ARE YOU STILL RENTING?  TIRED OF PAYING SOMEONE ELSE'S MORTGAGE?

MOST PEOPLE DO NOT REALIZE HOW EASY IT IS TO QUALIFY AND BUY A HOME! 

STOP RENTING AND BECOME A HOME OWNER TODAY! IT IS EASIER THAN YOU THINK!


HERE IS A LIST OF SEVERAL DOWN PAYMENT PROGRAMS AVAILABLE TO YOU IN ARIZONA:

Arizona's most popular down payment assistance programs

The following chart is provided as a summary of the basic qualifying features of the most popular Arizona down payment assistance programs.  More detail of each program is provided in the content below.  * Recently Updated for 2016 *

PROGRAM NAMECOUNTY SERVEDMINIMUM CREDIT SCOREMAXIMUM INCOME AMOUNTMAXIMUM PURCHASE PRICE
Home PlusAll Counties other than Pima
64092,984
371,936
Home in FiveMaricopa64088,340300,000
Pathway to Purchase17 Arizona Cities64092,984371,936
Pima Tucson Homebuyer's SolutionPima64082,600
No Limit
Conventional 1% Down with Equity BoostAll of Arizona700No Maximum417,000


Home in Five ArizonaHOME IN FIVE ADVANTAGE

If you are buying a house in Maricopa County and you need help with your down payment and closing costs, you should consider the Home In Five Advantage program.  This program has been very popular for the past couple of years that it has been available for the right reasons.

Simply put, this is a great down payment assistance program.

Program Highlights:

  • Assistance for down payment and/or closing costs up to 5% of the mortgage balance.  6% for qualified Veterans, active duty Military, active Reservists and active National Guard.

  • The assistance money is actually available.  Many down payment assistance programs run out of funds within a short period of time.

  • True down payment assistance money… no strings attached.  Many down payment programs come in the form of a 2nd mortgage that is paid back over time or when you sell your home.  Many prevent you from refinancing.

  • You do not have to be a first time home buyer.

How to Qualify:

  • Buy a house anywhere in Maricopa County, including in the City of Phoenix up to $300,000.

  • New or existing single family homes, 2 to 4 unit homes, condos, town homes, and manufactured homes.

  • Qualify for a FHA, VA or USDA loan with a maximum debt-to-income ratio of 45%.

  • Minimum FICO score is 640.

  • Income from all borrowers may not exceed $88,340.

  • Take an easy online homebuyer education course.


AZ Home Plus MortgageHOME PLUS MORTGAGE PROGRAM

* New Updates *

The Arizona Home Plus mortgage program has been updated to offer a greater variety of opportunities to Arizona home buyers who need down payment assistance. These expanded options include different down payment amounts, higher maximum loan amounts and income limits, different loan programs and different qualifying criteria.

The Arizona Home Plus home loan program is very popular because each home buyer family will receive a non‐repayable housing grant that can be used for down payment and/or closing costs equal to as much as 5% of the mortgage loan.

Program Highlights:

  • No first time home buyer requirement for most programs.

  • No requirement to pay back the housing grant and it is not a 2nd mortgage.

  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.

  • The money is available.

  • Funds for the grants are raised by the Arizona Housing Finance Authority and do not use taxpayer funds.

How to Qualify:

  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.

  • Maximum income of $92,984.

  • Maximum debt-to-income of 45%


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PATHWAY TO PURCHASE P2P DOWN PAYMENT ASSISTANCE PROGRAM

The Pathway to Purchase Down Payment Assistance Program provides assistance up to $20,000 (10% of the purchase price of the subject property) in the form of a 0% interest second mortgage with no monthly payments that is forgiven after five years. The down payment can be used for your down payment and / or closing costs.

The 20,000 P2P Down Payment Assistance is available for homes located in 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. It is intended to provide an incentive to purchase homes located in targeted housing markets that have been hardest-hit by foreclosures.

The money to fund the Pathway to Purchase DPA Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The P2P Program has a $48-million-dollar commitment and is available on a first come first serve basis.

Program Highlights:

  • Assistance up to $20,000 (10% of the purchase price of the subject property).  

  • 0% interest second mortgage with no monthly payments that is forgiven after five years.

  • The down payment can be used for your down payment and/or closing costs.

How to Qualify:

  • Qualify for a conventional Fannie Mae HFA Preferred mortgage.

  • Minimum FICO score is 640.

  • Maximum borrower(s) income of $92,984.

  • Maximum purchase price of $371,936.

  • Maximum LTV of 95.0%

  • Owner occupied, Primary Residences only.

  • Take an easy online home-buyer education course.


CONTACT ME TODAY FOR A FREE CONSULTATIONS! SANDRA TAWNEY REALTOR MY HOME GROUP 480-375-0016 TAWNEYAZHOMES@GMAIL.COM

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Phone: 480-375-0016
Dated: December 27th 2016
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