Arizona First Time Home Buyer Help with Down Payment Assistance
The State of Arizona has announced many incentives with first time home buyer grants to help people afford the down-payments needed to become a homeowner. With the local AZ real estate markets showing robust gains, we are seeing loan applications for new buyers on the rise again. The South West provides affordable housing and Arizona has become one of the top destinations for first time house buying. Take a minute and get info on down-payment assistance in Arizona from top lenders.
Arizona Backs Down Payment Assistance Programs To Stimulate Home Buying Statewide
Closing cost and down payment programs for Arizona first time home buyers are available to lower and moderate income families or individuals who live in the greater Phoenix area and throughout the state. Additionally, the Arizona Department of Housing (ADOH) is committed to these programs so that the dreams of owning their own home can be realized by numerous people throughout the state. These programs include grants for buying a home in Arizona and reduced down payments with FHA financing. Learn more about exclusive incentives for Arizona first time home buyer programs.
Down payment assistance in Arizona is not a new concept. In fact, the CHRA or Community Housing Resources in Arizona is an organization that has been very active in the area of closing cost and downpayment assistance for over 20 years. In addition to Arizona down payment assistance programs, the ADOH offers additional resources that provide:
- closing cost assistance
- homebuyer counseling
- low-interest mortgages
There is a non-profit agency network available throughout the state of Arizona that now offers first-time homebuyers the assistance they need, as long as they qualify for the programs that are currently being offered.
Basically, there are 6 requirements that are common to these different programs including:
You have signed a home purchasing contract prior to applying for any income tax credit.
You must be a first-time home buyer – to qualify, you cannot have owned a home within the past three years.
You must be living in your home within 60 days of your mortgage's closing.
You must provide copies of your last three Federal Income Tax returns.
Your credit score does not have to be perfect, but it does have to be decent.
Your income cannot exceed the prescribed limits.
Closing cost and down payment assistance programs in Phoenix and many surrounding communities is administered by agencies who have partnered with the city. There are three different agencies, all of which specialize in home ownership counseling. These are Chicanos Por La Causa (a.k.a. the CPLC), Community Housing Resources of Arizona, and Desert Mission Neighborhood Renewal. In order to qualify as a participant, you cannot exceed 80% of the state's Median Income (see HUD Median Annual Income Table).
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