First Time Home Buyer Programs Arizona Down Payment Assistance

First Time Home Buyer Programs Arizona Down Payment Assistance – Written by Jennifer Bradley Franklin Written by Jennifer Bradley FranklinArrow Right Contributing Writer Jennifer Bradley Franklin is a multi-platform journalist and writer who often covers finance, wealth and more. Jennifer Bradley Franklin

Edited by Troy Segal Edited by Troy SegalArrow Senior Editor Right, Home Linen Troy is the senior editor of. She edits stories about home ownership and stories about the best home loan scores and mortgage loans. Connect with Troy Segal on Twitter Twitter Connect with Troy Segal via email Troy Segal

First Time Home Buyer Programs Arizona Down Payment Assistance

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Zillow Starts Offering Cash Strapped Homebuyers A 1% Down Payment Option

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Buying your first home can be an exciting but expensive process, especially if that home is in Arizona. The median home price in the Grand Canyon State is currently $450,000, according to January 2023 data from real estate firm Redfin. For first-time buyers on a budget, they can feel like they’re standing at the foot of Camelback Mountain — without a guide to the top. Fortunately, there are easy ways to own a home in the sun-drenched desert. Whether you’re headed to Phoenix, Flagstaff, Sedona, or somewhere in between, consider these first aid programs to help guide you through the process.

The Arizona Industrial Development Authority’s (AzIDA) HOME+PLUS program offers a 30-year fixed-rate mortgage and down payment assistance of up to 5 percent of your loan principal. A first mortgage may be a conventional, FHA, VA or USDA loan and may reduce mortgage insurance to keep your monthly payments low. HOME+PLUS is available to first-time buyers and those who have previously owned a home. The program has had a major impact on home ownership in the state: According to the Arizona Department of Housing, more than 32,000 buyers have taken advantage of this opportunity.

HOME+PLUS down payment assistance is another non-payment loan that can be forgiven after three years, unless you sell the house or refinance the original mortgage before then. The loan does not require a separate application; when you work with an approved mortgage lender and apply for your first mortgage loan, you will automatically be considered for assistance.

Down Payment Assistance

In addition to the HOME+PLUS down payment assistance option, there are other programs throughout the state to help cover down payment and closing costs.

The Maricopa County Industrial Development Authority (MCIDA) and Phoenix GFT offer the Home in Five Advantage program to help low- to moderate-income families find a home in Maricopa County. Since its inception, the program has helped more than 22,000 consumers in the Phoenix metro area receive matching assistance and $170 million in down payment assistance. Through the program, borrowers can get a 30-year fixed rate, FHA or VA loan and a second, three-year forgivable loan to be used for down payments and closing costs. No payments are required on a second mortgage unless you sell your home or refinance the original loan within the first three years.

Through the Home in Five Advantage program, additional 1 percent down payment and closing assistance is available to certain groups in Maricopa County, including:

Ask your lender or realtor about Home in Five Advantage BOOST, which can give you an extra 0.5% down payment if you buy in a select low-income neighborhood.

Down Payment Assistance: How To Get Help Buying A Home

This local down payment assistance program is for first-time home buyers in Tucson or Pima County and offers up to 10 percent of the purchase price, as long as you can contribute at least $1,000 and do not exceed a certain income level. You must also complete home buyer counseling, have no more than $10,000 in cash and one month’s worth of mortgage deposits in the bank.

You can reduce your tax liability by using a mortgage credit certificate (MCC). In Arizona, the MCC allows you to take a state tax credit of 25 percent of your mortgage interest up to $2,000 per year. You must have a credit score of at least 640 and be within the income and purchase price limits, which vary depending on the size of the family and the location of the purchase.

If you are considering first-time home buyer programs in Arizona, be sure to also check out the national programs that can help you reach your goal of home ownership. Get started with a guide to loans and programs for first-time home buyers.

Now that you know some of the options available to first-time home buyers in Arizona, you’re ready to start buying your home. The Arizona Industrial Development Authority provides a list of mortgage lenders that can assist you in this process, as well as . Regardless of which program you choose, it’s important to shop around for a loan offer. Interest rates are constantly changing, so if you find a competitive rate, be sure to lock it in.

Home Plus Home Buyer Income Cap Raised To $109,965

Edited by Troy Segal Edited by Troy SegalArrow Senior Editor Right, Home Linen Troy is the senior editor of. She edits stories about home ownership and stories about the best home loan scores and mortgage loans. Connect with Troy Segal on Twitter Twitter Connect with Troy Segal by Email Email Troy Segal Senior Editor, Home Loans This browser is no longer supported. Switch to a supported browser or download one of our mobile apps.

The process of buying a home for the first time can be overwhelming – from finding the right place, to saving for a down payment, budgeting for closing costs, and everything in between. When looking at your financing options, you don’t have to raise them yourself—in fact, less than 45 percent of first-time homebuyers say they saved most of their down payment, according to Consumer Housing. Trends report. There are a variety of resources that can help you fund your own

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