What Are AZ Home Buyer Grants?
Many home buyers search for home loan grants Arizona. How do they work? Grants are given by the federal, state or local governments and, when available, are great to help with down payment assistance and closing costs.
Unlike some types of assistance, grants are not expected to be repaid.
There are a variety of different down payment assistance programs available in Arizona. They are offered through the state, county and city governments and state housing agencies and are made available to serve low to average income earning Arizona families. They also help revitalize areas that have been hit hard by foreclosures to help boost and stabilize home values.
At times, instead of a true grant program, many of the down payment assistance programs will provide the assistance funds in the form of a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.
Home Buyer Grants Available in Arizona Offered by the Federal Government
Programs offered by the federal government are typically administered through the Department of Housing and Urban Development (HUD). Please note that arizonadownpaymentassistance.com is not a government agency and is not affiliated with HUD.
Programs including home loan grants in Arizona that HUD offers include (but are not limited to) the following:
- Good Neighbor Next Door provides substantial discounts on homes in key revitalization areas to teachers, law enforcement officers, firefighters and EMTs.
- Homeownership Voucher Program provides assistance in the form of home buying subsidies to first time homebuyer low-income families.
- Homeownership for public housing residents provides assistance for public housing residents in becoming homeowners.
- Neighborhood Stabilization Program help revitalize Arizona communities that have been hit hard by foreclosures and abandonment to help boost and stabilize home values. The program aims for the purchase and redevelopment of foreclosed and abandoned homes and residential properties.
Assistance for Existing Homeowners
In addition, the government offers affordable housing help to existing homeowners that are struggling to maintain their higher mortgage payments through various refinance, modification, short sale or deed-in-lieu programs.
Two of the most popular recent government affordable housing mortgage programs include the Making Home Affordable Program and the Home Affordable Foreclosure Alternatives Program.