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Buying a house in Arizona?
Here is what you need to know.
Down Payment: The Biggest Obstacle to Homeownership
Survey after survey indicate that not having enough money for a down payment is the top obstacle to buying a home in Arizona. We understand and we can help obtain Arizona down payment assistance and overcome this obstacle.
Available Down Payment Assistance Options
Many Arizonans looking to buy a new home find the down payment step of the loan process the most difficult only because they don’t have enough money in savings. Luckily, Arizona offers many down payment assistance programs that you can take advantage of. Don’t let your dream of owning a home stop at the down payment. Check out the amazing down payment options available to you.
We offer comprehensive information on assistance programs such as community second mortgages and grants as well as low down mortgage programs with the highlights and details that you need to find the best options for you.
First Time Home Buyer Programs in Arizona
There are a number of government funded first time home buyer programs in Arizona to help you buy a home. Many Arizona counties and cities have specialized departments that work with local housing agencies to offer down payment and closing cost assistance to eligible home buyers.
These programs work in cooperation with approved lenders that will help you qualify for a mortgage. They typically require that you first talk to a participating lender in order to be prequalified for one of their accepted loan programs.
Which of the Arizona Mortgage Programs is Best for You?
There are a variety of low down mortgage programs that are available in Arizona that accept down payment assistance grants. Each program has different guidelines regarding things such as income, assets and credit history. Some programs allow more down payment assistance than others. An experienced mortgage professional can help you find the program that best fits your needs.
Arizona FHA loan limits and conventional loan limits have been updated for 2020.
The 2020 conventional loan limit is $510,400 in Arizona.
Since the mortgage crisis, virtually all loans for people with bad credit have disappeared. However, they are making a slow comeback. More and more, there are lenders that are willing to lower their credit score requirements as their underwriting guidelines focus on your ability to repay the loan. Currently in Arizona you typically need a 640 minimum credit score to qualify for down payment assistance.
Your credit history is just one of eight factors that lenders focus on when deciding if it is likely that you will be able to pay your mortgage. These factors include:
- Current or reasonably expected income or assets
- Current employment status
- Monthly payment on the covered transaction
- Monthly payment on any simultaneous loan
- Monthly payment for mortgage-related obligations
- Current debt obligations
- Monthly debt-to-income ratio or residual income
- Credit history
Don’t let credit challenges scare you away from trying to buy a home. Arizona lenders will work with you to help you qualify.
If you’re not sure how credit scores work, read our article on how credit scores are established.
Arizona Home Buyer Concierge Service
We’ve created a free buyer concierge service for Arizona home buyers that connects you with real estate professionals who will protect your interests.
- Guidance throughout the home buying process
- Insights to find the best neighborhood for you
- Down payment and closing cost assistance programs
- Connections to superior real estate agents
- Trustworthy title and inspection companies
- And more!
We can help you find the best down payment assistance options for you.