2018 Updates to Arizona Home Buyer Assistance Programs

Find out how you can join the tens of thousands of Arizona home buyers who have received assistance money to buy a home in the past few years.

Do You Want to Buy a Home in Arizona in 2018?

Because we have some good news. Programs to help Arizona home buyers have expanded their options and benefits, so more people can take advantage of Arizona home buyer assistance programs in 2018.

Here are the top 5 ways that buying a house in Arizona is easier in 2018.

The Home in Five Advantage down payment assistance program has been helping Arizona home buyers overcome the top obstacles to buying a home since 2012. The program administrators just announced changes in 2018 that provide expanded assistance and benefits to home buyers in the Phoenix metro area. These expanded options include an increase of over $70,000 to the maximum purchase price and an increase in the maximum qualifying income amount to $92,980. This is great news for those who want to buy a little more in today’s competitive market. Keep in mind that if you are using an FHA loan with your down payment assistance, that you can’t exceed the FHA loan limit … which has increased too.

In 2018, Home in Five home buyer assistance program offers funds to pay for down payment and closing costs that can exceed $10,000.

See If You Are Eligible»

The Home Plus program is designed to offer a pathway to homeownership for Arizonans by offering down payment and closing cost assistance. It is administered by the Arizona Department of Housing. This program continues to add options to fit the needs of more and more home buyers across the state. It was recently announced that the range of down payment assistance options has increased and the minimum credit score requirement has been reduced for certain low-down mortgage products that are used with the program (don’t worry Tucson home buyers … see #3).

In 2018, The Home Plus home buyers assistance program offers funds to pay for down payment and closing costs up to just over $19,000.

See If You Are Eligible»

The number one home buyer assistance program in and around Tucson is the Pima Tucson Homebuyer’s Solution program. For 2018, this program has expanded their qualifying criteria (ex. the maximum income limit for conventional loans). The funds that are provided to help with down payment and closing costs are typically 4% or 5%.

In 2018, The Pima Tucson Homebuyers’s Solution assistance program offers funds to pay for down payment and closing costs up to around $22,500.

See If You Are Eligible»

FHA loans are designed to help first time home buyers. They have lower down payment requirements and flexible guidelines for approval. Recently the U.S. Department of Housing and Urban Development announced that the maximum loan limit for FHA loans increased to $294,515 in almost every county in Arizona. Coconino Country remained at $362,250. In addition, the Federal Housing Finance Agency recently announced that the conforming loan limit will increase all the way to $453,100. This will impact the expanded low-down conventional loan programs that are build specifically for low-to-moderate income home buyers.

See If You Are Eligible»

The biggest downfall to many of the home buyer assistance programs that are offered is that they run out of money and are only available for a short period of time. So, only a handful of people can use them. The top three home buyer assistance programs in Arizona have been continuously funded for the past few years. This has helped thousands of people buy homes in Arizona. Otherwise, they may have never been able to enjoy the pride and financial benefits that comes with owning a home. Also, it should also be mentioned that one of the main goals of the program is to help stabilize home values in Arizona communities. To accomplish these goals, the programs are offering the assistance as a second mortgage that has 0% interest and $0.00 payments. Even better, the lien is partially forgiven month over month for the first three years. After the first three years, it’s gone and you won’t have to pay it back. This forgiveness period is shorter than other programs that have been offered in the past and there is no requirement to share in the equity that you gain as the value of your home goes up.

See If You Are Eligible»

How Do You Find Out If You’re Eligible?

Arizona’s down payment assistance programs are offered through approved lenders that are trained to provide home buyer assistance programs. If you are interested in learning more about what exactly down payment assistance is and whether or not you can qualify, start here. We would like to help you learn more about the programs available in your area and what it takes to qualify for the programs. Getting qualified is free, easy and only takes a few minutes.

 Get Money To Buy Your Home. It’s Fast and Easy to See If You Qualify»

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