Do you dream of owning your own home?
You pay your rent on time and you are fairly comfortable financially, but just don't quite have enough saved for a down payment. In my last blog, I posted an article about Down Payment and other Mortgage-Related Myths. Check it out to see that it is a myth that you need 20% down to buy a home. In this blog post, we are going to talk about down payment assistance programs.
I have seen the above scenario quite often. In fact, when I purchased my home in 2003, I was in the same situation. You can easily pay a mortgage payment, but the down payment is a hurdle. Fortunately, there are down payment assistance programs that can help you overcome that hurdle. Here in Arizona, we are fortunate to have a few different options.
Here is another myth about down payment assistance programs. I need to be low income or a first time home buyer to qualify. While the programs do have limits on income, they are probably higher than you think. Also, while there are some programs that are focused on the first-time homebuyer, there are programs that do not have the requirement.
Here are the top 3 in Arizona. There are other programs available. You can find out more here. https://www.arizonadownpaymentassistance.com/down-payment-programs/
Home Plus AZ - Statewide
Home in 5 - Maricopa County
Pima Tucson - Greater Tucson Area
You must work with a participating lender to take advantage of these programs. Contact me today for more information, and I can refer you to some great lenders.
Your Arizona Native Real Estate Specialist