This is another great post by one of my mortgage partners, Aaron Alvarez and Alliance Home Loans. Call me or Aaron if you have any questions.
A home that was once a distant dream can now become a reality! Often, potential buyers have what it takes to qualify for a mortgage but have not managed to save enough money for a down payment or simply don’t want to spend all of their savings. Meanwhile, money from the many types of down payment assistance programs, available through state and local housing agencies, are unused because buyers are unaware of their options.
Potential home buyers should speak to a qualified lender to find out if they are eligible for a down payment assistance program within the state of Arizona. Keep in mind that down payment assistance programs can be different across the various counties of Arizona. Depending upon the program, there may be restrictions on household income, maximum purchase price, and other factors.
One of the most popular programs in Maricopa County is the Home in Five Advantage Program. Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable 5% down payment/closing cost assistance grant. For example, through this program a $200,000 loan amount would receive $10,000 towards the down payment and closing cost.
Another program available is the “Home Plus” Mortgage Loan Program through the Arizona Housing Finance Authority. This program offers a down payment assistance grant equal to 4% of the loan amount.
Both programs offer additional incentives for Veterans and qualified U.S. Military Personnel. They also provide competitive 30-year fixed rates.
For more information about these and other down payment assistance programs contact Aaron Alvarez at 602.705.9835. To apply online, simply go to http://www.afrhomeloans.com/AAlvarez
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