What You Need to Know About Arizona Down Payment Assistance

There are many things that are keeping you from saving for a down payment on a house. For instance, high rental payments, car repairs, credit card bills, and hospital expenses can get in the way but you should know that there is such thing as DPA (Down Payment Assistance) programs in Arizona.

DPA gives chance to Arizona homebuyers who struggle to save for a down payment. Down payment assistance in Arizona offers the following programs:

Home Plus
In overview, Home Plus is available in all counties. The minimum credit score is 640 while the maximum income amount is $99,170. As for the maximum purchase price, it should be $396,680.

This program has been updated, which offers a greater variety of opportunities for homebuyers in Arizona who need down payment assistance. The expanded options include higher maximum loan amounts and income limits, diverse down payment amounts, diverse qualifying criteria, and diverse loan programs.

Home in Five
In overview, Home in Five is available only in Maricopa. The minimum credit score should be 640 while the maximum income amount is $92,980. As for the maximum purchase price, it should be $371,930.

Pima Tucson Homebuyer’s Solution
In overview, Pima Tucson Homebuyer’s Solution is available only in Pima. The minimum credit score is 640 while the maximum income amount should be $88,950. As for the maximum purchase price, there is no limit.

These programs are exclusive for Arizona only. On top f these programs, you can also consider national first-time homebuyer programs. The programs include the following:
• FHA (Federal Housing Administration) loan: the FHA backs this type of mortgage. It

presents the homebuyers with a low down payment (3.5%) if the credit score is 580 or higher. You are still eligible if you have a credit score of below 500, although you need a 10% down payment.
• VA (Veterans Affairs) loans: the Department of Veterans Affairs guarantees the VA loans, which are available to military members, veterans and their surviving spouses. If you qualify, you can benefit from no minimum credit score or possibly no down payment. However, you will likely need to pay the VA funding fee.
• USDA (United States Department of Agriculture): the aim of the loan is to entice people to live in rural or suburban areas by offering up to 0 down payment mortgages especially to lower-income homebuyers. Those with a score of 640 or above will experience faster loan transaction.
• Freddie Mac and Fannie Mae: Freddie Mac and Fannie Mae are part of the conventional mortgage. The good thing about these loan types is they offer as little as 3% down if the mortgage will meet the requirements set. If you put at least 20% down, you do not need to pay mortgage insurance. For this, lenders require a minimum credit score of 620. If you want to earn the best interest rates, your credit score should be around 740.

With all the options, it is important that you consult the lenders who participate in DPA programs as soon as you decide to get a house. It is crucial that you shop around and compare offers from lenders for best terms. Alternatively, you can check the lender’s website to get more information.


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