Down Payment Assistance Program Benefits
Coming up with a down payment is one of the most difficult parts of buying a house for most people. Some people have the good fortune to borrow the down payment from their parents or from their own retirement accounts, but not everyone has that option. Fortunately, there are some programs available that offer down payment assistance for those who need it.
One popular program is known as the Arizona Home Plus program. Those who qualify receive a grant equal to 5 percent of their mortgage loan. The grant does not have to be repaid, and it can be used for the down payment or closing costs. You do not have to be a first-time home-buyer to qualify. If you are part of the U.S. military, you may also qualify for an additional 1 percent in aid.
Another popular program is the Home in Five Advantage program in Maricopa County. Depending on your credit, you can get a grant for 2.5 percent or 3.5 percent of the home loan. You can get more if you are a member of the military (active or veteran). You can use the money for a down payment or closing costs, and you do not have to pay it back.
Each of these programs has its own requirements to qualify, such as making a certain amount of money and buying a home up to a certain amount. More requirements apply.