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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. You can discuss all of these with our mortgage lenders and Arizona mortgage refinancing team.
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How to Qualify for Down Payment Assistance
The best way to know what programs you qualify for and which programs will best meet your needs is to talk to one of the Mesa mortgage brokers at KHoward Mortgage Team. We’ll help you find the right program so you can buy the house of your dreams and maintain a smart financial plan.
KHoward Mortgage Team has over two decades of experience helping home buyers find home loans that meet their financial goals and needs. We provide top-rated customer care and boast the best loan rates and fastest loan turnaround times in the industry, so you can be sure you are receiving only the best service.
Our mortgage brokers work with you to determine the best mortgage solution for you and your family, whether it’s an AZ conventional loan or if you need help from our Mesa FHA lenders. Apply for pre-qualification today and start your home-buying journey off on the right foot, or call us at 480-442-8834 to learn more about your home loan options in today’s market.
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