Need help with the down payment for your home? maybe we can help!
For many people, saving the money for the down payment necessary to buy a home can be one of the most difficult parts of their entry into homeownership.
Through my friends in the mortgage business we have access to several programs that may help you with some of the dollars needed for you to buy your family home.
You can download the information on these down payment assistance programs by clicking on either image. These programs are subject to change at any time.
Down Payment Assistance Programs
The number of down payment programs can fluctuate because there are federal, state, county, municipal, and private down payment grant programs available.
Some down payment programs have budget limits, some have expiration dates, but new programs get introduced on a regular basis.
Each program and participating lender may have different credit score requirements, income levels, etc. It’s best to review all factors in qualifying for down payment money.
Our partner mortgage company loan officers can discuss these different programs and find he right program for you.
Many types including FHA, VA Loans, USDA, HERO, HOMEPLUS, HOMEPATH and most Conventional loans.
Most of the programs offer between 3-5% that can be applied either towards the down payment and/or closing costs.
Most of these programs offer forgivable loans where you pay no interest and no payments towards the loan. The loan becomes a second mortgage that just falls off at the end of a specified time.
The down payment assistance programs offer loans for particular zip codes in several cities, in the Phoenix Metro area the Cities are Phoenix and Glendale.
There are limitations as to the price of the home, and you need to make less than $93,000 annually on some programs and as high as $109,000 on other programs. You need to have a minimum FICO score between 620 and 640 on most of the programs.
If you would like to know more about these programs please reach out to me and I will help you.
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