We have been helping Arizona’s first time home buyers since 1998.
AZ First Time Home Buyer
Are you a first time home buyer in Arizona or Pennyslvannia? Do you need some tips and advice about your first time?
Nothing brings us more satisfaction as mortgage professionals than to help someone buy their first home.
Many lenders have difficulty qualifying first time home buyers, or would just rather deal with more experienced borrowers.
However, this Arizona mortgage company goes out of our way to try and make sure that every one of our client who wants a home can buy one- whether you are a first timer or not.
You’ve already taken the first step towards the most important financial decision of your life. With our help, you will go from first time home buyer to first time homeowner.
Arizona first time home buyers can apply right here.
Even if you have “less then perfect credit,” Arizona Wholesale Mortgage is license to provide our clients with Federal Housing Administration loans (FHA loans).
FHA loans are often considered a “first time home buyer loan” (or program), but you do not have to be a first time home buyer to qualify for a Federal Housing Administration loan.
The most difficult hurdle for most first time homebuyers is coming up with a down payment. Zero down loans are often ideal for first time home buyers who may be light on cash, but banks have stopped offering them.
Arizona Wholesale Mortgage currently offers three types of zero down loans, all available to first time home buyers.
1. A VA loan is often ideal for first time home buyers, and it does not require a down payment.Of course, you must be a Veteran of the United States Military to apply for one.
2. You can get a USDA loan, which allows buyers with lower-than-average income to buy homes in “qualified rural areas” with no money down. Again, this is an ideal program for the first time home buyer with little cash for a down payment, but anyone can get an Arizona USDA loan. In order to qualify for this loan program, the buyer must be considered “low income” and the home must be in a qualified area.
3. Finally, there is always the FHA loan option, which most people consider to be the original first time home buyer loan. FHA does allow an immediate family member to gift the buyer their down payment and their closing cost funds.
Unfortunately, there is no such thing as a zero-down (a.k.a. “no money down”) FHA loan anymore. However, there are many programs in Arizona that give grants to home buyers who want to utilize the FHA loan program.
For example, your city may offer a grant to first time home buyers who choose to buy a foreclosed home. The city is happy to help the buyers, because the city does not want taxpayers to pay for the care of foreclosed homes.
Your particular Arizona county may have a program for low income. First time home buyer programs differ in Arizona, from County to County and City to City.
Below, you will find a some resources for Arizona first time home buyers who need an FHA loan with down payment assistance.
1.5% DOWN FHA LOAN:
We currently have an FHA loan program with a 1.5% down payment for borrowers with a middle fico score of 580. Borrower must be first time home buyer or hasn’t owned a home in the last three years. There is an income restriction on the program so please call in for guidelines. Anyone who is a medical responder or teacher automatically qualifies if they meet the other requirements.
First comes love, then comes marriage, and then you buy your first Arizona home together. (Thanks for the picture you two
Arizona Southwest Housing Foundation Down Payment Gift Program (GIFT) @ (480) 926-7206
Phoenix Community Housing Resources of Arizona(CHRA) Homeownership Incentive Program (HIP) @ (602) 631-9780
Phoenix Neighborhood Housing Services Down Payment Assistance Program (DPCC) @ (602) 258-1659
Phoenix Valley-CORP Downpayment Assistance Program (DAP) @ (602) 247-4764
Tempe Community Assisted Mortgage Program @ (480) 350-8961
Glendale Los Vecinos Housing Development, Inc. @ (623) 435-2255
Pima County Pima Gold Home Program @ (520) 882-0018
Peoria Arizona Home Buyer Assistance Program @ (480) 649-1335
Flagstaff Affordable Housing Coalition Community Home Buyer Assistance Program (CHAP) @ (520) 214-7456
If you need down payment assistance, you will need to contact the county or city agency directly for current guidelines and requirements. However, make sure you read the fine print.