HOMEBUYERS STATE ASSISTANCE PROGRAMS {NEW HOME BUYERS SERIES THREE OF SIX}
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
STYRON’S INTRODUCTION
Most U.S. states offer assistance programs for home buyers. The availability and scope of these programs vary from state to state. Research the programs available in your state for the most accurate information.
Mr. Brian Kennedy, Senior Real Estate Mortgage Advisor, authored today’s blog. “DOWN PAYMENT ASSISTANCE FOR ARIZONA HOMEBUYERS”.
DPA or Down Payment Assistance for Arizona Homebuyers is available in each county, city, and zip code.
BY: BRIAN KENNEDY, SENIOR REAL ESTATE MORTGAGE ADVISOR
Homeownership creates an asset that can provide many people an opportunity for increased wealth through the natural market equity created over time. Which can increase credit scores and provide even more lending or borrowing opportunities through investments. Homeownership can give people income flexibility and security and leverage their assets to build wealth and self-reliance. Sometimes, saving for a down payment to buy a home can be tough for many to achieve what they feel is needed to purchase a home today.
This AZ HomePlus Home Buyer Down Payment Assistance Program will bridge most buyers to homeownership by eliminating the down payment obstacles. This program offers many an opportunity or pathways to homeownership if they are creditworthy and may not have the funds for a down payment and closing costs.
The AZ HomePlus HBDPA Program offers a 30 Year Fixed Mortgage combined with a Down Payment Assistance, which can vary between 0% to 5% depending on the first mortgage applied. You can use these funds for a combination of down payment and closing costs.
Benefits and Restrictions:
Available in all counties, cities, and zip codes
Borrowers’ income cannot exceed $126,351
The borrower must complete a homebuyer’s course.
Reduced Mortgage Insurance Premiums
The Community Development and Revitalization Program
Arizona’s Local communities face the increasing challenge of balancing future growth while keeping existing housing stock, infrastructure, and community facilities from declining. The Arizona Department of Housing (ADOH) is dedicated to helping communities face these challenges through its Community Development Block Grant (CDBG) and Home Investment Partnership (HOME) program funding sources as well as the Weatherization Assistance Program.
The CDBG program is federally funded through the Department of Housing and Urban Development (HUD) and authorized by Title I of the Housing and Community Development Act of 1974. CDBG provides grant opportunities for community revitalization to ensure decent housing, a suitable living environment, and economic opportunity for rural Arizona.
The HOME Investment Partnership Program (HOME) was created by the National Affordable Housing Act of 1990 (NAHA). The funds are allocated through HUD and are intended to increase the number of families served with decent, safe, sanitary, and affordable housing and expand the long-term supply of affordable housing.
The Arizona Department of Housing Weatherization Assistance Program (ADOH WAP) enables income-eligible families to reduce their energy bills by making their homes more energy efficient. Since 1977, weatherization services have been provided to more than 7 million homes and enjoy greater comfort, safety, and energy efficiency.
Income-eligible families and individuals spend more of their annual income on energy to heat, cool, and run appliances in their homes. The Weatherization Assistance Program was established to help decrease their home energy costs and to be attentive to energy-related health and safety issues in the home. The U.S. Department of Energy and the U.S. Department of Health and Human Services funds the Weatherization Program.
What do you need to qualify for a conventional loan as a First Time Home Buyer?
Typical conventional loan requirements include:
- A minimum Credit score of 620
- The minimum down payment is ONLY 3%
- Debt-to-income ratios below 45%
- A loan amount within local conforming loan amounts
- Proof of stable employment and income
- Clean Credit History
Although Fannie Mae and Freddie Mac set the minimum conventional loan requirements, lenders can set stricter requirements to qualify. For example, based on Fannie Mae and Freddie Mac guidelines, you can technically get a conventional loan with just a 3% down payment. But some lenders will have a requirement for a 5% down payment etc. Some lenders may adjust their credit guidelines to make getting a mortgage loan more restrictive, and so on.
I can’t amplify the importance of working with a flexible, experienced, educated mortgage lender to ensure you and your family can navigate all the obstacles to home ownership. You should be working with a broker who takes the time to listen to your financial goals and ask questions to understand your current and past financial situations. Then once they have the “Frame of the Puzzle” together, they can deliver a high level of service, communication, education, and multiple options for you to consider.
Thank you for your TRUST!
Brian
About Brian
I am truly passionate about my profession, and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors, and insurance and real estate agents in Arizona.
My mission is to guide you through the entire home loan process so that you feel confident as you choose the options available for your financing strategy. Making you aware of all your mortgage loan options is part of what makes us different. We believe that you should understand all possible mortgage options to make the best decision for you and your family.
With many years and a wide range of experience in the mortgage industry, my dedicated team and I stand ready to assist you each step of the way. You can rest assured that you are entrusting your home financing with those who rank amongst the most highly qualified and ethical in the lending industry today. We combine our multiple years of industry knowledge and access to the most innovative mortgage software systems and tools, all to minimize the amount of effort required of you.
Your home is one of the largest financial commitments you will make, and many people view that as just another monthly payment. We can help you realize that your home is a valuable financial tool and will help you achieve the dreams and plans you envision for your future.
My team members focus on more than just customer service Our customer’s overall experience drives our efforts and energy. We know that purchasing a home is a daunting event, and we are here to share our knowledge and expertise so it is a rewarding and exciting experience for you.
This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral, not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; compare loan types when making a financial decision. (www.nmlsconsumeraccess.org) This is provided by BKC Mortgage, LLC | Corp NMLS ID# 2397698 | Arizona Lic# MB-1041471 | 26077 N 68th Dr, Peoria, AZ 85383 | 602-689-7558 | Equal Housing Opportunity
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
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