Down payment assistance program Arizona called Home In 5 Advantage Program is still alive!
This down payment assistance program has been extended into 2016 to help
home buyers buy their first home or second home.
Everyone was hit hard in down market when the real estate crash happened in Arizona. I was hit hard as well as a small business owner. I remember looking at my team and telling them this is going to be bad, real bad. Seeing all our equity vanish like a magic trick from a magician at a kid’s birthday party.
Jobs being cut, down payment assistance programs being cut, people losing their homes, vacant homes everywhere, everyone took an upper cut, many upper cuts to be exact!
As a realtor, I understood what happened but realtors did not create the crash. We were part of the real estate crash just like you. If you have not seen the movie “The Big Short” you should go check it out. You will see that the crash came from the people above, not from the people in the Arizona streets.
But TODAY! every county across America is helping people get back into home ownership. With this down payment assistance program you can get back to owning your home in 2016. When a down payment assistance program Arizona like this comes out, you just have to grab it by the horns and go for it.
I mean why would you not?
It is basically free down payment money in a form of a grant to use towards your closing cost and down payment for a new home.
The Home In 5 Advantage Program has been extended by the Phoenix Mayor Greg Stanton. This down payment assistance program is an expansion of the Home In Five Down Payment Program that was in place in 2012. Funds are still available for you to use that can help you own your new home in 2016.
Down payment assistance Arizona program is one of those programs that can help first time home buyers and repeated home buyers buy their first home or second home the Arizona. The only thing you as home buyers need to do, is take advantage of this down payment assistance program.
Is this a scam? No.
Trustworthy program? Yes.
Is your realtor a free service who represents you in buying your home? Yes!
Now let’s get into the details so you can understand the program.
Down Payment Assistance Program Arizona May Gift You Up To $15,000.00 For Your Closing Cost:
- Home buyers will receive down payment assistance gift money in form of a grant that never has to be paid back to buy your home in 2016.
- This gift can be used towards all closing cost and down payment.
- You don’t have to be a first time home buyer.
- Sell your current home and upgrade to a newer home with this program.
- FICO restrictions do apply for this down payment assistance program.
Home In 5 Advantage Down Payment Assistance Arizona Program in Detail:
- Max income cannot exceed $88,340.00 base only. (If you make more with over time, we do not include your over time. Just your base pay.)
- Maximum home buyer purchase price cannot exceed $300,000.00.
- DPA (Down Payment Assistance) only goes up the $271,050.00. (loan amount)
- Home buyers will pay the difference if the home you purchase is above the FHA loan limit which is $271,050.00.
- Minimum credit score of 640 is needed for this down payment assistance program.
- 640-659 credit score, you will receive 3% down payment assistance of the loan amount.
- 660 credit score and above will receive 4% down payment monies of the loan amount.
- First time home buyers and repeated home buyers are approved for this down payment assistance program in Arizona.
- First responders, teachers, military receive an extra 1% on top of the down payment assistance Arizona program listed above.
What is a first responders job title to be able to receive up to 5% down payment assistance to buy my home in 2016?
- Peace Officers, as defined in A.R.S. § 1-215, certified by the Arizona peace officer standards and training board, and employed full-time as:
- Sheriffs, Deputy Sheriffs of Counties,
- Policemen of Cities and Towns
- Commissioned Personnel of the Department of Public Safety
- Personnel Employed by the State Department of Corrections or the Department of Juvenile Corrections
- Police Officers appointed by Community College District Governing Boards, Arizona Board of Regents or Governing Body of a Public Airport Pursuant to Section 28-8426
- County Detention Officers
- Special Agents from the Office of the Attorney General
- or of a County Attorney
- including Police Officers employed by a Tribal Police Agency
- Professional Firefighter, as defined in A.R.S. § 9-901, employed full time as A member of an organized paid Fire Department Emergency Personnel, whose primary responsibility is the care of patients in an ambulance and is employed full-time, to include the following occupations, defined in A.R.S. § 36-2201
- Emergency medical technician,
- Advanced Emergency Medical Technician
- Emergency medical technician I-99
Don’t worry Teachers. We have you covered as well for this down payment assistance Arizona program.
- As a teacher employed full-time by a state-accredited public school you can receive up to 5% down payment gift funds as well.
Using down payment assistance program Arizona to buy your next home and how the numbers look?
House for sale = $180,000.00 purchase price
660 credit score
$7,069.59 gift goes towards your down payment and closing cost
Estimated payment at current rate of 4.5% (still a great rate)
895.51 – Principal and Interest
45.00- Estimated Ins
100- Estimated Taxes
122.13- Mortgage Insurance
$1,162.64 Total Est Payment
Are you ready to use the down payment assistance program Arizona?
Contact me TODAY!