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Down Payment: The Biggest Obstacle to Homeownership

Survey after survey indicate that not having enough money for a down payment is the top obstacle to buying a home in Arizona.  We understand and we can help obtain Arizona down payment assistance and overcome this obstacle.

Available Down Payment Assistance Options

Many Arizonans looking to buy a new home find the down payment step of the loan process the most difficult only because they don’t have enough money in savings. Luckily, Arizona offers many down payment assistance programs that you can take advantage of. Don’t let your dream of owning a home stop at the down payment. Check out the amazing down payment options available to you.

We offer comprehensive information on assistance programs such as community second mortgages and grants as well as low down mortgage programs with the highlights and details that you need to find the best options for you.

List of available down payment assistance programs in Arizona

What are Arizona home loan grants and how do they work?

What are Arizona down payment assistance second mortgages?

First Time Home Buyer Programs in Arizona

There are a number of government funded first time home buyer programs in Arizona to help you buy a home. Many Arizona counties and cities have specialized departments that work with local housing agencies to offer down payment and closing cost assistance to eligible home buyers.

These programs work in cooperation with approved lenders that will help you qualify for a mortgage. They typically require that you first talk to a participating lender in order to be prequalified for one of their accepted loan programs.

Learn what you need to know to navigate the home buying process much easier, save money and limit your worry and stress.

Should you rent or buy a house in Arizona?

Which of the Arizona Mortgage Programs is Best for You?

There are a variety of low down mortgage programs that are available in Arizona that accept down payment assistance grants.  Each program has different guidelines regarding things such as income, assets and credit history.  Some programs allow more down payment assistance than others.  An experienced mortgage professional can help you find the program that best fits your needs.

Mortgage programs that accept down payment and closing cost assistance

Arizona FHA loan limits and conventional loan limits have been updated for 2020.

The 2020 conventional loan limit is $510,400 in Arizona.

Credit Challenges?

Since the mortgage crisis, virtually all loans for people with bad credit have disappeared. However, they are making a slow comeback.  More and more, there are lenders that are willing to lower their credit score requirements as their underwriting guidelines focus on your ability to repay the loan.  Currently in Arizona you typically need a 640 minimum credit score to qualify for down payment assistance.

Your credit history is just one of eight factors that lenders focus on when deciding if it is likely that you will be able to pay your mortgage.  These factors include:

Current or reasonably expected income or assets

Current employment status

Monthly payment on the covered transaction

Monthly payment on any simultaneous loan

Monthly payment for mortgage-related obligations

Current debt obligations

Monthly debt-to-income ratio or residual income

Credit history

Don’t let credit challenges scare you away from trying to buy a home.  Arizona lenders will work with you to help you qualify.

If you’re not sure how credit scores work, read our article on how credit scores are established.

Arizona Home Buyer Concierge Service

We’ve created a free buyer concierge service for Arizona home buyers that connects you with real estate professionals who will protect your interests.

Guidance throughout the home buying process

Insights to find the best neighborhood for you

Down payment and closing cost assistance programs

Connections to superior real estate agents

Trustworthy title and inspection companies

And more!

Find out more about e-Homes Realty’s buyer concierge service.

We can help you find the best down payment assistance options for you.

HOMES WE CAN HELP YOU FINANCE

$469,990
3 Beds 2.5 Baths 6711291 MLS 1,953 SqFt.
Welcome to the Larkspur Plan with 3 bedrooms plus a den and 2.5 baths and just over 1900 square feet. Craftsman style exterior pairs perfectly with the paver driveway for great curb appeal. You walk inside the home through a large 8ft exterior door and 9 ft ceilings. The flooring is a wood look ceramic plank tiles in all spaces except the bedrooms and den. This split floorplan and open concept is an entertainer's dream. Featuring a large open concept great room, kitchen, and dining space. The designated dining area has an 8ft sliding glass door that leads you to your outdoor patio that can provide an indoor/outdoor living space, in addition to the 4 -Panel Slider off the great room. The spacious kitchen has upgraded granite counter tops, a large kitchen island, sleek 42-inch upper white shaker style cabinets with matte black pulls, a beige tile backsplash provides a balancing touch and stainless-steel appliances including a gas range are also included. The primary bedroom is tucked away off the great room and has a spacious walk-in closet, double sinks, large walk-in shower, private water closet, and an additional linen closet for extra storage. Additionally, this home has a 30" plastic wiring panel with microduct in the laundry room to store your modem and router and hides any wires for a nice clean finish. Not only is the laundry room perfectly located off garage entry, and large enough for all your storage needs. Located right off the new Loop 202 and Elliot. Great location close to dining, freeways, parks, and entertainment.

5523 W Mcneil Street, Laveen

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