Congratulations on your decision to own your own home. Most financial planners consider Home Ownership a basic of your financial system. But a home is more than that…it is where you spend a significant portion of your life, it is family, it is security, it is privacy, it is a statement about you and your family and so much more.
If you will be financing your new home purchase, you will have several programs to choose from. In Arizona, all offers must be submitted with a pre-qualification form from a lender. It is to your benefit to arrange your financing BEFORE you go shopping. Using a professional, competent Loan Officer that has access to a wide variety of flexible financing programs is critical to your success. There are numerous programs designed to help you finance the purchase of your home. Understanding your financial situation and objectives is very important and our team has access to several outstanding lenders that we can refer you to. The financing process can often be confusing, but we will help you navigate through the options and paperwork. We believe that you should be informed of your choices and have the opportunity to take advantage of the program that best fits your needs. Not all lenders offer all programs and some are more flexible, so once we understand your needs we can recommend a lender who can best serve you. If your credit score does not meet minimum requirements or you have had a collection, bankruptcy, foreclosure or short sale do not be discouraged, we have resources for you to help you rebuild your credit and purchase your home!
Following is a brief overview of some of the Financing Options currently available. The right program for you will depend on various factors including; income, debt, logistics, credit score.
ZERO Down Payment:
There are three programs available that require NO Down Payment.
VA PROGRAM - available to active duty military and veterans who have served in a branch of armed services. Loans up to $417,000. We can recommend lenders who are experienced with this type of financing.
NACA PROGRAM - available throughout Maricopa and Pinal County for both new and resale homes. Does not require a credit score. Workshop participation required. Call us for details.
- USDA PROGRAM - available in limited sections of Maricopa and Pinal County for both new and resale homes. Some areas in Queen Creek, San Tan Valley, Florence and New River qualify for this rural program. Call us for details.
Down Payment Assistance Programs:
Lender Specific or City Specific - There are various grant programs offered by different lenders and some cities providing 1-5% assistance that can be used for down payment and/or closing costs. Lender programs have no geographical restrictions and require a credit score between 620 and 660 depending on the program. City grant programs are limited to the specific city and requirements and incentives vary by city and some require home buyer workshop attendance. Call us and we can help determine which program(s) might best meet your needs.
- Home Plus or Home in Five - These programs offer 3 - 5% assistance that can be used for down payment and/or closing costs. Available throughout the Phoenix Metro area with no restrictions on area or new vs resale. We can recommend specific lenders that offer these special programs.
3.5% FHA Down Payment: Standard FHA loan - maximum loan amount of $279,450 in Maricopa County and $275,665 in Pinal County. Less restrictive qualifying requirements.
5% Conventional: Offered by several lenders and more flexibility with some of the ongoing fees.
20% Conventional: Many prefer this loan type as it eliminates some monthly fees, especially PMI (private mortgage insurance).
- Andy & JessieBuckeye
- Sam & CharlotteQueen Creek
- Barbara & AdamBuckeye
- Luis & EstefanaMaricopa
- Dave & KathleenGoodyear
- MattFirst Choice Loan Services
- RyanNFM Lending
- BrandonAcademy Mortgage