There are several down payment assistance programs available in Arizona. While they all differ in rate, terms and guidelines they can help open the door to a new home for many home-buyers.
Down Payment Assistance Options
When it comes to choosing the right down payment assistance home loan program, knowing the costs and benefits associated with each can make a major difference. After-all, there are multiple different options in the down payment assistance space. Our team is trained and educated on the latest programs.
What is Down Payment Assistance?
Down payment assistance programs differ. In fact, the differences are significant between some of the different programs. However, generally speaking down payment assistance mortgage loan programs provide funds to assist a home-buyer.
Typically, assistance funds may help cover closing costs and/or down payment. The amount of funds provided by the program varies based on which DPA program you use. In fact, some programs require the repayment of assistance funds while others do not.
FAQ: Down Payment Assistance Programs
Depending on the down payment assistance home loan used you may or may not have to pay your assistance funds back.
No, there are down payment assistance programs for both first time and non-fist time home buyers.
Funds from some down payment assistance programs may be used toward down payment or closing cost.
Typically, yes down payment assistance funds also list a maximum income. That income represents the most in gross income that the borrowers on the loan application can make and be considered eligible for the program.
Yes, veterans using a VA mortgage have access to a down payment assistance program to help with closing costs or down payment.
Yes, often the rate differs on down payment assistance programs. Check with your lender for more specifics on how the down payment assistance program rate varies as each program is different.
Certain restrictions apply. Not available in all areas. Please contact your HOUSE Team loan officer for more details.