Arizona Mortgage Guide ? Must Knows for Buying a Home

This Arizona mortgage guide provides information needed to help you purchase a home. Here you will find home loan programs with low down payments to mortgage loans for special professions, veterans and others. And, if you?re a first time home buyer there are plenty of great programs available to put you in your first home with low mortgage rates!

Why buy now?

Real estate prices are starting to rebound in Arizona, with Tucson being one of the hottest markets in state currently. Home sales have been increasing steadily, making it a great time for first time home buyers to purchase. Many homes are being sold well below market value due to bank owned foreclosure sales; this is great news for people looking to purchase a home. However, investors have been purchasing homes with cash, scooping them up for a healthy profit; this makes it a little tougher for a first time home buyer to win a bid. If you?re looking to purchase a home in Arizona you?ll need to get fully pre-approved before house hunting to increase the chances of getting an offer accepted. Now is the time to save thousands of dollars while housing can be purchased for less than previous years.

Arizona Mortgage Programs That Can Help You!

The My Community Arizona First Time Home Buyer Program helps open doors for a police officer, firefighter, paramedic, teacher, military personnel and healthcare workers such as a nurse. The program features 3% down financing plus you receive a $500 credit toward closing costs. Unlike other traditional programs, you can use part-time income or overtime income from the past 12 months to qualify.

Arizona?s first time homebuyer FHA program: FHA $100 down program is available to those purchasing an FHA foreclosure; offering the buyer a very low down payment to get into the home helping those individuals with low income or who struggle to come up with the traditional 3% – 5% or more required on most other traditional mortgages.

Arizona VA Program – This program offers Zero down payment up to a $417,000 loan amount. If you served at least 90 consecutive days during wartime, or at least 181 consecutive days during peacetime you are eligible for the VA home loan program. You are also eligible after 90 days of current active duty, and if you are on reserve and have served at least 6 years (this does not have to be consecutive) you are also eligible.

Arizona USDA Rural Program – Zero down payment with NO PMI or mortgage insurance. The home you purchase must be in an eligible county and maximum income limits apply. The current income limit for most counties is $73,600 and Phoenix allows for $75,750

Arizona Mortgage Down Payment Assistance

Another way potential home buyers can get help is being aware of the American Dream Down Payment Act; this allows grants to be given to participating jurisdictions to assist low to mid income families as well as certain state employees to achieve home ownership. Grants made available under this initiative may only be used for down payment assistance toward the purchase of single family housing by eligible families.

There are many programs available to help individuals and families make home ownership a reality. At mortgage.org, all we do is mortgage loans, and finding the right Arizona mortgage that works for you is our top priority. Contact us today and let us help you too!