A Guide to Home Buying Programs in Phoenix Arizona

Dated: March 18 2021

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Thinking of buying a home in Arizona? There are many things to love about living in the Grand Canyon State. That’s why the housing costs here are slightly above national average.

If you need help funding your home purchase, check out the Arizona home buying programs below. Through loans mainly overseen by the government, you can get the financing you need for the down payment or closing costs.

HOME Plus Home Loan Program by ADOH

If you’re considered a “credit-worthy” renter, you can seek assistance from the Arizona Department of Housing. The ADOH provides a set amount of funds based on your income and credit history. Aside from additional funds for the upfront costs of housing, your mortgage insurance premiums can be reduced.

Typically, the applicants for this program are first-time home buyers. However, if you’ve owned real estate before, you can still be eligible. Of course, you also have to reside in the property you’re planning to buy. Other requirements include taking a home buyer education course.

For the complete eligibility rules and prerequisites, visit the Home Plus AZ website or get in touch with ADOH.

Other Financing Options for Home Buying in Arizona

Aside from the ADOH program, you can explore other ways to get additional housing funds. Programs vary depending on the type of home you are buying or your income. Here are some home buying programs you can look into:

  • FHA Loans

    Having a lower credit score doesn’t mean that you can’t buy your own home. If your credit score is 500 and up, the Federal Housing Administration or FHA can insure your loan. You will just be required to put down a 10% down payment. If your credit score is 580 or higher, you can bring that down to as low as 3.5%. Take note that the mortgage insurance cannot be canceled throughout the life of an FHA loan.

  • USDA Loans

    Planning to buy a rural or suburban home? Explore getting assistance from the USDA or US Department of Agriculture. Once approved, you can get a mortgage without a down payment. If your credit score is 680 or higher, you can enjoy streamlined processing. You also need to meet certain income requirements.

  • VA Loans

    Are you serving in the US military, a veteran, or a surviving spouse? You could be qualified for a loan from the U.S. Department of Veterans Affairs. Some loans will require no down payment or mortgage insurance. Others will have generous interest rates. A credit score of 640 or higher is ideal for VA loans.

A word of advice: always remember to read the fine print when looking at mortgage products, and don’t be afraid to shop around!

Ready to get started on your home-buying journey? Work with an experienced real estate agent in Arizona. Aside from helping you find the right home, they can shed light on your possible loan options.

Get in touch with our team at Aeris House Properties for more information on home buying. Contact the best realtors in Metro Phoenix today at 602.466.9771 or email info@aerishouse.com

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