First time home buyer programs in Arizona are packed full of benefits and incentives that help folks realize the American dream of homeownership. Arizona home buying programs are created to support ownership and build stronger more stable communities and municipalities. First Time Home Buyer Assistance will often be manifested through grants and bonds which assist with paying down payment and closing costs for first time home buyers. The term first time buyer is somewhat misleading as most programs do not require the purchase to actually be the first home a buyer has owned. Also called first time homeownership grants or Arizona home buying programs, these programs have made the difference between owning a home or generational renting for many of our clients over the years. Contrary to common belief, Arizona’s first-time home buyer programs are offered without restriction to area and are not just for certain homes. There is a $400,000 purchase price limit. Additionally, these grants do not have to be paid back unless you refinance or sell within 3-5 years. Read More about down payment assistance for first time home buyers.
First time home Buyer Programs in arizona can be provided in the form of:
– Reduced or eliminated mortgage insurance – Higher debt-to-income ratios (helps You qualify for a home)
Arizona Home buying programs Pay For:
– Down payment
– Closing costs
– Can be used to buy down your interest rate
* Take advantage of these benefits with credit as low as 640
Talbot Real Estate Team is proud to assist these Arizona communities for first time home buyer programs:
Gaining equity through reducing your loan balance with a portion of every payment and market value appreciation are probably the two most significant reasons to buy real estate. A buyer of an average home purchase in The Phoenix Metro Area, will gain a $59,000 benefit with home ownership over a 5 year period when compared to renting. That appreciation creates options. For example, you can borrow usable cash against that equity if circumstances present the need for cash. This is not to mention the ultimate option of the legacy you will leave.
The are several First Time Home Buyer Programs , often called Down Payment Assistance or Housing Grants, available in the Greater Phoenix Arizona Metro Area. A combination of flexible qualifying criteria and generous benefits means there are options for every Home buyer.