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Who does Down Payment Assistance home loan programs in Surprise AZ
Saving up enough money to make a down payment on a home can be next to impossible for many consumers. Because of this, there are a variety of programs available to assist people who are interested in buying a home, but just do not have enough money available for a down payment. There are quite a few options available for consumers without money for a down payment. You can either try to find a down payment assistance program in your area or you can try getting approved for 100% mortgage financing, thus eliminating the need for a down payment.


Buying a home with a 100%, zero money down home loan is one option for those consumers who do not have enough money to make a down payment. According to a survey done a couple of years ago by the National Association of Realtors, 25 percent of all buyers financed 100% of the purchase price, and 42 percent of first-time home buyers bought with no money down. These numbers have increased even more over the course of the last couple of years as well. Even with lending guidelines tightening up due to the recent real estate market woes, there are still a variety of no money down home loan programs available at this time. Therefore, having money for a down payment is not required and many people can still buy homes without having a down payment available.


Surprise AZ Down Payment Assistance home loan programs highlights:


  • There isn’t a minimum amount that you have to provide to close.  The down payment assistance can potentially cover all of your down payment and closing costs.
  • No first time home buyer requirement for most programs.
  • The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona.
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • The money continues to be consistently available.


How to Qualify Down Payment Assistance home loan programs in Surprise AZ:


  • Maximum purchase price of $396,680. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum income of $99,170.
  • Maximum debt-to-income of 45%
  • See various loan program requirements below.


Who does Down Payment Assistance home loan programs in Surprise AZ

To see if you qualify for a down payment assistance program in Surprise, Arizona, please contact Nathan Rufty at 909-503-5600

Posted by Nathan Rufty on May 8th, 2019 2:02 PM



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