Arizona offers several excellent programs to help first-time homebuyers overcome financial hurdles. The Arizona Department of Housing's 'HOME Plus' program provides a 30-year fixed-rate mortgage combined with down payment assistance (DPA) in the form of a silent second mortgage.
This DPA can be used for your down payment and closing costs and is often forgivable after a few years.
FHA loans are another popular option, insured by the Federal Housing Administration. They feature low down payment requirements (as little as 3.5%) and are more forgiving of lower credit scores.
For eligible veterans and service members, VA loans offer the incredible benefit of zero down payment.
Additionally, USDA loans are available for homes in designated rural areas, also offering 100% financing.
Exploring these programs with a qualified mortgage professional can make the dream of homeownership a reality much sooner than you might think.