THE ANSWER IS NO. You actually don't have to be a first time home buyer to qualify for Down Payment Assistance Programs in Arizona. For example, The Pathway To Purchase program allows those individuals who's combined annual income is not more than $92,984 that are purchasing a home in targeted areas that does not exceed $371,936.00. In Maricopa County, the qualifying cities are Phoenix & Glendale, Arizona. Other programs for down payment assistance for first time home buyers may qualify in other cities like Tempe, and Scottsdale. Down Payment Assistance AZ is available for those that meet the guidelines of each program. Check out homes for sale in Phoenix or Homes for sale in Glendale AZ and similar areas.
Another Down Payment Assistance Program in AZ is the Home Plus Program. To qualify for this program a borrower's income must not exceed $105, 291 when working with an FHA Loan. The purchase price must not exceed the price limitation of an FHA Loan. The down payment assistance amount can be up to 5%.
Getting started in the process is pretty simple. The first step is to get pre-qualified with a lender in order to determine your eligibility for either of these programs. I work with many experienced mortgage professionals that will guide you through each step of the process. Ask about Arizona 1st Time Home Buyer Programs.
Now that you have read the information about Arizona Down Payment Assistance programs that you may qualify for, it's time to get pre-qualified with a lender. I work with many mortgage professionals who understand how to use these programs in conjunction with your home loan for the home you wish to buy.
Once you are pre-qualified we can then start the process of finding homes for sale in the area of town you wish to buy a house in. Depending on the program, you may have to buy in Phoenix or Glendale, however if you are a first time home buyer, you must simply follow the guidelines of the program as posted on the link above.
Once we find a home we simply make an offer and put down an earnest deposit once the offer is accepted by the seller. If for any reason, you have 2nd thoughts or something is wrong with the property after the home inspection, you have 10 days from the moment the offer is accepted to cancel and get back any earnest money deposited with the Escrow company.
The average costs for a home inspection is anywhere from $400-$700 depending on the company we use, and up to $500 for an appraisal. Typically those expenses are going to be the expense of the buyer. If we are getting down payment assistance, depending on the price of the home, we can put as little as $1500 down for an earnest deposit in many instances. My job is to walk you through every step of the transaction and protect your interests in the property.