Assistance Programs for First-Time Buyers
The Home Plus down payment assistance program will help you buy.
A common question I get from first-time homebuyers is: “What kind of discounts and help does being a first-time homebuyer give me?” Today we’ll go over down payment assistance options that are available to help get you into a home.
Let's first define what a first-time homebuyer is. In the mortgage world, a first-time homebuyer is someone who hasn’t owned a property in the last three years. What does that do for you? On a conventional loan, being a first-time homebuyer allows you to get into a home with less money down. Conventional guidelines require a 5% down payment, but if you're a first-time homebuyer, you're eligible to buy a property with only 3% down, which is even less than FHA, which always requires a 3.5% down payment.
"It is absolutely possible to get into a home with no money down.""
Many first-time homebuyers will take advantage of down payment assistance. The No. 1 down payment assistance program in Arizona is Home Plus. Home Plus provides a grant of up to 5% that you can use towards your transaction. If you get 5% from Home Plus, your 3% down payment is already taken care of, and you have money left over to help with closing costs. If you're a qualified veteran, you can even get into a home with no money down. Even if you're not a first-time homebuyer, you can still take advantage of Home Plus.
Rather than paying somebody else's mortgage down with rent, take advantage of a program like Home Plus to get a home for you and your family. Either way, you're going to be paying somebody, so you might as well be putting that back into your pocket. We can ensure that you get the best deal possible. If you have any questions, feel free to give me a call or send me an email. We're here to support you.