Arizona Down Payment Assistance
Best FHA Lender is happy to announce that we participate in the Homes for Arizonans Initiative Down Payment and Closing Cost Program that is providing up to $20,000 for down payment and closing cost assistance for eligible homebuyers in conjuction with Arizona FHA home loans.
This program is designed to help many potential Arizona first time home buyers overcome a major stumbling block, which is the lack of sufficient funds for the down payment and closing costs involved to purchase a home.
The major benefits to this program for an Arizona first time home buyer is that they can buy a new home with a minimal amount of money out of pocket and have a monthly payment that is much lower that it would typically be.
Here is a quick example:
| Standard | Homes for | |
| Purchase | Arizonans | |
| Purchase Price | 100,000.00 | 100,000.00 |
| Down Payment | 3,500.00 | - |
| Closing Costs and Prepaid Items | 4,000.00 | 1,000.00 |
| Total Out of Buyer’s Pocket | 7,500.00 | 1,000.00 |
| Borrowers Monthly P&I Payment | $529.69 | $494.01 |
Program Summary:
• Up to $20,000 in Arizona Down Payment and Closing Costs assistance in the form of a 0% Interest and $0.00 monthly payment purchase money second loan on the home that is paid back when the home is sold in the future.
• Program is for homes purchased in Arizona outside of Maricopa and Pima County
• *** Queen Creek, Maricopa, Florence, Coolidge and Casa Grande all qualify ***
• Program is offered to First Time Home Buyers only (borrowers who have not owned a home in the past three years)
• Program is offered in conjunction with Arizona FHA Fixed Rate loan products.
• Borrowers combined annual income must be at or below 80% of area median income adjusted by family size.
• Program is currently offered for the next 12 months (expires March 24, 2010)
APPLY NOW for your Arizona FHA home loan or contact us at 480-344-3662 or slines@bestfhalender.com today for more details.
