America’s Homebuyer Solution Program Could Help You Buy a Home in Arizona

Are you in the market for a house as a resident of Arizona? Today’s market is great for buyers, with interest rates the lowest they’ve been in some time. Home prices continue to be very reasonable with the housing market still “soft.” However, this market is generally only good for some buyers, with lending standards still tough through traditional lenders. That said, though, you can benefit from America’s Home Buyer Solutions Program if you live in Arizona and meet certain qualifications. Take a look

Your income limits may be expanded.  Depending on your county of residence, your income limits may be expanded, which means that you can qualify to participate in America’s Home Buyer Solutions Program when you otherwise might not.

You don’t have to be a first time home buyer.  Many programs that help people buy homes are only open to first time home buyers, but that’s not true with America’s Home Buyer Solutions Program. You can have been a home owner previously, and now be looking for another home.

Your down payment is less than it is through traditional lending

. What this program really does for you is that it gives you the ability to buy a house with little or no down payment. As long as you are an Arizona resident, the program gives you roughly two thirds of the down payment, 2.5 of the 3.5% required for FHA loans, so that you just have to come up with 1%. Further, you don’t have to come up with that money yourself either, and can instead get it from your employer, your union, a friend of family member, etc. What that means for you is that if your home is purchased for $100,000, your down payment is just $1000.

The home will generally qualify for America’s Home Buyer Solutions Program if it also qualifies for FHA approval. Your FICO score should at least 640 or better to qualify, although interest rates are competitive.

The seller as well should participate in America’s Home Buyer Solutions Program, which means that when you buy the house, it has to be owner occupied at the time you buy it. Sellers, too, are encouraged to participate in America’s Home Buyer Solutions Program by putting 6% of the purchase price toward the sale of the house, so that the sale is easier to make. This means you pay even less as a buyer, as this 6% can be used toward closing costs and other prepaid expenses.

If you fall in an income bracket that has been preventing you from purchasing a home of your own, learn more about this incredible program today.  Act now, it will not be around forever! Learn about our Arizona home loan programs at our website today.