Would 1% Down Enable You to Buy an Arizona Home? Amazing Program Makes It Possible

So many Arizona residents today cannot afford to buy a home simply because they cannot afford the down payment.  When you consider that 3.5% down is normally required down on an FHA approved home, it adds up to a substantial amount of money.  Now, with the America’s Home Buyer Solutions Gift Program, qualified buyers can purchase a home with only 1% down!  It’s also possible that you could get a home for zero down; we will explain that below regarding this Arizona FHA Loan.

Have you owned your own home before or do you currently live in your own home?  No problem.  Unlike many programs in the past that required you to be a first-time homebuyer, not so with this one.  As long as you qualify you can purchase any approved FHA property you like – and the seller is even encouraged to contribute up to 6% of the selling price!  This can be used for prepaid expenses such as closing costs.

How does this work?  It’s pretty simple.  The program contributes a gift of 2.5% toward the down payment that does not have to be repaid.  That leaves you with only 1%, which can be given in the form of a gift from a union, employer or family member.  Should someone gift you the 1%, you buy a home with literally nothing down!

Other facts about the program you will find interesting:

  • You are NOT limited to single family homes.  Condos, duplexes, town homes and other properties that house up to 4 families and are FHA approved are fine.
  • You must have a credit score of 640 FICO to qualify.
  • Interest rates are competitive.
  • Income guidelines have been expanded in each county, making it even easier for you to qualify.
  • Loan approval guidelines are flexible.

This may sound like it’s too good to be true, but it absolutely IS true.  The 2.5% gift is provided by an IRS approved 501 – 3 (C) non-profit charity.  Qualifying is easy, but the program is for a limited time and will not be around indefinitely.

There has never before been a program quite like this that helps those in low to moderate income families purchase a quality home of their own, and it isn’t likely there will be another like it in the future.  If you are ready to buy a home and coming up with the down payment has prevented you from doing so in the past, now is your opportunity.  Don’t let it pass you by!

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