2015 First Time Home Buyer Programs for Arizona The HOME Plus Program An Arizona mortgage loan is paired with a down payment assistance grant equal to 4 percent of the mortgage amount. As with all grants, borrowers will not need to repay the money. Income and purchase restrictions are as follows: the household income of the borrower may not to exceed $88,340, and the total amount borrowed cannot exceed $353,360. The lowest FICO credit score to qualify is 640. U.S. Military personnel can be granted an additional 1 percent towards the down payment assistance. Qualified buyers in Arizona may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply visit http://buyerprograms.net/arizona