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First Time Buyers can receive State funded Down Payment Assistance in Arizona!  There are several non-profit and state agencies that oversee the distribution of funds for these programs. 

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State Money is Available for Down Payments

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In general there are programs that will grant up to 5% of the purchase price for eligible 1st time buyers who meet the income restrictions.  These income guidelines change per County in Arizona so call your preferred Loan Officer for details. 

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1% Is REALLY All You May Need

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These programs allow for as little as 1% of the purchase price to be the down payment from the buyers own funds, which can be gifted from family as well.   When using these programs it is always best to work with a knowledgable veteran loan officer who can direct you to the right agency.  The structure of the FHA mortgage application as well as asking the seller to pay closing costs are the real ”keys” to buying your next home with these programs. 

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Do Your Paperwork Early and Be Prepared

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Don’t be fooled, there Is Arizona Housing Authority paperwork that must be turned in and applied for also.  Your lender should be able to pre-qualify you for these programs prior to sending you to the proper Housing Authority.   You will need similar paperwork as what is required for your mortgage application.  These Housing Authority agencies will require income documentation, tax return validations and bank account/asset information. 

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A Little Work Goes A Long Way!!!

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If you are willing to do a little extra homework these programs can be extremely beneficial to you as a first time buyer.  Remember that as you are able to purchase with the Down Payment Assistance, you then can file for your $8000 first time home buyer tax credit.  The guidelines in Arizona are almost the same for income restrictions as well as real estate owned previously as are the national requirements for the IRS tax rebate. 

Derek Egeberg, CMPS
The “Approval Coach”
Academy Mortgage
928-247-9089
928-246-0422
www.TheApprovalCoach.com

www.academymortgage.com/derekegeberg