I’m sure you’ve heard of home buyer programs over the years, programs that are funded by cities or counties and which help you buy your first home, if you qualify.
Folks ask me about them from time to time. And, while I’ve sold homes on these programs, I usually refer them to one of our mortgage broker friends for the latest updates.
The reason is that the programs come and go faster than child stars on the Disney Channel.
Just this month, a new program was announced that would loan qualified home buyers up to $25,000 to be used as a down payment on a new home. This one is not run by the cities or counties, but by the private non-profit that has set aside $1 million to help low and moderate income families get in to a home.
NOTE: these are not grants, they are loans. So, in addition to the loan on the home, you will have to pay off the down payment loan over 15 years. To qualify – a family of four must make less than $51,000, and a single person make less than $35,850.
Two more notes of caution. First, be careful of anybody who offers you a loan on top of a loan. This organization seems to be a non-profit group that seems to be saying the right things. But, you should always look closely at all materials. Second, it may not be advisable to buy a home with little or no down payment. It is important to have “skin in the game.”
If you want to see a nice list of buyer assistance programs, check out Community Housing Resources of Arizona’s website. This may not be all of the options out there and I don’t personally endorse any in particular. But, they are out there. If you are willing to participate in the program, you may save a lot of money on your first home.
Please give me a call at 602-456-9388 for more information.