I am a frist time home buyer. I want some advice on goverment loan programs for first time home buyers.

Asked by Tyler, 85331 Fri Feb 15, 2008

What's the way to go? I live in az. Is there anything special i should look at when going to get pre qualified?

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Tammy Campbe…, Agent, St Helena, CA
Fri Feb 15, 2008
go to a government loan specialist in your area.FHA loans.
1 vote
Jennie Miller…, Agent, Phoenix, AZ
Thu Jan 1, 2015
You should speak directly with a lender about this. If you would like several names and phone numbers for loan officers, I can send you some.
0 votes
April Mauch, Agent, Scottsdale, AZ
Mon Jul 1, 2013
Matthew Henson Home Ownership Program
Phoenix Program Overview
Designed to assist eligible first-time homebuyers with the purchase of an affordable home in Phoenix, this program provides a deferred payment loan of $8,500 to assist with down payment and typical buyer closing costs. Buyers must complete 8 hours of Homebuyer Education from a U.S. Department of Housing and Urban Development certified housing counseling agency. The down payment assistance program is administered by Community Housing Resources of Arizona.
Down Payment Assistance funds are offered as a deferred payment loan that:
*has an interest rate of 0% with no monthly principal payments.
*is $8,500 with payment due on sale or refinance within the first 5 years of homeownership
*is forgiven after 5 years.
*can be layered with City of Phoenix Neighborhood Stabilization Program (NSP) Move-In-Ready or NSP
Homeownership Assistance loan when NSP eligible property is purchased.
Eligible Property
In order to be eligible for Down Payment Assistance funds, properties must:
*be a single family home or condominium (condo conversions are not eligible).
*be located within the City of Phoenix and, if applicable, within NSP target areas.
*pass a Housing Quality Standards inspection.
*pass an Environmental Impact Assessment (provided by the city).
Eligible Homebuyer Participants must:
*be first-time homebuyers or have a minimum period of 36 months between the dates of the current closing and any previous ownership.
*own and occupy the property as a primary residence for the term of the loan and maintain the property in compliance with the City of Phoenix Neighborhood Preservation and Zoning Ordinances.
*participate in pre-purchase and post-purchase counseling and schedule an appointment to apply for the assistance with Community Housing Resources of Arizona, 4020 N. 20th St., Suite 220, Phoenix, AZ 85016, 602.631.9780 ext. 100.
*have a total annual household income that does not exceed 80% of the Area Median Income (AMI).
*Family Size 1 ($37,200) 2 ($42,500) 3 ($47,800) 4($53,100) 5v($57,350) 6 ($61,600) 7 ($65,850) 8 ($70,100), $Annual income to be 80% AMI
*December 2012, U.S. Department of Housing and Urban Development
*qualify for a 15-year or 30-year, fixed rate, fully-amortizing mortgage with debt ratios that meet current FHA guidelines.
*be a legal United States resident.
*married couples must both qualify for the first mortgage; disclaiming spouses are not allowed.
*meet minimum investment requirements of the greater of $1,000 or 1% of the purchase (or half of the required
*down payment if combined with the NSP Move-In-Ready or NSP Homeownership Assistance Program),
*obtain a one to three year home warranty contract, not to exceed $500 per year.
*receive no cash back at closing.
Reservations for funding are limited. Contact Community Housing Resources of Arizona at 602-631-9780 ext. 100 to set up an appointment
0 votes
Jonelle Abbo…, Agent, Scottsdale, AZ
Wed Feb 23, 2011
2011 is the year of the buyer. As a buyer representative and First Time Home Buyer Certified, I have access to a new mortgage for you. It is a 1% Down Payment Mortgage. It is a Gift program from a non profit organization that gives you 2.5% of your Down payment.
As a qualified buyer you have to have 640 FICO and earn no more that $71,000 per year. If this is you, you can qualify for this gift. You can find and purchase a $363,000 home for only 1% down. And unlike the government loans, there are NO STRINGS ATTACHED and you can live in any area.
Imagine buying a new home!
Call me today to get you in a new home by summer. 602-284-7357
Thanks, Jonelle
0 votes
Art Hademan, , 98174
Fri Sep 10, 2010
The 5% grant money in Maricopa County is one option as well as FHA loans. Check out the USDA program as well and see if it applies to areas in Arizona.
If you're a Vet then you have VA loans available to you plus certain benefits if you're 100% disabled with a service related injury.
It's pretty hard not to find something you'll fit into so your first stop should be your Realtor. That person should be up to speed on financing options for first time home buyers and a good general information source.
Good luck.
0 votes
Ricky Hill, Home Buyer, philadelphila pa.
Sat Oct 18, 2008
how do i get stared on geting a goverment loans to buy a home and who do i call
0 votes
Randy Curnutt, , Queen Creek, AZ
Thu Feb 28, 2008
Hi Tyler!

If you go to my website, http://www.buyanewhomeinaz.com, I have listed some great info for first time buyers. There are lots of advantages to buying right now, as many sellers are even offering down payment assistance, closing costs assistance, all appliances and blinds, etc. Many mortgage programs are going away, however, due to the more stringent lending guidelines....and there is a possibility that the down payment assistance programs like Ameridream and Nehemiah will also be gone soon. If you want to get into a home with little out of pocket, you should not delay. Email me at randy@buyanewhomeinaz.com and we can come up with a game plan.
0 votes
Scott McGrane, , Arizona
Mon Feb 25, 2008
Hi Tyler,

You have some things to consider. First off, congrats on jumping into this market. Remember it’s not timing the market that makes you money, its time in the market that sets you apart from the rest. And you can quote me on that. You can apply for a first time homebuyer bond. I would recommend contacting myself, who specializes in first time home buyers. Or if you already have a mortgage consultant, than ask him about looking into that 5% grant. There are a couple options to consider. You can also look into FHA financing. This would require a 3% down payment, but the program accepts gifted funds or even the seller can contribute 3% for you. If you need that type of negotiator I can help with that too .
I have had many clients go through 3% assistant programs. A couple that I have worked with are Nehemiah and Ameridream. FHA loans are real big right now and are making a comeback after the sub prime meltdown. FHA originated during the depression to help save families from losing their homes. Lose lending guidelines made FHA obsolete over the last decade or so, but they offers low interest rates and goes as high as 97% on Loan-to-Value. Remember, these programs are not credit score driven. It’s more employment and income driven.

If you have any questions you can contact me and I can point you in the right direction and assist with the structuring of this loan.

Scott McGrane
Senior Mortgage Planner and Credit Specialist
First Choice Financial Services
602.374.2312 ext 222-office
http://www.firstchoicefinancialservices.com --coming soon
0 votes
Tracy Kloock, Agent, Gilbert, AZ
Wed Feb 20, 2008
The government is offering 5% grant money for a first time homebuyer in Maricopa County. There are certain income and purchase price restrictions.
0 votes
Al, Both Buyer And Seller, Mesa, AZ
Mon Feb 18, 2008
Real Estate Agents are your best resource for looking for homes and heping you in that regard. However most agents are not trained to understand the complexity and day-to-day of programs and ,that is why they always they ask us mortgage advisors what works and what the guide lines are in this ever changing market. The FTHM ( First Time Home Buyer) has goverment guide lines and most of realtors are profound in their ever changing terms) So please ask a qualified mortgage advisor were you stand.
0 votes
Brad Bergami…, Agent, Prescott, AZ
Mon Feb 18, 2008
The advice given is great. I love FHA and VA loans. Also look into government grants for closing cost. If you work as a city or county employee you can find some great resources at there HR department.

The single best advice I can give is, to make sure you have a Realtor you trust go with you to get pre-approved. At least have them set it up for you.

Sorry, I know some will disagree but it is simple math. You will get the best deal from a mortgage pro that is expecting repeat business from an agent. If you walk in cold or email an internet lender it is a roll of the dice. Also make sure after you get an idea of what you can afford, to get a “good faith” statement with title and escrow fees. Have your agent and mortgage pro go over every charge in detail so you aren’t sort handed at the closing table.
I love first time home buyers, good luck sand have fun…it is fun.
Web Reference:  http://bradbergamini.com
0 votes
Al, Both Buyer And Seller, Mesa, AZ
Sat Feb 16, 2008
FHA and VA looks at your employment income for the last two years for W2 borrowers, Seld employed need tax returns. No FICO score needed by most lenders. However, most weight is on no 30+ lates on trades the last 12 months. If you have 30 day lates letters of explanation will be needed, A debt to income ratio of 36/43% for manual and up to 36/50% for automated DU/LP underwritting. Installment debt with less than 10 months left are excluded from the ratio. If you have any questions call me at 1-800-442-3474 Al Vallecilla Sr Loan Officer Windsor Capiatl Mortgage.
0 votes
Richard Dobb…, Agent, Scottsdale, AZ
Sat Feb 16, 2008
Tyler, there are programs out there geared towards first time home buyers. I would start by checking with a qualified mortgage specialist and ask him/her what programs would apply to you. It will depend on your income, your credit score, the price of the home you are looking to purchase, how much you have for a downpayment, etc. If you need more specific help or you need the name of a lender to talk with don't hesitate to send me an email. Good luck.

Rck Dobbles
0 votes
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