Geneva Financial LLC -1430 W Broadway Rd. #126  Tempe, Arizona 85282 – NMLS #42056 

First Time Buyers Programs Arizona Low To No Down 

The Best First Time Home Buyers Programs In Arizona 

 Best First Time Home Buyers Programs: There are 3 programs that you have to consider in this, The Fannie Mae Home Ready program, The Home Possible thru Freddie Mac, and The FHA GFI 100 Program. You should go over all 3 programs each one has differences that could make it better for you or if you can find a lender that has all 3 to compare.

The FHA GFI – 100 Program is for people that might have had less than perfect credit issues and now wish to buy a home.

  1. Credit is less than perfect.
  2. Works with Grant Down Payment Program
  3. Out of pocket cost is less for the down payment 0% to 3.5%
  4. Closing Cost can be Paid by the Seller of the home.
  5. Minimum credit score 620 required.
  6. Debit to income is allowed to 56.99% which will give you more buying power.
  7. No Income Restrictions

The Fannie Mae Home Ready program is for financing options to help lenders serve qualified home buyers that now wish to buy a home.

  1. Credit issues none in last 2 year. BK in the last 4 years, 7 years since foreclosures
  2. Down Payments range generally 3% to 20%
  3. Closing Cost can be Paid by the seller of the home max 3%.
  4. Minimum credit score 640.
  5. Debit to income is allowed to 49.99%
  6. Income restriction in some areas
  7. Works with Grant Down Payment Program and community programs

The  Home Possible thru Freddie Mac program mortgages offers low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.

  1. Credit issues none in last 2 year. BK in the last 4 years, 7 years since foreclosures
  2. Down Payments range generally 3% to 5%
  3. Comunity Seconds for down payment
  4. Closing Cost can be Paid by the seller of the home max 3%.
  5. Borrowers without credit scores are eligible for mortgages with down payments as low as five percent.
  6. Debit to income is allowed to 49.99%
  7. Income restrictions in some areas

Comunity Grant Programs

it is possible to use these programs with community grant programs such as the Home in Five, Home Plus, Pima County solution and other community buying programs that are available.

Who Qualifies as a First Time Home Buyer?

According to the Department of Housing and Urban Development, First Time Buyers include the following:

  • A person who has not owned their principal residence for at least 3 years.
  • A single parent who previously co-owned a home while married.
  • A homemaker who previously owned with a spouse, but no longer receives financial support from that spouse.
  • A person who has only owned a residence not affixed to a permanent foundation, such as a mobile or trailer home.

This allows many people who wouldn’t assume that they qualify for a first time mortgage to take advantage of the benefits offered to those purchasing their first home.

Get Started Today!

First Time Home Buyers Programs

Lenders that have FHA GFI-100, Home Ready, and Home Possible, Grant Programs Also Available

Home Buying Programs

Down Payment is one of the largest factors that hold people back from buying a home, With New Home Buyers Programs available, this is not a problem anymore.

Home Buyers Programs are available through approved lenders that don’t require you to make a Down payment. The programs have no income restriction, min credit requirements are 620 and the maximum loan amount is around $300,000 depending on the county. Due to the success of the programs I even heard they were raising the loan amount even higher after July of 2018.

The Best Thing of Being a First Time Buyer

The One major Benefit to being a first time home buyer is:

  • Qualifying for lower down payments through government-backed programs or offers from individual lenders

Many home buyers find that down payment is the biggest obstacle to purchasing a home. Using a median house price of about $230,000, and a typical down payment of 20%, we find that most lenders expect borrowers to pay at least $46,000 as a down payment on their home – and many people just don’t have that sort of money lying around. That is why First Time Home Programs with down payment as low as 3% is so very important. There is also the government-backed FHA GFI 100 loans –  that allow the customer out of pocket cost to be much lower and 0% to 3.5% for borrowers with at least a 620 credit score, and down payments of 3.5% for borrowers with as low as a 580 credit score.

If you’re a first-time buyer, it’s worth consulting a tax specialist about how you can use your loan payments to reduce your tax bill.

What to Expect for First Time Home Buyer 

The Best 7 Reasons to Buy Your First Home!

# New First Time Buyers Down Payment Programs

1. New Down Payment Programs. Currently, these programs are available across the United States where you can get approved for a home loan where you do not have the down payment for a home the GFI 100 covers your down payment. These programs are designed for everyone, regardless of income as programs in the past discriminated against you because you made too much money. Also, the restriction has been removed which will give some more buying power to purchase the home they need. There is no cost to apply so there is usually a large number of applications turned so inquire early. 

# Locking in your cost of housing.

2. Affordability I feel is the biggest reason to buy. You are setting you and your family up for a Win-Win Situation.  Because in the next couple of years your house payment will stay the same with a fixed rate mortgage. Rents will continue to rise and the cost of living will be there on everything else. The largest cost on a monthly basis for a family is usually the housing cost. Think just 5 short years ago, what were you making? What did your rent cost you? Did you have a Car payment? are these payments larger now? Couples I speak to that have been in their house 5-7 years they are usually comfortable making their house payment. Their home is more affordable now and takes a smaller portion of their salary’s to make the payments. They typically have more disposable income for things and a significant amount of equity in their home.

# Because it’s Yours.

3. Yep, Your home is yours, “No landlord” you don’t have to ask if you want to remodel something. Think on how much you spend on moving from apartment to apartment. The dread of moving time and time again.   

# Building Equity in your Home

4. Building Equity With each payment you make on a standard fixed rate mortgage, a portion of the monthly payment goes to principal, which will reduce your balance every month. Renting you never build equity for you, Just for your landlord. Also if the home appreciates in value your gaining more equity each year. Arizona homes according to Zillow went up 9.8% this adds up to over $20,000 on the average home price. What was the last investment that you made that grossed you over $20,000?  

# Taxes

5. Taxes You are able to deduct Interest off your taxes at the end of the year, which could give you a larger return. Also, PMI or mortgage insurance is deductible too. When you buy a home, a portion of your closing cost is deductible on your taxes. Please consult your tax professional for exact savings.

# Home Price

6. Rising Home Prices are moving up and homes are getting less affordable. According to Zillow, The median home value in Phoenix is $230,100. Phoenix home values have gone up 9.8% over the past year May 2017 to June 2018. That is an increase of about 20,000 and analyst have predicted that the economy will remain strong thru 2019.

# Stability for Children

7. Less Stress, Emotional Welfare Moving a home is said to be one of the most stressful life events, ranking alongside long-term illness, loss of employment, bankruptcy and divorce. Children who moved home less frequently did better in school and were less likely to achieve in their formal key stage one assessments when compared with children who did not move.

What our Customers are saying: 

This is a Great Program, I bought the home I was renting and it was 45 days before my first payment was due. It was like skipping a rent payment and right at the Holidays. Now I am buying something that will be mine and just as they said… $477 was my total out of pocket cost to buy the home and my payment is less than my rent. I could hardly believe it!!

William J. in Queen Creek, Arizona

They made everything so easy. I did not even have to go to their offices till I was ready to close. They do this electronic signature where they walked me through all the forms over the phone and I signed them with my computer.

Kevin W. in Peoria, Arizona

Ryan with Geneva Financial saved our day. I applied for a loan at my Bank for a VA loan using my VA Benefits. Made a offer on a home and it was accepted. After over 90 days of them working on my loan, I called the bank we were 30 days away from the home being finished being built and wanted to make sure how much money I need to have on that day. They were not returning my calls. “My Bank”. You know the place where you are their best customer and they care. Yet they don’t know your name and just know you by your loan number. Eventually, they told me I was declined due to credit score. WOW, But you knew what my credit score was 90 days ago. I was going to loose my $$$ deposit on the new home. I found Ryan Number through a friend, Ryan did VA loans and that he is a Veteran that understands “VA loans”  inside and out. I advised Ryan of my situation and my near closing date. He called me back and told that the My credit score would not be an issue. My Question was  “What went wrong with my bank and how are you able to help?” Ryan explained that my bank had what’s was called an “overlay” he explained it was an extra guideline and that my bank requires above and beyond what the VA requires. I can Honestly say there is a ton of value in working with a local lender and someone knowledgeable in the loan you are applying for.

Scott H. in Avondale, Arizona

My wife and I just finished up working with Stu, and it went smoothly.  We got a great rate at a great price.  When you’re going through the stress of buying a Home, I liked the Idea that Ryan was a veteran himself and I felt I could trust him in a world where I am lost in the home buying process on what is next and what’s it cost. He took the time to explain what was next each time we talked to him, he was never to busy to answer my all my questions. He is a straight shooter and told me about him using his VA benefits to buy his own home with less than $500 out of pocket cost. Then he got my realtor to get the seller of the home to pay my closing costs for me. He has taken that fear out of the equation, and we always felt like he had our backs.  A nice guy, very easy to work with, calm under pressure. I have already referred 3 of my friends to him.

P.S. When they call you ask For Ryan Harris.

Roger D. in Gilbert, Arizona

Stu Team are all Mortgage Superstars! By total accident, I came across this website about the home buying process. I was wanting to buy a home and the process seemed very simple. I used the online form to apply, I figured that I would get an email or something letting me know if I was approved, I was really excited. I was surprised when I received a call from Ryan in about an hour. He explained to me that I had no credit scores, I told him I had never bought anything on credit. I am in my 20’s and did not even have a credit card. He helped me setup some secured credit cards and I worked on them for about 3 months and then I received a call from Ryan, He said that my credit score was 723.  I asked if that was good enough to buy home? He replied “Yes”. The Next Day after that … I began looking for a home. They worked with my realtor to make it easy. I found my dream home in Chandler and moved into the home about a month later. I have nothing but positive things to say about his process to buy a home. All my friends asked me how I was able to buy a house, I said without Ryan I would have never been able to. I really want to thank them for the time they spent with me and for their guidance with buying the Home.

Mary H. in Scottsdale, Arizona

Get Started Today!

First Time Home Buyers Programs

Lenders that have FHA GFI-100, Home Ready, and Home Possible, Grant Programs Also Available

Stu Harris | Loan officer | Direct Line 480-292-8288 | LO NMLS: 817581 | BK 0910215

 GENEVA FINANCIAL LLC | NMLS 42056 |  1430 W Broadway Rd. #126  Tempe Arizona 85282

Geneva Financial LLC does Business in Accordance With the Federal Fair Housing Law.  Geneva Financial LLC is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.  Geneva Financial LLC is approved to participate in FHA programs but the products and services performed by Geneva Financial LLC are not coming directly from HUD or FHA.

Contact your loan officer for more information.

Stu Harris Branch Manager | Direct Line 480-292-8288 | LO NMLS: 381429 | BK 0910215

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 GENEVA FINANCIAL LLC | NMLS 42056 |  1430 W Broadway Rd. Tempe, Az 85282

NMLS Consumer Access 

Stu Harris Branch Manager NMLS 381429 Geneva Financial LLC

NMLS Consumer Access