Price Mortagage 690 E Warner Rd Ste 103 Gilbert, Az 85296

First Time Home Buyers Grants Arizona

“Putting People in Homes Without Breaking The Bank”

“First Time Home Buyer Grants” 

First Time Buyer Grants, There are some amazing “Grant Programs” in Arizona to assist you in purchasing your first home. These programs are designed to help individuals who are missing a down payment to purchase a Home or don’t want to wipe out their savings to buy a home. There are multiple Grants programs available. These programs are administered through Licensed mortgage companies or “Approved Lenders” under the program. You have to use an Approved Lender the Non-Profits do not interact with any borrower directly. They rely on the “Approved Lender” to qualify people for the Grant and Mortgage at the same time.

Am I Eligible?  

If you have not owned a home in the last 3 years, you are considered a first-time home buyer. First time home buyers are able to take advantage of these down payment Grant programs. Grant programs are available regardless of home much income you make. You also need a Min credit score of 580, We also have help for you if your score falls below that. These grants are designed to assist people in purchasing a home that would not be able to buy because of lacking a down payment.

How much of a Grant can I receive?

The amount of the down payment assistance grant/gift can vary from county to county in Arizona. The Programs give you the down payment for an FHA or Conventional Style Loan. The amount will be determined by the price of the home or can be the amount of the loan. Down payment assistance in Arizona tops out at $18,850  The best part about grants is they do not have to be repaid its like instant equity in your home.

The Big Banks Don’t offer this?

Went to My local bank and they did not have any of these programs available, I was told Big Banks do not provide grant down payment assistance loan products because they are considered high risk. Banks consider it a high risk when a buyer has no financial investment in the home purchase (no skin in the game). Banks will always ask you for a down payment based on a percentage of 5 to 20% of the purchase price. This is another reason to use an “approved lender” by the program, The Grant program regulates these lenders on what fees and rates they can charge. Typically the Big Banks won’t let anyone tell them what they can make on a loan. 

The programs and lenders that we work with DO NOT require that you make a down payment which allows these programs to make the down payment for you. Your down payment is covered through grants set aside by the local Non-Profits and Government.

Is it Easy to Get Approved?

So that you get an answer quickly, we have you fill out 1 form it takes about 3 to 5 minutes and most people receive same day service. We work hard to get you approved and make sure that all the T’s are crossed and the I’s are dotted with as with all government paperwork. We will review your individual needs and recommend a couple of programs, especially for your needs.

An FHA Loan With No Down Payment?

The programs and lenders that we work with DO NOT require that you make a down payment which allows these programs to make the down payment for you. Your down payment is covered through grants set aside by the non-profits and Local government.

Funds Are Available 

Grant Funds For First Time Buyers Funds were still available as of Thursday 03/07/2019 for First Time Buyer Programs in Arizona. If you would like to know all of the criteria, please complete the form below for a No cost evaluation. 

How To Get First Time Home Buyers Grants

For Your County

First Time 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.

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.

What Are Junk Fees?

This is really a problem with most lenders charging junk fees…… its the Application fees, Processing fees, Underwriting fees, Commitment fee ect….. these can add up to thousands of extra dollars you have to pay at closing. Beware of the lenders that charge these fees, Especially upfront and you should only pay for an appraisal once you find a home you will purchase. This is just another way for the lender to get your money and your commitment to them. Customer service should be their commitment to you, being available on the weekends to assist you when you most likely are to be looking at home and answering the question about payments and other things. 

Home Inspection should be a must?

A home inspection should be a must, Home inspection is not an appraisal of the home (Who you are financing thru will Order the appraisal) it is typically an independent 3rd party person to look at the condition of the home, some points they cover will be: 

  1. Visible Foundation Inspection 
  2. Electrical Inspection 
  3. General Roofing Issues 
  4. The Condition for the maintenance of the home
  5. Housing Code Violations

as they will not be the comprehensive expert on everything. They will be able to point out numerous defects that need to be addressed and you can ask for a specialist in that field to look at the issue, So it is not a bigger issue later on after you are the homeowner.   

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.

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 District Lending 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’s 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

How To Get First Time Home Buyers Grants

For Your County

Price Mortgage, LLC dba District Lending is a licensed Mortgage Broker in the state of Arizona, California, and Oregon. MLS 1429043 AZ MB-0934484 CA MB-60DBO85836 OR MB-5706. This is not a commitment to lend. All loans subject to credit approval. Guidelines subject to change without prior notice. This information is provided to assist business professionals only and is not an advertisement extended to the consumer as defined by Section 226.2 Regulation Z.-EOE. Equal Housing Lender.

Contact your loan officer for more information.

Stu Harris Loan Officer  | Direct Line 480-447-0000 | LO NMLS: 381429 | BK 0936968 

Price Mortgage LLC  690 E Warner Rd, Ste. 103, Gilbert, AZ 85296.