Posted: 2020-01-05 | Author: Richard Simon
If one of your New Year’s resolutions is to buy a new house in 2020, there are countless ways to accomplish this goal. If you are in Phoenix, there are numerous loan programs available through both the government and from conventional sources. As you consider your options, it is important to realize that, contrary to popular belief, you do not have to come up with a 20% down payment to get into a home.
For borrowers in the Phoenix area, there are several ways you can buy a home with little or no money down.
No Money Down Options for Phoenix Buyers
There are a couple of government financing options that allow borrowers to get into homes without any down payment:
Low Money Down Options for Phoenix Buyers
If you have around 3% to 3.5% of the purchase price of your new home that you can come up with as a down payment, then there are some additional options available to you:
Down Payment Assistance Programs in Arizona
For Phoenix buyers who cannot obtain a VA or USDA loan, there may still be ways to get into a home without a down payment. There are several down payment assistance programs that are offered through various government agencies, nonprofits, foundations, and even employers. These programs come and go, and there are always certain requirements that must be met. For example, some assistance programs are available only to first-time homebuyers. Others have income limitations as well as limitations on the type of property you are allowed to purchase.
To find out which no or low-down payment loan programs and down payment assistance programs are available in the Phoenix area, your first step should be to contact a contact a local lending professional. A lending specialist who is local to the area will have access to all of the various options you may have available to you, and they will be able to thoroughly examine your situation and help you make the most informed decision on how you wish to proceed.
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