The Grand Canyon State. Also known as The Copper State. Copper is produced more in Arizona than any other state. The center star of the Arizona State flag is meant to be copper. First time buyers are seeing amazing opportunity all over Arizona ranging from the luxurious golf resort town of Sedona to the capital of Arizona, Phoenix.

What Makes People Want To Move To Arizona

It doesn’t matter where in Arizona you live at, you are always close to an adventure. You are sure to enjoy the outdoors with over 328 average days of sunshine per year in Arizona. Spend one of the hundreds of days of sunshine on a day at the Grand Canyon, everyone in the family can try the horseshoe-shaped glass walkway called the “Skywalk” which lets you see below your feet as you walk hundreds of feet over the Colorado river.

There are 22 national parks in Arizona, including the Petrified Forest and the Grand Canyon. There are also over 30 state parks in Arizona, including Lake Havasu. In the resort town Sedona, a big factor which brings adventurous first time buyers to Sedona is the fact on the edge of town there are several trailheads into Red Rock State Park. In Phoenix a popular summer destination is Hole-In-The-Rock, which is a rare geological formation turned municipal park inside Papago Park.

2017 First Time Buyer Programs & Loan Pre-Approval In Arizona

Looking for a buyer program specific to AZ? If, you’re confused about your options give us a call at (615) 873-0367.

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed

Are you a first time buyer? It doesn’t matter if you’re buying a home New York, Minnesota, Colorado or Utah we can help you get pre-approved!