Key Takeaways of a First Time Home Buyer Program in the US State of Arizona

Almost all individuals dream of owning a home or property where they can spend their lives and generations to come. Therefore, it becomes imperative to choose the most appropriate home buyers program that specifically looks into their need of property ownership, by providing them secured mortgage loans and ‘easy approval’ finances. And, if you happen to be a first-time home buyer in the US, you get discounts, subsidies and an easy mortgage qualification process. Here in Arizona, one such company that looks into your home loan AZ requirements is “Affordable Interest Mortgage”.

 

Who qualifies for a first time home buyer loan? According to the US Department of Housing and Urban Development, an individual who has not owned a residence for 3 or more years, qualifies for this particular program. Secondly, a displaced homemaker or a single parent who has only owned a residence with his/her spouse, while being married. Thirdly, a person who was not in possession of a residence that is/was permanently fixed to the ground with a foundation. And lastly, an individual who has owned a home/property that does NOT comply with the state and federal building codes.

 

What Makes a First-Time Home Buyer Program Different from Conventional Loans?

 

Here, you get to buy a home or property with a very low down payment and less stringent qualification parameters, with better repayment terms & options. You also get a comparatively lower monthly mortgage rate on your principal loan amount that helps you save thousands of dollars. In fact, some specific first time home buyer programs Arizona and Colorado that are sponsored by the different US government departments have NO down payment requirements if you’re a veteran, and you’re also allowed to choose between fixed and floating rates.

 

These specialized home buyer programs in the US provide down payment assistance and closing cost assistance to borrowers, helping them cruise through their loan approval process. There are different types of loans for buyers, such as Freddie Mac HomeOne, Freddie Mac HomePossible, Fannie Mae HomeReady, etc. Then there are state sponsored and non-profit first-time home buyer loan programs for borrowers. So, you need to partner with a credible mortgage broker that can guide you to the right lender who is A+ certified, approved, accredited and licensed.