Arizona First Time Home Buyer: There Are Assistance Programs for You
Many government assistance programs are available for Arizona first time home
buyers. Depending on your interests and income levels, some government programs
offers financial assistance, and opportunities to achieve affordable housing.
One of such program is offered by the Arizona Department of Housing {ADOH}.
Through this program ADOH offers first-time home buyers with low interest
mortgages, as well as counseling services. ADOH will also make available to
first time home buyers initial down payments as well as closing costs. These
programs are provided through non-profit government agencies in the State of
Arizona. In addition to these programs, the government offers housing education
to enable first time home buyers to get all the needed information prior to
buying their first home. The city of Tucson and Pima County offers first-time
home buyers’ homeownership assistance, as well, eligible low-income individuals
who are also first time home buyers are also encouraged to take advantage of
such opportunities to purchase their homes.
USDA RURAL HOUSING 502 MORTGAGE PROGRAM
Because the City Of South Tucson is designated a federal colonia community, the
city qualifies for the USDA Rural Housing 502 Mortgage program. Through this
program, low-income residents of the city are afforded opportunities to obtain
up to 100% mortgage loans to cover the entire value of the cost of their first
home purchase. Through programs such as this, potential first time home buyers
may benefit from low mortgage interest rates, which varies according to the
home buyers income, but may be as low as one percent. This program may involve
both private and non-profit home developers, who can use such loans to build
homes for the interested home buyer.
The USDA Rural Development Program
Through the USDA Rural Development Program, home ownership assistance is given
to first time home buyers through two kinds of loan programs. There are two
ways the home buyer can potentially take advantage of this program. The first
way is through direct loans, and the second way is through guaranteed loans.
The program aims at helping the first time home buyer to achieve such goal at
favorable terms and rates. A direct loan may be achieved through either a
direct loan through the Rural Development Agency, or through private banking
institutions, the loan is however guaranteed by a government agency.
Source: Paul Oranika
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