If you  are looking to buy in Arizona here are some programs that may help you into a new home.  Figuring out the best loan for your situation can be confusing.  A competent Mortgage Lender will take the time to explain each program to you when you meet with them.  But, a bit of information in hand will go a long way in helping you to understand the choices.  Three of the loan programs and on Assistance program, that may be right for you are described here.

FHA Financing This is a popular loan program for buyers who have a small amount saved for a down payment.  The loan requires only 3.5% of the home purchase price for a down payment.  There is no FICO score minimum requirement.  Buyers can ask the seller to pay up to 6% of the purchase price toward closing costs. 

Advantage FHA Loan Program If you have so/so credit and a sad FICO score, the Advantage FHA Loan Program may be the loan to help you buy your dream home.  This loan does not have a FICO score requirement for loans up to $417,000.  Manufactured housing is also eligible for this loan.  This loan is only available in three states, with Arizona being one of them.  Your maximum debt to income ratio can be no more than 43%.  You should not have any late payments or derogatory credit within the past 12 months.  Zinger alert! The program requires you to complete a Homebuyer Education Course.

 USDA Loans The USDA sponsors the little-known Rural Housing Loan Programs.  These loans offer 100% financing (no down payment) for eligible properties.  The properties have to be located in rural areas.  Buty you would be surprised at what is considered rural.  These loans are 30 year fixed rate only.

 Your Way Home AZ This program became availabe in July 2009 for AZ residents. The AZ Department of Housing (ADOH) will offer 22 percent in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home int the state. ADOH provides help in the form of a deferred second mortgage loan for purchase assistance.  There are specific criteria regarding thi program.  Ask your mortgage broker if you are a match for this program.

 There are other loans available that a great mortgage broker an explain to you.  If you don't know a great broker, ask me, I can refer you to a few.

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