First Time Home Buyer

 Programs in Arizona

Complete First Time Home Buyer Programs Available in Arizona.

The state agency created by the legislature in Arizona to offer first time home buyer programs is the Arizona Department of Housing. Here is a summary of the current first time home buyer programs that are offered:

Low-interest mortgage financing
The Arizona Housing Finance Authority (AzHFA) announced that a record $30 million in low-interest mortgage financing would be made available to residents of communities outside of Maricopa and Pima counties, doubling the AzHFA’s previous level of financing. The mortgage financing is made available through the AzHFA’s Mortgage Revenue Bond (MRB) program. The MRB program offers prospective homebuyers a 30-year fixed rate mortgage at approximately 1-percent below market. Financing is available for new or existing homes, including manufactured homes, on a first-come, first-served basis, by contacting a participating lender.

Federal Homeless Funding Award Announced
The U.S. Department of Housing and Urban Development (HUD) announced the award of over $8.55 million in funding to the Arizona Department of Housing (ADOH) to serve homeless persons with transitional and permanent supportive housing programs at a news conference today in Phoenix. The funding will be distributed to 19 existing homeless assistance programs, as well as 3 newly authorized programs, that provide transitional and permanent housing. The 3 new programs will provide 28 new permanent supportive housing units in Mohave County, Coconino County, Yavapai County, Apache County, and Navajo County.

2005 Mortgage Revenue Bond Program
As part of its Homes for Arizonans Initiative, the Arizona Housing Finance Authority is pleased to announce its 2005 Mortgage Revenue Bond program to provide below market interest rates for first time homebuyers in the rural counties of the State (except Maricopa and Pima Counties.) Fifteen Million dollars will be available for qualifying home-buyers through participating lenders.

In addition to the attractive 30 year fixed rates on the first mortgages, home-buyers may also be eligible for down payment and closing cost assistance.

For complete details on these first time home buyer programs available to Arizona residents, visit the Arizona Department of Housing website.

Se also the First Time Home Buyer Grants in Arizona page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources