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July 10, 2024
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Arizona is Home: Empowering First-Time Homebuyers with Down Payment Assistance
In an effort to make homeownership more attainable for first-time homebuyers, Geneva Financial introduces the “Arizona is Home” Down Payment Assistance (DPA) program. This initiative is designed to provide critical financial support to individuals and families looking to purchase their first home in rural Arizona counties. Here’s a closer look at what this program offers and how it can benefit prospective homeowners.
Arizona Is Home Program Highlights:
- Eligibility Requirements:
- First-Time Homebuyer: The program is exclusively available to individuals who are purchasing their first home.
- Credit Score: Applicants must have a minimum credit score of 640 to qualify.
- Loan Program Compatibility:
- The assistance is compatible with FHA, VA, or USDA loan programs, ensuring a broad range of financing options to suit different needs.
- Financial Assistance:
- The program provides a generous 4% down payment assistance.
- This assistance is structured as a 5-year forgivable second mortgage, offering substantial relief to new homeowners and promoting long-term residency.
- Education and Support:
- To equip buyers with the necessary knowledge and skills, completion of a homebuyer education course is mandatory. This ensures that new homeowners are well-prepared for the responsibilities of homeownership.
- Income Limits:
- Applicants must meet certain income limits, making this program accessible to those who might otherwise struggle to save for a down payment.
Geographic Focus:
The “Arizona is Home” DPA program is specifically tailored for rural Arizona counties, making it a valuable resource for those looking to settle in less densely populated areas of the state.
Why This Matters:
Homeownership is a cornerstone of the American dream, yet many first-time buyers face significant barriers, particularly when it comes to the initial down payment. By providing targeted financial assistance, Geneva Financial is not only facilitating homeownership but also contributing to the growth and stability of rural communities in Arizona.
By reducing the financial barriers to homeownership, this initiative helps first-time buyers achieve their dreams while fostering vibrant, stable communities across rural Arizona. For more information, reach out to us today!
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