What Are AZ Home Buyer Grants?Many home buyers in Arizona search for home loan grants. Grants are given on a federal, state or local level. When they're available, they are a great tool to
AZ Home Buyer Grants
What Are AZ Home Buyer Grants?
Many home buyers in Arizona search for home loan grants. Grants are given on a federal, state or local level. When they're available, they are a great tool to help with down payments and closing costs.
Unlike some types of assistance, grants are not expected to be repaid.
There are several different down payment assistance programs available in Arizona. They are offered through the state, county and city governments and state housing agencies, and are made available to serve low to average income families here in Arizona. They are also designed to help revitalize areas that were hit hard by the economic downturn by boosting and stabilizing home values.
At times, instead of a true grant program, many of the down payment assistance programs will provide the assistance funds in the form of a silent second mortgage that has no interest, no payment and is forgiven monthly over the first three years of home ownership.
Programs including home loan grants in Arizona that HUD offers include (but are not limited to) the following:
Good Neighbor Next Door: provides substantial discounts on homes in key revitalization areas to teachers, law enforcement officers, firefighters, and EMTs.
Homeownership Voucher Program: provides assistance in the form of home buying subsidies to first-time homebuyer low-income families.
Homeownership for public Housing Residents: provides assistance for public housing residents in becoming homeowners.
Neighborhood Stabilization Program: help revitalize Arizona communities hit hard by foreclosures and abandonment. The program aims for the purchase and redevelopment of foreclosed and abandoned homes and residential properties.
Assistance for Existing Homeowners
In addition, the government offers affordable housing help to existing homeowners that are struggling to maintain their higher mortgage payments through various refinance, modification, short sale or deed-in-lieu programs.
Two of the most popular recent government affordable housing mortgage programs include the Making Home Affordable Program and the Home Affordable Foreclosure Alternatives Program.
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