What is a first-time home buyer? Although it may seem like an obvious answer it isn’t!
You are a first-time home buyer if you do not have a home, even if you were a home owner in the past you may still qualify. The general rule of thumb is if you and your partner have not owned a home in the last five years. In Arizona you qualify as a First Time Buyer. The caveat is each program has it’s own requirements.
What benefits are there to being a “First-time homebuyer”
- Mortgage down payment assistance
- Grant programs
- Some homes are reduced in price in special instances
- Who can help you with buying a home… Traditionally anyone in your family, or those that would co-sign on the loan. But in today’s world I have found a way to use a go fund me type of money to allow others to help you out.
What you have to do to qualify? – That will depend on how you will be financing your purchase. What I do is to help you find the resources you need to be prepared to buy!
Here are some of them:
Statewide and regional first-time home buyer resources in Arizona
- Arizona Department of Housing
- Community contacts: Find housing assistance that helps make affordable homeownership a reality through community partnerships with local programs
- HOME Program
- HUD approved housing counseling agencies
- Local Affiliates of Habitat for Humanity: Through volunteer labor, builds and rehabilitates houses for families in need
- U.S. Department of Agriculture Rural Housing: Homebuyer programs in rural communities
City and county home buyer resources