Down Payment Assistance Loan Coconino County Arizona

A Down Payment Assistance Loan is a type of loan that helps homebuyers cover the upfront costs associated with purchasing a home. This loan is designed to help those who may not have enough money saved for a down payment or closing costs, making it easier for them to become homeowners. The loan can be used in conjunction with other financing options, such as an FHA or conventional mortgage.

The terms and conditions of Down Payment Assistance Loans vary depending on the lender and program. Some loans are forgivable after a certain number of years if the borrower remains in the home, while others require repayment over time. Eligibility requirements also differ between programs but typically include income limits and credit score minimums. Overall, these loans provide an excellent opportunity for individuals and families to achieve their dream of homeownership without having to save up tens of thousands of dollars for a down payment.

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Down Payment Assistance Loan Coconino County Arizona

Are you looking to buy a home in Coconino County, Arizona but struggling to come up with the down payment? Don't worry, there are options available to help make your dream of homeownership a reality. One such option is the Down Payment Assistance Loan program offered by Coconino County.

What is the Down Payment Assistance Loan Program?

The Down Payment Assistance Loan program provides eligible borrowers with funds for their down payment and closing costs. The loan can be used towards purchasing a new or existing home within Coconino County limits. This program is designed to assist low-to-moderate income families who may not have enough savings for a traditional down payment.

Who qualifies for this program?

To qualify for the Down Payment Assistance Loan program, applicants must meet certain criteria:

Must be first-time homebuyers (or have not owned a home in the past three years)
Must have an annual household income that falls within 80% of the area median income
Must complete an approved Homebuyer Education course
Must contribute at least $1,000 towards their own down payment/closing costs

How much assistance can I receive?

Eligible borrowers can receive up to $10,000 in assistance towards their down payment and closing costs. The loan has zero interest and no monthly payments are required. However, if you sell or refinance your property before five years from receiving assistance has passed, you will need to repay all or part of the loan.

How do I apply for this program?

To apply for the Down Payment Assistance Loan program through Coconino County, follow these steps:

1) Attend an approved Homebuyer Education course.
2) Contact one of our participating lenders who will guide you through prequalification.
3) Once prequalified by one of our participating lenders contact us at (928)-679-7455 or email us at housing@coconino.az.gov to schedule an appointment.
4) Bring all required documents to your scheduled appointment.

What are the benefits of this program?

The Down Payment Assistance Loan program offers several benefits, including:

Provides eligible borrowers with funds for their down payment and closing costs
Zero interest loan with no monthly payments required
Helps low-to-moderate income families achieve homeownership
Can be used towards purchasing a new or existing home within Coconino County limits

In conclusion, if you're looking to buy a home in Coconino County but struggling to come up with the down payment, consider applying for the Down Payment Assistance Loan program. This program can help make your dream of homeownership a reality by providing eligible borrowers with funds for their down payment and closing costs. Contact us today at (928)-679-7455 or email us at housing@coconino.az.gov to learn more about this program and how it can benefit you!

Coconino County Arizona Info

Coconino County is a county in the north-central part of the U.S. state of Arizona. Its population was 145,101 at the 2020 census. The county seat is Flagstaff. The county takes its name from Cohonino, a name applied to the Havasupai people.

Area: 18,661 mi²

Population: 145,052 (2021)