Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

How To Buy A House In Arizona With No Money Down

June 12, 2008

Is it still possible to buy a house with no money down in Arizona?

Yes.

There are several non-profit programs out there that allow for some type of assistance for people who want to buy a house.  These programs started in the mid-1990’s and are still around today — and it is one of the only ways currently to buy a home with no out of pocket money required!

Nehemiah is one of the largest non-profit organizations that allows sellers to gift money for the down payment and closing costs.

Currently, the Nehemiah program is approved by FHA — although there is some debate as to whether or not it will go away at some point in the future.  FHA requirements state that you must have 3% as part of your down payment, but will allow a borrower to receive gift funds from either a close relative or a non-profit organization.

Nehemiah allows for the sellers of the property to contribute up to 6% of the purchase price which can be applied to both the 3% down payment and any related closing costs.  For their services, they charge a $499 flat fee and the fee can be paid by the buyer of the home, the seller of the home or even the mortgage lender!

The simple description of how programs like the Nehemiah program work is that the seller “gives” up to 6% of the purchase price to Nehemiah who then turns around and gives that money to the buyer as a “gift”.  No repayment is required — hence the “gift”!

You do not have to be a first-time homebuyer to use these down payment assistance programs — you can participate in them even if this is not your first time buying a house.

When the real estate market in Arizona is currently going through a downturn — now is a great time to get into your dream home with no out-of-pocket money required!

For more information on how to buy a house in Arizona with no money down, contact me anytime!

–Tammy

Filed Under: Arizona Home Financing Options, Buying a New Home in Arizona, FHA Loans

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us