Queen Creek is unique, as it sits within Two Different Countys. Maricopa and Pinal… This has an impact on various Down Payment Assistance (DPA) programs, as many are County specific within Arizona. Good News is Guild Mortgage has them all, and a recent Article called one of the many Guild Mortgage offerings of Down Payment assistance the most generous. Is Guild’s 1% Down Mortgage Right For You?
Being a Local Area expert, and familiar with County lines and knowing to ask those questions, to determine which Down Payment program is best or applicable on the home you choose, is important. Not all DPA programs are created equal or even on every home. Some vary from one side of the street to the other and Queen Creek is one of those places, as county lines can dictate which programs work for which county.
There are actually many types of DPA programs, National, State, County and City. Queen Creek doesn’t have any specific City programs but the other National, State and County options are possible. Many DPA program are based on a few factors.
Are you a 1st Time Buyer? You don’t have to be to Qualify, some programs are for either group First Timers or Non First Timers. First time Buyers are classified if they have owned a home in the last 3 years.
Income and Credit? Based on Credit Scores and Income, will dictate which of the many, over a Dozen different DPA programs that Guild participates in, will be eligible for. Higher Income earners have more limited options, because the Spirit of many programs is to help the lower income earners.
Property type? Another factor to consider is the type of home, Manufactured, Condo, Single Family attached v. Detached. All of these factors can influence which options you are eligible for.
Good News, is there are options. the Latest Survey from NAR – National Association of Realtors that there is still a misconception that over 88% believe you need 5% or more in Down Payment to Buy a home.
So Buying a Home, with Less than 5% down or with one of the above mentioned DPA programs are great ways to enter into Homeownership and take advantage of the American Dream. Owning home not only has so many Financial Benefits, but also Owning a Home has so many intrinsic qualities, like the Feeling of Pride of Ownership and Community involvement and Queen Creek has all those community events and local places that help you as well..
