It happens every day. Renters qualify to buy a home. They have good credit and steady income and are ready to take the next step. So what's holding them back? Down payments and closing costs.
Fortunately, Arizona home buyers have a couple of programs available to them. And qualifications for these programs can vary. Income, credit score, and debt-to-income ratios, the type of loan and purchase price are just a few of the factors. Some down payment assistance programs offer funds in the form of grants, which do not require repayment and some programs are part of a mortgage program.
So before you think you can qualify for a home, but can't afford to buy one, talk to your REALTOR about available programs, and get qualified with a participating Lender.