Arizona First-Time Homebuyer Programs
First-time homebuyers in Arizona may find the economy puts money in their pockets through Arizona grants. Assistance for first-time buyers includes a number of popular grants that do not have to be paid back. The U.S. Department of Housing and Urban Development (HUD) and the Arizona Department of Housing join nonprofit organizations in awarding grants to eligible first-time homebuyers in the state.
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Grants
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Grants for first-time homebuyers are one of the few purposes for which governments issue checks to individuals and families. The major benefit of a housing grant is the money is yours to keep. Proof of compliance and careful record keeping are part of grant procedures that must be followed. Some grants are issued ahead of the need; others are designed to reimburse expenses.
Federal First-Time Homebuyer Grants for Arizona
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The U.S. Department of Housing and Urban Development (HUD) helps put first-time homebuyers into foreclosed properties, supplement their down payments and offset their closing costs. Through the HUD's HOME funding program, grant awards focus on helping stabilize challenged areas. Many times, the grants are used to finance nonprofit housing corporation developments made available to first-time home buyers. HUD grants are given in program-funding "blocks" to cities and counties. The awards are made locally.
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Arizona Housing Grants
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The Save My Home AZ program awards grants up to $15,000 to first-time home buyers buying a foreclosed home as their primary residence. This money is directed toward areas with large numbers of foreclosures to help stabilize those neighborhoods.
Housing Advocates
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Connecting homebuyers with housing advocates, the Arizona Housing Counseling Collaborative does not award grants but knows where first-time homebuyer grants can be found. The advocates determine applicant eligibility and ensure complete applications are submitted. Housing advocates act as homeowners' agents during the sometimes complex grant application process.
State Budget Issues
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Arizona enters 2011 with a serious budget deficit. Many state funding programs are being eliminated or the funding reduced. It's important to verify any changes in grant programs that may be affected by the state's budget every year.
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