Down Payment Assistance Programs
How does a four percent down payment using someone else’s money sound?
I have some great news for any renters out there. Earlier this week the Arizona Housing Finance Authority announced the launch of a new statewide loan program for Arizona renters that are looking to become homeowners. You can receive a NON-REPAYABLE GRANT to cover any down payment and closing costs up to 4% of the loan value. That’s huge!!
So who qualifies?
You must be currently renting
Your household must make less than $88,000 per year.
You must be purchasing a home under $353,000
If this grant sounds like it interests you, see the full qualifications at https://housing.az.gov/finance-authority/home-plus .
Looking at the valley as a whole, Days On Market (DOM) numbers continue to fall. Going back to January, the average Days it took to sell a home was 76. By March, it was down to 74, and we closed out April at 66. In some areas of the Valley, this number is as little as three days. Just THREE days on market before it was sold. (sub $200k homes in some pockets of Phoenix in case you were wondering).
So what does this mean? Buyers are still taking advantage of historically low interest rates and the number of available homes is less and less as buyers snatch them up. This number is measured by “Months Inventory” meaning, how many months will the current homes on the market last if no new homes are added. January had 5.41 months of inventory, and April saw only 3.55 months of inventory. The law of supply and demand holds true!