Arizona Down Payment Assistance

MORE EXCITING NEWS: Maricopa County Arizona First-time Home Buyer Down Payment Assistance and Maricopa County Bond Money Housing Program, is now available with 5% (based on loan amount) in assistance and an interest rate reduction to those have not owned a home within the last 3 years, whose family income falls within designated guidelines and those who are purchasing a home in Maricopa County, Arizona.

For information about additional requirements, including maximum purchase price, please call Luisa Han at 1-877-538-9833 for details and how to apply for these generous programs in Maricopa county. Funds are limited, so please hurry!

Luisa Han specializes in assisting Maricopa County home buyers in obtaining Maricopa down payment assistance and the Maricopa bond program interest rate reduction.

EVEN MORE EXCITING NEWS:  Yuma County Arizona First-time Home Buyer Down Payment Assistance and Yuma Bond Housing Program is now available with up to $20,000 in assistance and an interest rate reduction to those who have not owned a home within the last 3 years, whose family income falls within designated guidelines and those who are purchasing a home in Yuma County, Arizona.

For information about additional requirements, including maximum purchase price, please call Luisa Han at 1-877-538-9833 for details and how to apply for these generous programs in Yuma county.  Funds are limited, so please hurry!

Luisa Han specializes in assisting Yuma County home buyers in obtaining Yuma down payment assistance and the Yuma bond program interest rate reduction.

Coconino County Bond Program and Yavapai County Bond Program Expert, Luisa Han can assist you in determining your eligibility for these generous, down payment assistance programs. Whether you are a Flagstaff home buyer, or buying a home in Prescott, AZ, call Mortgage Expert, Luisa Han, toll free: 1-877-538-9833 for assistance with these special Arizona home buyer assistance programs.

Are  you looking for a Pinal County, Maricopa County, Coconino, Yavapai and Yuma County Arizona mortgage lender who can offer you some of the best mortgage rates and among  the most flexible mortgage loan programs in the state?  Are you buying new construction, but are not convinced that the builder's lender offers the best rates and terms?  Are you purchasing an existing home, but don't know where to turn for competitive or flexible financing?  Whether you have a large down payment, no down payment - 100% financing, or need a No Doc Loan - No Income Verification Loan, Stated Income Mortgage, Government Loans such as an FHA Loan or VA Loan, First-time Homebuyer loan program, or even a down payment assistance mortgage program, we can help!   In fact, we offer a large number of mortgage programs from over 100 lenders.  

Refinancing your mortgage for your Arizona residence or second home - vacation home?  We have many competitive mortgage programs for that as well.  You may be able to refinance your home and use the equity in it to pay off credit card debt, remodel - make home improvements or pay college tuition for your child's education. 

Some lenders cannot assist homeowners with low credit scores.  Do not be discouraged.  Even if you have bad credit or poor credit history, we may be able to help.  Let one of our experienced, Mortgage Specialists help you get the home loan which best suits your needs.  The Luisa Han Group, Arizona's Premier Mortgage Broker, offers Arizona homeowners the most comprehensive home financing solutions.

Are  you looking for small Arizona commercial mortgage loans (up to $1.5 million) to purchase an office condo, warehouse, or retail space for your business?   Is your current Arizona commercial lender giving you the runaround with no end in sight?

Arizona Commercial real estate agents: is your client in need of financing, but cannot get it through an existing source?  We offer flexible commercial mortgages with low down payments and low monthly payments to help conserve your clients' cash flow.  We also offer quick closings too!

Applying for a first-time homebuyer residential home mortgage or an Arizona commercial mortgage loan has never been easier and more convenient!   Contact Luisa and her team to get the process started for some of the best residential and commercial mortgage rates and among the most flexible residential and Arizona commercial mortgage loan programs in the state.

If you would like to preview or print a mortgage application and the related disclosures, please click on the appropriate menu links above.  And please check out our helpful information section for mortgage related tips and hints.

We welcome the opportunity to serve you.


For your convenience, below please find our Glossary of Mortgage Terms:

Adjustable Rate Mortgage (ARM): A mortgage which begins with a low interest rate, fixed for a specified initial period of the loan term, then "adjusts" at specified intervals during the remainder of the loan term.  Adjustments are based on an "index" (the value of which can change over time) plus a "margin."   The index plus the margin determine the fully adjusted rate, which is typically subject to certain limits (ceilings and floors).  These limits are referred to as "caps."

Amortization: Repayment of a mortgage through monthly installments of principal and interest. The monthly payment amount is based on a schedule that will allow complete repayment of the loan principal by the end of a specific time period (for example, 15 or 30 years)

Annual Percentage Rate (APR): Calculated by using a standard formula, shows the cost of a loan expressed as a yearly interest rate and includes the interest, points, mortgage insurance, and other fees associated with the loan. Balloon Mortgage: A mortgage which typically offers low, fixed rate payments as though the mortgage was scheduled on a 30 year term. But instead, the loan has a shorter term (for example, 5, 7 or 10 years) which ends with a single large payment (a "balloon payment") for all the remaining principal.

Cap: A limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease.

Cash Reserves: A cash amount sometimes required to be held in reserve in addition to the down payment and closing costs. The amount required is determined by the lender.

Certificate of Title: A document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner. Before the title is transferred at closing, it should be free and  clear of all liens or other claims.

Closing: Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer.  It is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.

Closing Costs: Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing.  An estimate of these costs are provided to the borrower on a form known as a Good Faith Estimate of Settlement Charges, after submission of a loan application.

Credit Report: A record of an individual that lists all past and present debts and the timeliness of their repayment.  A credit score is calculated and reported on the credit report.

Credit Score: A number representing the possibility a borrower may default.  It is based upon credit history and is used to determine ability to qualify for a mortgage loan.

Deed: The document that transfers ownership of a property.

Down Payment: The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.

Earnest Money: The money put down by a potential buyer to show that he or she is serious about purchasing the home.  It becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the transaction.

Escrow Account: A separate account into which the lender puts a portion (other than principal and interest) of each monthly mortgage payment. Typically an escrow account provides the funds needed to pay expenses such as property taxes, homeowners insurance, mortgage insurance, etc.

Federal National Mortgage Association (FNMA): Or Fannie Mae, is a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors. By purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers.

Federal Housing Administration (FHA): Established in 1934 to advance homeownership opportunities for all Americans, it assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults. This encourages lenders to make loans to borrowers who might not otherwise qualify for conventional mortgages.

Fixed Rate Mortgage: A mortgage with monthly payments that remain the same throughout the life of the loan because the interest rate is fixed.

Flood Insurance: Insurance that protects homeowners against losses from a flood.  If a home is located in a flood plain/zone, the lender will require flood insurance before approving a loan.

Foreclosure: A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

Federal Home Loan Mortgage Corporation (FHLM):  Or Freddie Mac is a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors. This provides lenders with funds for new homebuyers.

Government National Mortgage Association (GNMA): Or Ginnie Mae is a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment.  As with Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.

Good Faith Estimate: An estimate of all closing fees including pre-paid and escrow items as well as lender charges.

Homebuyer Education Learning Program (HELP): An educational program from the FHA that counsels people about the home buying process. HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance

Home Inspection: An examination of the structure and mechanical systems to determine a home's safety.  It makes the potential homebuyer aware of any repairs that may be needed.

Home Warranty: Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance.  Coverage extends over a specific time period and does not cover the home's structure.

Homeowner's/ Hazard Insurance: An insurance policy that combines protection against damage to a dwelling and its contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage.

HUD 1 Statement: It itemizes all closing costs and must be given to the borrower at closing.

U.S. Department of Housing and Urban Development (HUD): Established in 1965, HUD works to create a decent home and suitable living environment for all Americans. It does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

Index: A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Interest: A fee charged for the use of money.

Interest Rate: The amount of interest charged on a monthly loan payment. Usually expressed as a percentage.

Lien: A legal claim against property that must be satisfied When the property is sold.

Loan Origination Fee: The charge for originating a loan.  It calculated as a percentage of the loan amount and is paid at closing.

Loan-to-value (LTV): The percentage of financing calculated by dividing the amount borrowed by the lesser of the purchase price or appraised value of the home to be purchased. The higher the LTV, the less cash a borrower is required to pay as down payment.  Example:  95% LTV represents 95% financing which requires a down payment of 5%.   Together the LTV and down payment equate to 100% of the purchase price (or appraised value).

Lock-In: Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Margin: An amount the lender adds to an index to determine the interest rate on an adjustable rate mortgage.

Mortgage: A lien on the property that secures the promise to repay a loan.

Mortgage Banker: A company that originates loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac.

Mortgage Broker: A company that originates and processes loans for a number of lenders.

Mortgage Insurance: a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan.  Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.

Mortgage Insurance Premium (MIP): A monthly premium, usually collected by the lender with the mortgage payment (of principal, interest, taxes hazard and flood insurance).  It is paid by the borrower.

Principal, Interest, Taxes, and Insurance (PITI): The four elements of a monthly mortgage payment. Payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (hazard, flood and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.

Pre-Approval: A lender's commitment to lend to a potential borrower.  The commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.

Pre-Qualification: A lender's informal determination of the maximum amount an individual is eligible to borrow.

Prepayment: Payment of the mortgage loan before the scheduled due date.  Some loans may be subject to a prepayment penalty.

Title Search: A check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.

Truth-in-Lending: A federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated during the term of the loan.

Underwriting: The process of analyzing a loan application to determine the amount of risk involved in making the loan.  It includes a review of the potential borrower's credit history and a judgment of the property value.

Department of Veterans Affairs (VA): A federal agency which guarantees loans made to veterans. Similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
 


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