Valley resident Kyle Howard was looking to buy a home, but he didn't think he had enough money for a down payment.
"I only had like $2,000," he said.
The condo he wanted to buy in Apache Junction required more money than that, but with some help from his mortgage loan officer, Traci Gratzek, he learned it was still possible to purchase.
Gratzek found out that Howard qualified for the "Arizona is Home" program, announced by Arizona Governor Katie Hobbs last year. It gives those who haven't owned a home in the last three years down payment assistance. So in Howard's case, he only put that $2,000 he had down.
"Then when we closed, I got all of it back," Howard said.
Gratzek says there are other programs like it, like Home Plus, Home in 5, and fully forgivable DPA-EPM products.
While you might be thinking you have to have a low income to qualify, Gratzek says that's not always the case.
"One of the income limits is like $148,000," she said. "It's a very large scope."
She says it's something every potential home buyer should look into, as more and more people believe buying a home is unattainable.
A survey from Bankrate finds that 20% of aspiring homeowners think they will never be able to save enough to purchase a home.
"Because you can’t change people’s incomes and debts and liabilities, right?" Gratzek said.
But as Howard found, there's hope.
“Just go out there and look for programs to help you because they’re out there," he said.
Gratzek said a deal like Howard's was possible because they asked the seller to cover the closing costs.
She says most lenders will also offer credit optimization because credit is another common setback for many looking to buy a home.
