2024 November InMaricopa Magazine -

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offers benefits that are hard to beat. The program requires no down payment or private mortgage insurance. Their interest rates are typically a tick better than conventional loans along with flexible credit requirements. Eligibility depends on military status, and whether the applicant has used the benefit before. The Federal Housing Authority loan is a good option for those with less-than-perfect credit. Borrowers with a credit score as low as 580 are often accepted. A 3.5% down payment is required, and in some cases, can be offset using down DPA programs. DPA programs can prove helpful in purchasing a home, but some have income and location restrictions. There are also some instances where you may have to repay the assistance, like for example, if you resell too soon after the purchase. A few popular DPA programs include: • HOME Plus (Arizona Industrial Development Authority) • Arizona Is Home (Arizona’s Governor’s Office) • Pathway to Purchase (Arizona Department of Housing) • Home in 5 Advantage (Arizona Department of Housing)

There’s also the option of a USDA loan. These loans are for the development of rural areas. USDA loans aren’t available within the city limits of Maricopa. However, some areas just outside the city are eligible, including the new construction homes in Amarillo Creek. USDA loans have low interest rates, and require no down payment. Aside from the geographical restrictions, there are also income limits, which differ depending on location. For Maricopa, the annual income limit for a family of four is $118,250. The mortgage industry is constantly evolving. It’s always best to check with your lender to see which type of loan might work best for you. They can help you understand the difference between the financing options. And after the upcoming election is finished, there may even be some better programs available than what currently exist.

MOST MARICOPANS FIRST-TIME HOMEOWNERS

“overdone” investor activity slowed. “You don’t see companies buying out hundreds of homes anymore or a lot of rental single-family homes, so I do see that homeownership rate kind of going up for a while longer,” he said. Morgan said he expects to see homeownership rates stall in Maricopa, however, with fewer single-family homes being built or listed for sale this year compared to last year. Last month, 553 single-family homes were listed for sale in Maricopa. That number is “pretty flat,” Morgan said. This assumption hinges on the number of apartments under construction in the city, where hundreds of units can go up and become occupied in a matter of months, as opposed to the years it usually takes a subdivision to fill up. Maricopa leaders in 2019 set a goal that one- fourth of homes in the city would be multifamily housing, compared to just 2% today. “Developers are not building new homes that fast,” Morgan noted. But Morgan and Cordova agreed the allure of finding and making a home in the desert won’t slow down any time soon. First ever home Second home

had to worry about daily commutes or moving for a new job. That was the case for Lisa Rogers, who moved to Rancho Mirage last May after more than three decades in the urban core. Her search for a community that was quieter, cleaner and safer than her West Phoenix neighborhood led her to Maricopa. She was still able to keep her remote job as a transcriptionist for a Phoenix company. “The neighborhood I was in was starting to become questionable. You would hear gunshots in the weeks before and after holidays. It was like a war zone,” Rogers said of her former westside home near 81st Avenue and Lower Buckeye Road. “Since I work from home, I don’t need to commute. So, I looked into new builds and all The factors that drew people like Rogers, Chojnowski, White, De La Cruz and Miller to make a home in Maricopa are expected to continue to rise. Cordova said he anticipates seeing the state’s homeownership rate continue to grow since roads seemed to point here.” Predicting the future

InMaricopa last month asked Maricopa homeown- ers how many homes they’ve owned, and first-time homeowners were the plurality. About 2 in 5 of the 430 people surveyed said their move to Maricopa involved the purchase of their first house.

G ETTING PRE-QUALIFIED TO PURCHASE a home can be a daunting task. To make things a little easier, there are mortgage options to suit just about every situation, along with down payment assistance programs. If you have good credit, a stable financial history and can afford a downpayment of at least 3%, the conventional loan is your best option. These loans have competitive interest rates and offer the most flexibility of any option. For U.S. military service members, veterans and their surviving spouses, the VA home loan Financing options abound for future homeowners BY DAYV MORGAN

Fourth or more home 25% Third home

First home 38%

13% Second home 24%

Source: U.S. Census Bureau

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Premier.

“Arizona and Maricopa will continue to be very attractive, so we are going to see a lot of that population increase, along with job opportunities,” Cordova said. “That’s optimistic to see things are going to keep improving.” First ever home Second home Third home Fourth or more Table 1 38% 24%

480-251-4231 DayvMorgan@gmail.com