(Newswire.net — November 21, 2014) Tucson, Arizona — For many people who want to buy a new home or just want to get on the property ladder, coming up with sufficient money for a down payment has become a big problem. In fact it is a hurdle which many families cannot overcome. For families on lower incomes especially, they simply do not have the available funds or savings to be eligible for a mortgage to buy their own home.
Now the Industrial Development Authorities of the counties of Tucson and Pima have increased the income limits for their Down Payment Assistance Programs. The family income limit has now risen to $78,820 which will help a number of previously ineligible families.
The Down Payment Assistance can provide funding for up to 4% of the loan figure and is generally used with FHA or VA loans. The assistance funds can be used to either add to the down payment or for closing costs. Either of these will provide additional funds to lower income families and so enable more people to get onto the property ladder.
There are some costs and eligibility criteria that apply and it can get complicated to understand all of the different factors involved. So potential borrowers should talk to a Tucson mortgage broker to find out if they can receive this assistance program.
The next problem for people is finding which broker to approach. According to the website, Yelp, there are 171 different Tucson mortgage lenders. So how do you know who you can trust to work with?
These days the Internet can help you. A quick search online will find reviews of various brokers with both positive and negative comments from previous customers. You can go to sites like Yelp or Superpages. By reading through the comments you can learn a lot about those companies that are listed.
One mortgage home loans company that stands out as providing excellent service is V.I.P Mortgage Inc. They are the only home loan in Tucson broker that has a 5-star rating from all of the reviewers. They recently received yet another top-class assessment from a very happy client.
If you are in the market for a mortgage and need some advice on which offer will work for you, try V.I.P Mortgage Inc as a starting point.