Ready to purchase a new home but short on cash?
Ready to purchase a new home but short on cash?
With an FHA mortgage loan and Home in 5 my last client was able to purchase a home for 270K, ZERO down, seller concessions, plus a 1 year home warranty plan, and $1000 earnest deposit returned at close of escrow! Too good to be true? I’m happy to say it’s TRUE!
“What is this Home in 5 you speak of?” Home in 5 is simply an FHA loan with 5% non-repayable down payment/closing cost assistance. VA loans have an additional 1% for 6% non-repayable down payment/closing cost assistance.
The IDA (Industrial Development Authority) of Maricopa County and City of Phoenix joined together to help home buyers purchase a home anywhere in Maricopa County through the Home in 5 grant program. Individuals and families who qualify will be able to obtain a 30 year fixed rate loan with non-repayable down payment/closing cost assistance. Financing for these loans are available for new and existing homes, condominiums, townhouses or manufactured homes.
Qualifications for this program:
- FICO score minimum 640
- 45% debt to income ratio
- Household income no greater than 88K
- Must complete an on-line homebuyer education course (about 10 min)
- Maximum purchase price 300K
- Owner occupied
Although this is not just for 1st time homebuyers, it is a great program to make your home purchase affordable and keep a little money in your pocket. Contact me for more information or to find your perfect home at Jackieazhomes@cox.net or 602-625-5754,
Interviewee: Jim Passamonte citywide Home loans Branch Manager/Sr. Loan Officer Jim.Passamonte@chl.cc Direct (480) 729-8532
