So for a limited time only the City of Phoenix and Maricopa County are offering an amazing down payment assistance and closing cost grant.
"So what!" You say "there are tons of these programs out there if you can get em'!"
Well here the big difference from other programs and past programs.
It's a non-repayable grant - thats right its FREE!
So if you need help with downpayment and closing costs you just need apply for a mortgage with a prefered program lender like Amerifirst Financial, attend a counseling class, be approved, find a house, get an accepted contract and then reserve the funds. And at closing the program will allow us to cover up to 5% between closing and downpayment!
Wait where's the catch you ask? There's always a catch you say!
Well if you believe the following criteria are catches then so be it - but I say neigh to catches!
- Must have a 640 FICO mid score
- Must be applying to be financed using FHA and VA
- Have a DTI of no greater than 45%
- Must have an income not greater than 90,000 per year
- Must not be buying a home greater than allowed by FHA $358,000
- Must have a 45 day closing
- Must occupy the home within 60days of closing
- Must be a legal resident of the US cannot use TIN numbers or visas.
- Must attend a in person counseling class.
AND IT GETS BETTER FOR ACTIVE MILITARY AND RESERVISTS
You can get an additional 1% for help to make a total of 6%
and you have no income limits!
AND IT GETS EVEN BETTER - NO WAY YOU SAY!
THERE IS NO RECAPTURE TAX
NO REPAYMENT TERMS
NO RESIDENCE TIME CONSTRAINTS.
BUT WHAT ABOUT FEES AND RATES I HEAR YOU SAY?
Well here are the only fees charged on the loan in addition to normal closing costs:
$225 housing fee
$85 tax service fee
$150 transfer fee
RATES are set by the program and currently run in the upper 3% range!
And that is basically all she wrote!
For agents wanting to direct their clients in for the counselling program before they go out to look at homes here are the instructions:
www.HUD.gov, click on: State Info, click on: Arizona, click on: I Want to Talk to a Housing Counselor (left hand side of page). Once on that page, the borrower can scroll through the list of Housing Counseling agencies and select the one most convenient to them.
For more information on how to be approved for the Home in Five program please reach out to my team at 602-361-0707.
Thanks for stopping by and reading, sharing and commenting on my blog: New Rules for 2013 - Home in Five Maricopa Program