Sometimes it is difficult to find a home these days in Phoenix. Prices are rising which means down payments are also rising The less than $400,000 homes are flying with multiple offers, here today and gone tomorrow. Homes with the highest purchase price and highest DOWN PAYMENT are in the drivers seat in this Sellers market we are in currently. (photo: courtesy Goumbick from Pixabay).
Dreaming of a Home....Buy one with help from Bank of Mom and Dad
House dreaming but not enough down payment? Call Jeff Masich to find a home and go to Bank of Mom and Dad for some help on your down payment through your mortgage lender. Put 20% down and avoid expensive mortgage insurance required by lenders.
A Buyer has to be ready wtih a prequalification from their lender to buy the home. Your REALTOR®, which is me, will need this to write your purchase contract and get the Seller to accept the offer. A buyer needs a down payment to qualify for a home mortgage and at least 20% down to avoid the extra Private Mortgage Insurance (PMI) that lenders charge on top of your mortgage payment of principal and interest if you do not have a 20% down. This can affect your purchasing power. So the proper down payment is critical.
What to do? Well call me first to start finding you the right home at the right price where you want to live. Get your prequalification from your lender or ask me for a lender to provide to you. If you don't have enough for the down payment or to avoid the dreaded PMI, your next step may be to go to the Bank of Mom and Dad for down payment assistance. Or you can ask me for some down payment assistance grants, however the Bank of Mom and Dad may be more lucrative for you the Buyer.
Bank of Mom and Dad
Sometimes the good old Bank of Mom and Dad comes to the rescue (not always)
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