“100% financing available through down payment assistance programs”

Mortgage and Lending with Community First Financial

                 "100% financing available through down payment assistance programs" - Troy Schuricht


You would like to purchase a home but one or all of the following applies to your situation:

  •  very limited money for a down payment
  •  marginal credit history
  •  high debt load


The Federal Housing Administration (FHA) is a division of HUD, an agency of the US Government. The FHA insures lenders such as Fairfield Mortgage against your default on a mortgage, which enables you to obtain a loan at a great rate and with only a 3% down payment. The program is available for both first-timers and repeat homeowners alike.


An FHA loan enables you to buy a home with little money down and less than perfect credit at an interest rate that is typically only .25 - .50% more than prevailing conventional mortgage rates. This loan also allows your lender to "stretch" your qualifying ratios a little more than many other types of loans.


  • Maximum loan amount in metro Phoenix is $346,250 for a one-unit property  
  • Mortgage Insurance (MIP) is required as follows:  (Up-front = 1.5% of the loan amount and can be      financed into the loan + Monthly = .5% of loan amount divided by 12)
  •  Primary residences only
  •  No pre-payment penalty
  •  15 and 30 year fixed-rate loans available as well as a 1-year and 3-year adjustable rate mortgage (1% yearly and 5% lifetime caps)
  •  Seller is required to pay these closing costs for the buyer: underwriting, doc prep, and tax service fee
  •   100% financing available through down payment assistance programs
  •  Down payment can come from a gift from a relative, friend, or charitable organization
  •  Targeted credit score of 600 or higher
  •  Very limited late payments or other derogatory credit items allowed over previous 12 months
  •  Targeted debt ratio of 41% and lower
  •  Excellent program for co-signing situations (still only have to put 3% down)
  •  FHA appraiser is required to do a scaled-down inspection of condition of property
  •  Mortgage is qualifying-assumable


      Troy Schuricht


7575 E Redfield Rd   Suite 235

Scottsdale, AZ  85260

480-305-8905 - office

480-393-8801 - fax



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Useful info.

Jun 16, 2008 10:59 AM #1
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