Sometimes it is difficult to find a home these days in Phoenix. The less than $300,000 homes are flying, here in the Phoenix metro with multiple offers and then there is the difficult to get DOWN PAYMENT. After a all one needs a 20% down payment to avoid paying private mortgage insurance also known as PMI. Yes, low down payment FHA (3.5% down) or conventional (3 to 5% down) are available but with the unpopular PMI requirement from Lenders (photo: courtesy Goumbick from Pixabay).
House dreaming but not enough down payment? Call Jeff Masich and go to Bank of Mom and Dad
Young home buyers can ask about free grants and down payment assistance programs available in the Phoenix metro area and also ask the Bank of Mom and Dad.
A Buyer has to be ready with a prequalification from their lender to buy the home. Your REALTOR®, 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. Mutiple Offers that come in for similar amounts leave a Seller to choose among the best and the Buyers down payment amount is often the determining factor on which offer is accepted. Also, as mentioned at least 20% down is needed to avoid the extra Private Mortgage Insurance (PMI) charge 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 with a gift of cash for the extra down payment...maybe to 20%. After all....they love you and may want you out on your own.
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