Toggle navigation
Welcome
My Blog
Staff Profiles
The Loan Process
Broker vs. Loan Officer
What is a credit score?
Your FICO score
When to get Qualified
Your Down Payment
Mortgage Saving Tips
Buyer Don'ts
Why Title Insurance?
Eliminating PMI
When to Refinance
Testimonials
My New Blog
A Mortgage program for the new or challenged borrower
December 5th, 2017 8:27 AM by Scott Fenner
The social and economic benefits of home ownership are many. A home creates an asset that provides the ability to create wealth, borrow and achieve self-reliance. Plus, renters may actually realize monthly savings on buying vs. renting. Yet with increasing rents, stagnant wages and high levels of student loan debt, it can be VERY difficult for first-time or boomerang homebuyers to save enough money for a down payment.
The very popular HOME Plus Home Loan Program seeks to eliminate this hurdle, offering a pathway to home ownership by giving creditworthy renters who can qualify for a mortgage, but cannot afford the down payment and or closing costs, the funds to move forward.
Administered by the Arizona Industrial Development Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant ranging from 0% - 5% depending upon the new underlying mortgage. The DPA is equal to a percentage of the initial principal balance of the mortgage loan. DPA is only available in conjunction with a HOME Plus mortgage.
Program Highlights:
Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
Borrower(s) annual income not to exceed $92,984.
Purchase Price limit not to exceed $371,936.
One borrower must complete a home buyer education course before closing.
Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages.
All borrowers on the mortgage must meet the minimum credit scores reflected below as well as the new underlying mortgage agency/insure guidelines.
New revisions for 2018 make this program even better! Call with any questions and to see if you qualify!
Posted in:
General
Posted by Scott Fenner on December 5th, 2017 8:27 AM
Post a Comment
Subscribe to this blog
Recent Posts:
Lets play the interest rate game!
Could Mom and Dad use help with their mortgage?
See what clients who found us on the premier Real Estate search engine have to say about our service
Wishing you a Happy and safe Holiday season
Here is a quick update on this weeks Fed action
2018 FHA Loan Limits
A Mortgage program for the new or challenged borrower
Realtors and Buyers no more contigencies with our Trade-In Program
Are home values rising faster than you can save?
It is a sellers market, Buyers get your offer more recognition with Amerifirst PYT program!!
Archives:
February 2017
Would you like a pool with that new home?
Veterans don't miss this great financing opportunity
Awesome Down Payment Assistance Program
September 2017
The future of Mortgage rates
August 2017
See what has sold in your area with this interactive tool!
The concept of getting out of debt
The Potential Cost of Waiting
July 2017
Do you understand the mortgage terms we use daily?
Calculate your Home value like a pro with this neighborhood evaluation tool
Keys to preparation for buying that first Home
June 2017
Are you up in arms over ARMs?
Are these myths keeping you from saving money?
Inflation, possible rate hikes and more in Markets in a Minute!
May 2017
Change is the only constant in life, right?
What will that house REALLY cost
March 2017
Markets in a minute
September 2017 (1)
August 2017 (3)
July 2017 (3)
June 2017 (3)
May 2017 (2)
March 2017 (1)
February 2017 (3)
Categories:
General (26)
My Favorite Blogs:
Sites That Link to This Blog:
×
Close
Add a new blog comment
*
Name:
*
Email Address:
URL:
*
Comment:
Characters from the image above:
Your entry does not match the image, please try again.
Submit Comment
×
Close
Subscribe To My Blog
*
Name:
*
Email Address:
Address:
City:
State:
Zip:
*
Characters from the image above:
Your entry does not match the image, please try again.
Subscribe