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By Jeff Masich | Agent in Scottsdale, AZ
  • Free economic stimulus grants still available in Arizona? Yes!

    Posted Under: Home Buying in Arizona, Financing in Arizona, Home Ownership in Arizona  |  April 27, 2013 9:25 PM  |  737 views  |  No comments

    Are free economic stimulus grants still available for buyers in Maricopa County, the largest county in Arizona? Yes!

    The "Home in 5" down payment assistance program is available once again. This program provides a 5% grant (6% grant for veterans and military) that can be used for loan closing costs and down payment. The grant never needs to be repaid and there is no recapture tax of any sort upon the sale of the property. There is a not a requirement to be a first time homebuyer. The homebuyer just needs 
    to buy the property as 
    their primary residence. This program can be used in conjunction with a FHA, VA, or USDA loan (cannot be used on a conventional loan). The income limit is $88,340/year but other than that, borrowers just need to qualify for a FHA/VA/USDA loan (640 minimum fico score). The current rate for this program is a 30 Year Fixed at 3.75%. There are normal loan closing costs plus a mandatory 1% discount, 1% origination, and $460 in program fees. The borrower does not need to get pre-approved for the program by the government.  Selected lenders are approved to process loans under this program.  Borrowers/agents can call/email to prequalify just like they would with any other type of loan program. Here is the link to the program website http://www.mcida.com/cm/content/home_ownership.asp

    Are you outside of Maricopa County. Check with the Arizona Department of Housing for stimulus fund programs in other areas of the state: 

    Jeffrey Masich, Realtor, GRI, MBA
    Real Estate

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