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BParker, CPA*,  in Scottsdale, AZ

Home In 5: Best Loan For You?

Asked by BParker, CPA*, Scottsdale, AZ Mon Sep 9, 2013

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For those that meet the guidelines, this program is great for buyer's who don't have the full down payment to buy a home. I have sold a few homes to buyers, who otherwise would still be renting.

It might not be the best loan out there, but it certainly helps buyer's buy homes.
1 vote Thank Flag Link Mon Sep 9, 2013
There was a question asked about the Home In 5 program in Maricopa County, which I believe applies wherever this FHA program is offered. The question was removed, but it raises a good issue. (I tried to Blog the following answer, but it would not post, so had to create my own question...)

There is an argument to be made that the Home In 5 program is more of a marketing tactic than the best loan out there. As indicated by Brian Cardenas before the question was removed, the interest rate and points are set. Out of the 5% involved, 1% goes to the lender; 1% goes to the loan officer; and, 3% is available for your down payment. It sometimes makes better financial sense to do a regular FHA loan, as the amount paid to cover such things can be even higher using the interest rate set for the Home in 5 program.

REMEMBER—lenders pay (or have available) more money for loans with higher interest rates. The Home In 5 program comes with an interest rate which is higher than you could get without it. So, once again, your best option is to find a good licensed mortgage loan originator and ask them to provide you with various loan scenarios to fit your needs.I hope this helps.

Bill Parker, CPA*
Sr. Loan Officer
NMLS #223607

*Licensed, no longer practicing

15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
Phone: 480-525-8496, EXT 743
Cell: 602-565-3646
Fax: 480-436-5226
EM: BParker@GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.

Red Adair, Oil well firefighter
0 votes Thank Flag Link Mon Sep 9, 2013
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