Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
There is an amazing program called "home in 5" that can assist buyers...1st time or even not with 5% of the purchase price towards down payment and closing costs. The buyer MUST meet FHA loan guidelines
I can easily explain this to you ) and seller must be willing to contribute up to 3% towards buyer's closing costs. You might not make it with 0 money out of pocket but certainly with a very reduced amount.
Currently we even have new home builders working with us on this program.
Please contact me and I'll get you all the info you need.
Realty One Group
Otherwise, there is a program that will 'grant' you funds that you could apply toward your FHA down payment of 3.5%; it's called the 'Home In Five' grant program. It's an actual 'grant' that does NOT need to be repaid.
There are several lenders that are qualified to issue FHA loans using this program, but there are a few credit and income guidelines that must be met by you, the buyer, in order to be approved in the program. There's also a short 'home buying' class that you must take; you'll receive a certificate of completion when finished that is turned over to the lender.
You can also apply the grant funds toward your closing costs if you prefer.
Keep in mind, regardless of how you were to use the grant funds, you'll still need to come up with funds for either (a) the 3.5% down payment or (b) your buyer-side closing costs. These costs include things such as title/escrow fees, lender fees, appraisal fee, inspection fee, etc. Typically, you'll need between 3% to 4% of the purchase price to cover these costs.
Note: the fee to use a Realtor to help you find a home and assist you with the buying process (he/she is called a 'buyers agent') is paid by the SELLER, not YOU, the buyer.
In an FHA loan, some if not ALL of these closing cost funds CAN be 'gifted' by a family member as well.
I've had great results recently with the 'Home In Five' program.
I closed a transaction a couple of months ago with some buyers that used this program and they were granted $5655 on a purchase price of $144,000.
I'm currently in another transaction on a home in Phoenix which will close in about two weeks and my buyer clients are also using this program on a purchase price of $145,000 and they'll also be granted slightly more than $5600.
I'm familiar with the 'Home In Five' program and have an excellent lender that is certified in the program as well. He's currently working with my Phoenix buyers and they have nothing but positive comments for his work thus far.
Feel free to call or email me and I'll send you his contact info. It doesn't cost you anything but some of your time to get 'pre-qualified' for a loan. The lender will ask you things like your income, debts, time on the job, etc. He'll also need a couple of your most recent pay stubs and bank statements, and your recent tax returns. With that info, he'll be able to tell you IF you qualify for an FHA loan and what your MAX loan amount (and purchase price) would be. That's the first step in the process!
Thanks for the question!
Realty ONE Group
Here is the link for more information
Terry S. Smith
Arizona Resident for 47 years
Designated Broker, Rain Dance Realty
Direct (602) 763-1858