Home Buying in 85252>Question Details

Jdlocklear06, Home Buyer in Phoenix, AZ

What are best current programs to first time home purchase with no money own?

Asked by Jdlocklear06, Phoenix, AZ Tue Aug 13, 2013

Help the community by answering this question:


Please get in touch with a loan officer, he would be able to help.

Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Website: http://www.InvestInArizonaHomes.com
0 votes Thank Flag Link Mon Aug 26, 2013
Hello JD,

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.

Joani Frankel
Realty One Group
0 votes Thank Flag Link Wed Aug 14, 2013
I have a lender that I have been working with that has a few programs that might fit your needs. If you are interested, please contact me at 623 326-7316
0 votes Thank Flag Link Wed Aug 14, 2013
The problem with "no money down" loan programs is buyers have no skin in the game, and during the recent housing crash many walked away without thinking twice. As a result, most lenders have rethought the logic of doing this. There are down payment assistance programs for qualified buyers, and you may be able to ask sellers to contribute toward your closing costs, but you shouldn't expect to buy a house with no money out of pocket and no conditions.
0 votes Thank Flag Link Tue Aug 13, 2013
Hello Jdlocklear06. There aren't really any 'ZERO down' payment loan programs available other than VA; so if you're a veteran, you could take advantage of that excellent program.

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!

Jim Mitchell
Realty ONE Group
PH: 480.231.6769
0 votes Thank Flag Link Tue Aug 13, 2013
The best way to purchase a home with zero money down would be the Home in 5 program or get a gift from a family member. Contact me for details. 602-206-5592
0 votes Thank Flag Link Tue Aug 13, 2013
Home in 5

Here is the link for more information


Terry S. Smith
Arizona Resident for 47 years
Designated Broker, Rain Dance Realty
Direct (602) 763-1858
0 votes Thank Flag Link Tue Aug 13, 2013
Go to azhousinghelp.org. You will see there are many options for first-time buyers.
0 votes Thank Flag Link Tue Aug 13, 2013
There are a couple programs that allow little or no money down. Call me at 480-220-7248 and I can give you more information and connect you with a lender.
0 votes Thank Flag Link Tue Aug 13, 2013
I meant with no money down!
0 votes Thank Flag Link Tue Aug 13, 2013
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