Hi Clantz,
We have programs to help with the down payment and closing costs. If you are a first time homebuyer or
have not been on a title of a home in 3 years , you could qualify for the "Your Way Home AZ" . There are
income and credit requirements but the programs are worth looking into. The City program offers 15,000.00
for down payment and closing costs- Your way home AZ will provide you with 22% down payment and closing costs.
Nina

Clantz,

That may be enough down however you will probably have to contribute to closing costs! Most the homes I have been looking at up there with multiple buyers have not been selling for less than 125k.

Feel free to contact me if you would like further assistance or need a reputable and reliable lender.

Lucinda TKach
Windermere
602-799-6846

Hey Clantz,

The general answer to your question is yes, you can buy a home with only $3,500 down. With an FHA program, that would limit you to a $100,000 home with seller-paid closing costs. If you found a HUD home (an FHA foreclosure), you can buy those with only $100 down, but you will need to bring in the closing costs.

However, did you know that you could buy that same home with ZERO down, be free of any mortgage insurance payments (none!) and have the seller pay your closing costs? The bonus is you get to keep your $3,500 for your “Rainy Day” fund.

or,

If you'd like, you could increase the loan amount up to the maximum your debt-to-income ratio will support so you can buy the home you want, not the one you may feel you have to settle for.

In regards to using the $8,000 First Time Home Buyer tax credit for your down payment, Washington has rescinded the Mortgagee letter 2009-15v that HUD had passed to allow this. Even if it did pass, there are systems that would need to be in place to access the $8,000 & this will take time to implement...keep in mind that this $8,000 First Time Home Buyer tax credit expires November 30, 2009, so you must close, fund and record your purchase by this deadline.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct

I'm in CT & am also giving serious consideration to the idea. Just a moot point for Scott - I used to be in the mtg business (which is a bit different on the East Coat/ in CT - everyone requires an attorney - know it's only title co's out there), but I thought that FHA minimum dp was 3% w/ maximum of 1pt & closing costs either paid by seller and/or included in the actual mortage (of course w/ mpi if less than 20%dp paid up front for life of the loan)?

Have things changed much since I last closed an FHA loan?

Clantz, if you are a first time buyer you can now use your $8,000 tax credit as your down payment! Check out my blog post from just a couple of hours ago: http://www.speakingofphoenixrealestate.com/?p=690

If there is anything I can do to be of assistance, please don't hesitate to call!

With Your Success in Mind,

Shar Rundio
Keller Williams Integrity First Realty
480.560.7255

Clantz,

Have I got an offer you CAN'T refuse! :0)

How about a 1% down FHA loan?

If you want more info you know where to reach me.

Stew Keene
Signature Realty Group
stewkeene@yahoo.com