Down payment assistance

Asked by meagain, Mesa, AZ Sat Jul 6, 2013

Just recently we attended an 8hr home buying class in order to get down payment assistance. Now we feel this was a worthless effort. As we progressed through the requirements we soon realized we still needed a hefty $3000 in savings in order to meet the requirements. Needless to say I wondered why the assistance required this much money. I have been doing allot of research but I find its best sometimes to ask. My lender informed me of USDA loans. I would not mind going rural at all. But is this really my only option? I have done some reading about home in 5 programs. Our credit score is on the rise. In several months we have gone from 570 to 630. Just removed a negative mark that had 0 balance due. We have yet to pull our scores since this occurred. I know we will have the 640 score required in a matter of weeks. My lender knows our financial background but never offered any other program that requires no money down other than USDA. Should I find lenders with more programs? Or leave we

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8
Rebecca Kall…, Agent, San Tan Valley, AZ
Mon Jul 8, 2013
BEST ANSWER
I work with a great team of people that would love to help you find your new home, which includes some great lenders. My lenders do offer some great programs that can get you into a home with no down payment, and possibly some grant money to help with closing costs and ect...

If you would like some more details please feel free to contact me at 480-275-9566.

Also, if you would like, feel free to check out my website, rebeccakallhoff@gmail.com
On my website you can search a database of active listings in the area that you're looking.\

Please, don't hesitate to give me a call!!


PS. I look forward to working with you soon!!!
0 votes
June, Both Buyer And Seller, Phoenix, AZ
Sat Jul 6, 2013
There is a great program available to anyone, it is called "savings". You may want to check it out. Owning a home may be very expensive in terms of repairs and maintenance. If you can not save the +$5,000 that you may need for a new A/C or roof (which will eventually happen), then home buying may not be for you.
1 vote
Mark Hardy, Agent, Mesa, AZ
Sat Jul 6, 2013
Hi, If you still need some help, I know the Home in 5 Program would be a great way for you to go and you get 5% back that can cover all of your closing costs, prepaids and impounds. And whatever is leftover you get to keep, not a loan - don't have to pay it back. You can't own any other real estate, debt to income ratio has to be 41% or lower and you can't make more than $90,000. There is a credit score requirement, but I can't remember off the top of my head what the number is. Contact me for more details and I know my preferred Lender, Lori will know so I will give you her contact info.
0 votes
Vivien L Big…, Agent, Scottsdale, AZ
Sat Jul 6, 2013
Good Morning Meagain,

If you or your Spouse are a Vet some New Home Builders are offering $1 Down!

You may want to call several Mortgage Brokers (not Banks) here are three for you to consider:
Amerifirst Financial
Karen Jones
480-339-1577

Peoples Mortgage
Teresa Sullivan
602.405.9502

Nova Home Loans
JB McCutcheon
480-305-1980

Please let them know that I referred you!

If you purchase a Home Warranty on a resale home you will not have a big cost to fix major appliances!

Contact me if you need additional information!
0 votes
Ryan Cramer, , Phoenix, AZ
Sat Jul 6, 2013
I have Home in 5 and can assist you.
0 votes
Seems each time I try a new lender higher credit scores are required. Finnally in the 640s we are being asked for 660. Very heart breaking and dissapointing.
Flag Wed Jul 24, 2013
Steffy Hrist…, Agent, Scottsdale, AZ
Sat Jul 6, 2013
It is definitely worth spending time to interview several lenders. The harder part may be to ask the right questions so that you can find the differences between different lenders.

Your realtor should be able to advise you on that. And on programs, too.

The reality is that loans are becoming more expensive.
Web Reference:  http://www.talktosteffy.com
0 votes
Richard K Tr…, Agent, Scottsdale, AZ
Sat Jul 6, 2013
I would definite look at another Lender. I just placed a couple into a home with the Pinal County Home in 4 program (same as the Home in Five in Maricopa) and they bought in San Tan Valley and had to put of less than $1,000 which included the Home inspection and Home appraisal. We did this all in less than 30 days. They also did the required class on line and didn't have to attend a class physically. There are homes available throughout the valley in Maricopa County as well as Pinal County
Contact me for more info if needed.
Have a Great Day!
Richard
0 votes
Joe N Strand, Agent, Phoenix, AZ
Sat Jul 6, 2013
Try another lender I know a couple that are up to date on that program.
0 votes
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