Description: If You Could Buy With NO Down-payment - Would You?
Lots of people "would" purchase a home if they had access to the necessary down-payment.
While FHA (the most popular type of home financing) has a low down-payment of only 3.5%, when you put pencil to paper it can equal a considerable sum of money.
The first question is 3.5% of what? If the purchase price of your home is $100,000 the down-payment is $3,500. The second question is, how likely are you to find a home for only $100,000 since values have increased? Probably, not likely. Depending upon the location, you may be closer to $200,000 or even higher at $250,000 - or could be more.
A home at $250,000 with a down-payment of 3.5% is $8,750 - a chunk of change! Add to your down-payment the amount you need for closing costs which run roughly 3% of the purchase price, so on a $250,000 home it equals $7,500. What are we up to now? Down-payment + Closing costs = $16,250. Ouch!
Okay, so let''s back up to the part about NO Down-Payment and if you could buy without one, would you? Well there actually IS a available which will allow you to do just that - BUY a home with zero dollars out of your pocket for a down-payment! And you can live anywhere in Maricopa County!
If you are even "thinking" about buying a hoin the next six months, you owe it to yourself to learn about this program.
Yes, you have to be employed or show proof of income. Yes, you have to have decent credit. And yes, you have to earn enough money to make the monthly payment. Nothing new – except money which does not have to be repaid.
So what kind of hocan you buy? You can buy a: new home, single family home, condo, townhouse, patio home, even a mobile home.
Where can you buy? Anywhere in Maricopa County.
Can you this program to refinance? No.
Is this only for first time home-buyers? No. It''s available to anyone, but you MUST live in the home.
Are there more details? Yes.
As you can see below, I''m not a lender or mortgage broker. I''m an experienced real estate agent committed to helping clients find terrific homes at great prices with excellent terms & conditions of sale. I can''t help anyone who does not have mortgage approval, and to that end keep myself updated about programs that are uniquely helpful.
Contact me for lender information, or read more "Down Payment Assistance" on my website: www.BuyerBrokerAZ.com