GET DOWN: Three popular down payment programs in Arizona

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UPDATE: Effective January 2018 the HOME PLUS and HOME IN FIVE ADVANTAGE programs will require re-payment IF your home is sold or refinanced within the first 3 years of closing.

Over the past two years, I’ve personally helped home buyers achieve their home-ownership goals with as little as two to three thousand dollars by using a down payment grant program. These programs offer competitive rates and are a no-brainer for those looking for down payment funds.

The HOME PLUS, HOME IN FIVE ADVANTAGE, and the CHENOA FUND DPA are three of the most popular down payment assistance programs available in Arizona. Below are the highlights of each.

HOME PLUS

  • Receive up to 5% of the loan amount to be used towards down payment or closing costs.
  • 30 year fixed rate CONVENTIONAL mortgage with REDUCED insurance premium.
  • Does not have to be paid back.
  • Minimum credit score required is 640.
  • Must be used for owner-occupied homes only (not for investment) BUT you DON’T have to be a first time home buyer.
  • Borrower’s income cannot exceed $92,984 
  • The purchase price of your home cannot exceed $371,936
  • A home buyer education class is required (can be taken online)

 

HOME IN 5 ADVANTAGE

  • Receive up to 3% of the loan amount to be used towards down payment or closing costs.
  • Does not have to be paid back.
  • Minimum credit score required is 640.
  • Must be used for owner-occupied homes only (not for investment) BUT you DON’T have to be a first time home buyer.
  • Borrower’s income cannot exceed $88,340 
  • Additional assistance for qualifying FIRST RESPONDERS, K-12 TEACHERS, AND U.S MILITARY PERSONNEL.
  • 30 year fixed rate FHA, VA, or USDA loan.

 

CHENOA FUND

  • Minimum credit score required is 620
  • Receive 3.5% to be used for your down payment in the form of a grant, forgivable silent second mortgage, or second loan amortized over 30 years at 5% interest (determined by your income)
  • Income limit scenarios: if your income is equal or less than 115% the median income of your area, then your options are a 3.5% grant that requires no repayment or a soft second mortgage that is forgivable after 36 months. If your income is greater than 115% the median income of your area then your only option is a 3.5% loan that is amortized over 30 years.
  • 30 year fixed FHA loan
  • You DO NOT have to be a first time home buyer

 

If you think you may not be a good candidate for any of these three programs, don’t worry! There are other lender-specific programs that can benefit those with lower credit scores or that do not meet the requirements above.

Are you ready for a FREE, NO PRESSURE consultation to see if you qualify? click HERE to request a team member contact you.

or you can always reach me directly

Charlie Lugo

REALTOR at MyHomeGroup LLC

cell 602 888 6628 text or call

email info@charlielugo.com

 

Sources: HOME PLUS HOME IN 5 ADVANTAGE CHENOA FUND