I receive a lot of questions on the Home in Five Down Payment Assistance Program. The most popular question is of course regarding the availability of funds for non-targeted areas. Well, if you were waiting for these funds before making your purchase then wait no more. We have some good news today. I received an e-mail this morning that there has been $2,000,000 released for down payment assistance in non-targeted areas.
What does this mean to you then?
This means that money is now available for down payment assistance on properties that are outside the designated targeted zones but inside Maricopa county. Just so everyone is clear here are some quick facts:
- Borrower must be fully approved for a loan program which allows the use of down payment assistance (such as FHA)
- Borrower can use funds to purchase anywhere in Maricopa county.
- The borrower does not need to be a first time home buyer (for these funds).
- Have a property in escrow, appraised and underwritten - since the money runs out quick.
- The rate on this program is 6.3% and the assistance is 5% of the purchase price.
- Funds are disbursed on a first come first serve basis.
This program allows up to 5% down payment assistance. Funds can be used to pay closing costs as well, it just depends on how you end up structuring the loan with your loan officer.
Just a reminder that these funds are HUGELY popular and go fast, so if you are anywhere close to finding a property…this is a SUPERB time to take the plunge!
Read more on the Home in Five Down Payment Assistance Program.
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on Jun 16th, 2008 at 4:20 pm
Shailesh — Great news!!
on Jun 16th, 2008 at 4:29 pm
[...] is called the Home in Five program-you can read more about this program over at The AZMortgageGuru.com , a preferred lender for this program. If you interested better act quickly as the money goes [...]
on Jun 17th, 2008 at 4:37 am
[...] Shailesh Ghimire over at CTX Mortgage posted yesterday that new home buying assistance funds are available for home buyers in Phoenix, Scottsdale, and …. basically the whole of Maricopa County. [...]
on Jun 17th, 2008 at 9:55 am
[...] Shailesh Gimire of CTX Mortgage posted a good overview of the requirements to use the new funding and the overall program. I have a client who is working with them now to take advantage of this - if we can find a home quickly enough to buy before the funds run out again. [...]
on Aug 12th, 2008 at 10:09 am
DPA programs assist working-class Americans who can afford monthly mortgage payments but need help with the initial downpayment on their homes. Since 1997, downpayment assistance has helped more than one million families realize the dream of homeownership. Unless we act now, Washington politics will end a vital program that is bringing the American dream into reach for tens of thousands of families each month.
There is a new website directing efforts to save DPA. Check out http://www.DPAgroundswell.org to see what you can do. DPA will be eliminated in 50 days — act now!
on Oct 7th, 2008 at 2:07 pm
more information on the program to assit with purchasing a house