Do you have good credit, but just can't come up with the 3.5% down payment that FHA loans require?
Can't use a USDA Rural loan because you don't want to live out in the areas that qualify for that program?
In Arizona there's a solution that just might work for you: Arizona Home Buyer Solutions Gift Program.
Seems like every time I turn around, somebody's telling me about a new program that's going to help people buy a good home...but there always seems to be a catch that makes the program unworkable for most people (or most properties).
The other day I was on my way to go across town for something or other, and a lady outside the title company below my office asked me "are you interested in learning about a program that would allow buyers to get a home for 1% down?"
My initial reaction was: "Yeah, right...yet another hype-filled program full of smoke & mirrors that saddles the borrower with interest rates w-a-a-y over market, an ungodly long-term 'foregiveness period,' or has property type restrictions that make it nearly impossible to find a house that fits the criteria (and when you do, 10 other people are offering on it too)."
Thankfully, my mouth didn't speak what was going through my head, and I accepted the flyer she gave me about the Arizona Home Buyer Solutions Gift Program. About a week later, she gave me a call and asked if she could tell me more about it and discuss specific details with the program - "Its worth a listen," my brain told me.
Glad I did. This is the real McCoy - simple & straightforward, run through Family Housing Resources & HUD approved.
Here's the skinny:
- Gotta have decent credit to begin with: 620 FICO minimum*
- Must meet income restrictions, but those are fairly generous compared to some other programs
- There is required consumer education - but that can be done online (you don't have to take time off from work or hire a sitter on the weekend) $60 online/$75 if you prefer a book sent to your home
- Can be ANY house, not just a foreclosure! that meets FHA standards (no rehabs) Duplex, Triplex, Fourplex, Townhomes & HUD approved condos are OK too.
- DO NOT have to be first-time homebuyer, but MUST BE primary residence - no investment properties!
*620 FICO qualifies for 2% gift - so you'd have to put 1.5% down. 640 & above qualifies for 2.5% Gift
**Can combine with other programs, or family member gifts to help with the rest of the down payment.
For more information - call or email me. I'll be glad to put you in touch with someone involved with this program! 520.444.6471 or Kent@TucsonKent.com