Phoenix New Home Mortgage:
Looking for a Phoenix new home mortgage? Do you require down payment assistance? No problem. The City of Phoenix has a down payment assistance program that will give you $15,000 to be apply towards your down payment and closing costs. What’s the catch? You must live in the home for 15 years. Otherwise, you will pay the money back to the city. There are income restrictions to this program. For example, a family of four can’t make more than $51,400. One does have to take an 8 hour home counceling class. Funds are limited each year and based on first come first serve with the City of Phoenix. The funds for this program tend to run out very quickly.
Income Exceeds The Loan Limit
Consequently, do you make too much money for the City of Phoenix grant fund assistance program? Do you have any VA benefits? If you answer yes, VA loans offer no money loan programs. Furthermore, there is no monthly mortgage insurance on any VA loans which makes a VA loan very atttractive. To qualify, though one must have served in the US military and be VA eligible.
I do not have any VA benefits? Do I have any options? Yes you do. How about a 3% or 5% down Conventional loan? To qualify for the 3% down loan program you need to have some reserve requirements. That means after you pay your down payment and your closing costs, you still need to have money left in a checking, savings, or money market account. Most people do not have reserve requirements. As a result, they put down 5% for their down payment. To qualify you need a middle fico score of 620 or higher to qualify. You also need to be continuously employed for the last two years. If you have recently been unemployed and went back to work you need to wait until you have been on the job for six months to qualify.
For more information on our Phoenix new home mortgage loan products, call 602-358-8717.
Article 1: Phoenix New Home Mortgage