Buying A Home In Arizona

Dated: 01/01/2014

Views: 932

Looking to buy a home in Arizona and need financing? I can refer you to a lender today.  There are different options out there for buyers, and some offer a small down payment.The FHA home loan is a type of mortgage that has traditionally been used by many homebuyers to purchase a home with a smaller down payment. In fact, the minimum down payment on an FHA loan is still just 3.5% and all of those funds can be gifted from a family member for the purchase of a home.  However, there is now a new program that can be used in conjunction with an FHA mortgage to put as little 0.5% down payment on a new home. The minimum down payment has not changed for the FHA program, but you can now obtain a second mortgage for 3% of the value of the home, leaving just 0.5% down payments to be paid by the home buyer. Here is how it works.  A home buyer will be qualified for a standard FHA mortgage for 96.5% of the value of the home. They will then also be qualified for a 3% second mortgage, which is not an FHA loan and does have an interest rate of 8% currently. Then the remainder .5% is provided as down payment by the buyer. For someone who does not have the full 3.5% to put down for the purchase of a new home, this program provides an option to put a smaller down payment right now and then work to pay off the small 3% second mortgage on the home. With home prices and interest rates rising, this is a program that can make sense for someone who has not yet saved up the full down payment needed for a home purchase. CALL COURTNEY RAMIREZ TODAY FOR YOUR REAL ESTATE NEEDS. 520-252-9640. Click my link below these photos to browse #Arizonahomesforsale, or get a free home valuation.

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