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.
Solutions Real Estate has the Solution to all of your Arizona Real Estate needs. Veteran owned company based in Gilbert, Arizona with several offices throughout the Phoenix Metropolitan area. Currently expanding in southern California in the San Diego market.
"Working with my Solutions Real Estate agent has been a true pleasure. I relocated to the Phoenix area and quickly determined that the Gilbert area was a great fit for my family after meeting with our agent. Our agent was able to explain the Arizona real estate market to us and help us narrow down our home search based on our criteria. We love our new home in Gilbert and would recommend Solutions Real Estate to anyone!"