Down Payment Assistance Programs And How They Really Work

Down Payment Assistance Programs And How They Really Work

Down Payment Assistance Programs And How They Really Work


So there's the Home in 5 Program, MCHAP, Neighborhood Stabilization Program and a handful of others, depending on where you live that are seemingly more available nowadays.  Since there is a lot to know in the fine print, I am going to tell you what is important in these and is very common across all of the different programs.  You will see that when you work with a local area professional who is equipped to serve your needs, they will be well aware of these programs and prepared to guide a buyer through the maze of paperwork and qualifications.  I will show you how easy it should be with these down payment assistance programs and how they really work!

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1.  You must be able to qualify for a mortgage loan based on income, debt and credit history.

2.  Participants must enroll in a homebuyer counseling course at there own expense (some are FREE, contact Andrew to get the info)

and attend an all day homebuyer education course to be eligible for the assistance money.

3. The money received can be used to go towards your down payment and closing costs

4. The programs usually require you to make a minimum of a $1000 contribution towards down payment, or 1/2 of the loan program required down payment must come from buyer (ie. FHA loans require 3.5% down payment. 1.75% would need to come from buyer).  

5. The money received is usually recorded as a silent 2nd lien agains the property until the buyer has fulfilled the program requirements (ie. MCHAP has a 5 year silent 2nd lien that goes away after 60 months, as long as the buyer has fulfilled the program requirements like living in the home as a primary residence.)

6. Must not own any other real estate

down payment assistance programs and how they work


The programs mentioned are just a few of the assistance programs offered thru various grants and assistance programs thru Maricopa County.  Other similar programs exist in Pinal County (just contact Andrew for more info).  We work with a great team of mortgage lenders to help your home buying experience be as smooth and hassle free as can be.  Take advantage of down payment assistance programs and how they really work by contacting Andrew Texidor of Solutions Real Estate at 602-909-9414 or call Saul Mendoza (hablamos espanol) at 480-206-1792.

Shameless plug:  I just helped a US Navy Veteran #Hero buy a home that was renovated thru the City of Phoenix Neighborhood Stabilization Program and we were a little late to the show...I mean we were having a hard time finding a house and then I thought of NSP and found this home and called the listing agent and she told me she had 6 offers already...we still went and looked and wrote an offer and ours was accepted among all other offers because our contract was complete and the paperwork for the assistance program was complete and correct...we had submitted the only complete and correct offer and so my client just closed on this totally remodeled home and was given $15,000 towards a down payment and closing costs for his loan.It is of utmost importance to use an experienced, professional Realtor when buying a Phoenix area home...our professional buyer representation costs buyers nothing as sellers pay our commission, so you get full service real estate professionals and mortgage lenders, a great title team and home inspectors from our network to give you the best buying experience you can have.

Go ahead and call Andrew Texidor at 602-909-9414 or Saul Mendoza at 480-206-1792.

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A few of the cities that the MCHAP (Maricopa County Homebuyer Assistance Program) is offered:

Goodyear, Buckeye, Laveen, Tolleson, El Mirage, Queen Creek, Wickenburg and Unincorporated Maricopy County.  

Contact Andrew Texidor for more information on down payment assistance programs and how they really work!


Andrew Texidor

Solutions Real Estate

602-909-9414

http://www.AndrewTexidor.com


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Phone: 480-838-9613
Dated: May 22nd 2015
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