Normally, 3.5% down is required to purchase an FHA home. With this program, 2.5% of the required down payment is gifted to you from an approved 501-3(C) non-profit charity. This is huge, considering that you could buy a home that cost $100,000 with only $1,000 down versus the $3,500 that would be required without the benefit of the program. In fact, the remaining 1% can be gifted to you from a family member, union or employer, leaving you with ZERO to pay down to own a home.
In addition, the seller is encouraged to contribute up to 6% of the selling price to help you save even more. This money can be used toward prepaid expenses such as closing costs. Sellers are not required to do this, but those that do typically sell their homes faster because it makes it more accessible to those who do not have a lot of money to spend.
There are many advantages of this amazing program, the most obvious being that you can buy a home that you can actually afford. Unlike many other programs, you do not have to be a first time home buyer and can currently live in your own home. If you really aren't in the market for a single family home, there are other options available to you - condos, duplexes, town homes, any FHA approved property housing up to 4 families is allowed.
Worried that you make too much money? If you feel that you may be "on the borderline" of making just enough to be disqualified, income limits are determined by the county in which you live and have been expanded. This is truly an incredible program, and one that you do not want to miss if you have long desired a quality home for your family.
Co-signers are allowed and the seller must reside in the home at the time of purchase. Additionally, you should have a minimum FICO 640. You never have to repay the gift, and there are no pre-payment penalties if you should decide to pay off the loan early. Does this sound like just the solution to your down payment woes? Learn more today, and take advantage of America's Home Buyer Solutions Gift Program (http://www.arizonahomeloan.org/
Learn about the Arizona home loan (http://www.arizonahomeloan.org) programs available on our website today!
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Article distributed by Joel McLaughlin. These press releases are used to help inform the public of new valuable information relating to several different industries.