I receive a lot of questions on the Home in Five Down Payment Assistance Program. The most popular question is of course regarding the availability of funds for non-targeted areas. Well, if you were waiting for these funds before making your purchase then wait no more. We have some good news today. I received an e-mail this morning that there has been $2,000,000 released for down payment assistance in non-targeted areas.
What does this mean to you then?
This means that money is now available for down payment assistance on properties that are outside the designated targeted zones but inside Maricopa county. Just so everyone is clear here are some quick facts:
- Borrower must be fully approved for a loan program which allows the use of down payment assistance (such as FHA)
- Borrower can use funds to purchase anywhere in Maricopa county.
- The borrower does not need to be a first time home buyer (for these funds).
- Have a property in escrow, appraised and underwritten – since the money runs out quick.
- The rate on this program is 6.3% and the assistance is 5% of the purchase price.
- Funds are disbursed on a first come first serve basis.
This program allows up to 5% down payment assistance. Funds can be used to pay closing costs as well, it just depends on how you end up structuring the loan with your loan officer.
Just a reminder that these funds are HUGELY popular and go fast, so if you are anywhere close to finding a property…this is a SUPERB time to take the plunge!
Read more on the Home in Five Down Payment Assistance Program.