The Home in 5 Bond Program a great substitute to Ameridream and Nehemiah

With so much talk about down payment assistance programs (DPA's) going away some homeowners will be left out in the cold and will be wondering about how they too can buy a home in such a great buyers market.

Most lenders out there are just not offering any 100% financing options. Our company is very limited in this situation as well. Currently we only have 1 program that will finance a borrower 100%. It has so many limitations that is just does not work with the typical homeowner. Some will qualify, but most do not.

So your best options are to work with the loan programs that do require a minimum down payment and seek out the Home in 5 Bond Program. I wrote a blog about the pro and cons of this program back in August of 2007: Home in 5 Bond Program VS. Ameridream DPA, Maricopa, Arizona. Up until recently, I really felt that Ameridream was the better alternative to this program. Ameridream was funds that did not need to be repaid, and the bond does. However, since DPA's are going to be a thing of the past starting October 1, 2008 I think a great alternative is the Home in 5 Bond Program. Our company and has already been set up to do this program, not every lender is set up. The funds are available throughout the state of Arizona. If you have limited funds to buy a home and still want to buy in this market, please give me a call.

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