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.
If you like what you are reading, please subscribe to my blog
BK-0904024
 |
|
|
I provide full service mortgage planning and guidance for the Tempe/Mesa AZ community. I specialize in helping first-time homebuyers obtain homeownership through FHA, VA and conventional mortgages.
Mortgage Servicing is a JOKE!: How to Avoid the Headache
Arizona Identified as a Declining Market: Appraisal Reviews Required
My Arizona Cardinals: Spoiler team of the Century!
Arizona State Sun Devil Football Update:
Arizona Motor Vehicle Department Provides Courtesy Services?
Mesa, Arizona: First Time Homebuyer Workshop and Complimentary Dinner
Arizona Mortgage Advice in both English and Espanol
Picking a Mortgage is NOT like Picking Fruit
Mortgage Market Reports Updated Daily on my Website
Arizona State Sun Devils Kicked Off its Basketball Season Today
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
We have similiar local programs called SHOP & HAP for Springfield and Eugene. The only problem with the program is the income limitation, unless it is a big family.
Thanks so much for answering a question that just came up. Please continue to keep us informed. These days, in the <a href=http://PremierDenverHomes.com >Denver real estate</a> market, financing is the key to getting anything done.
Gary - I did not know this, I'll have to check out the link. Thanks in advance, man. Have a great weekend.
Fred- The program is income restricted here as well, but will help a lot of people who were using DPA in the past. Thanks for the comment.
Gary, great information, but I would not count out the DPAs just yet. On July 31, 2008, members of Congress introduced a new DPA Reform bill - the FHA Seller-Financed Down Payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). If passed, this bill would reinstate down payment assistance and allow it to continue indefinitely. I'd like to encourage everyone to ask their local representative to support this bill - H.R. 6694! For more information about how you can help to preserve this program and continue to help your clients realize the American dream, go to: http://www.dpagroundswell.org/
Jason- You are welcome!
Angel- I knew about this, but until it gets enacted, if does not fix the problem at hand. At this time I am trying to share alternatives that are currently available. Good information. Thanks for the comment.
Gary- I was talking to someone here in Ca and they said they have to have all their docs to the lender bu the middle of September....in order to use the Ameridream Program? I thought you had said the end of September. Anyway I will have to go check that is other Program out...thanks for the update.
Kathy- Some banks are cutting them off early. We originally were going to but they now pushed our deadlines to fund and record on DPA deals back to 9/30/2008. I am now seeing sellers not accepting offers if the buyer is using DPA because they are afraid if the deal does not close in time, that they will not have a deal. I would get your offers in quick if you need to use DPA. I can do the deal if your client needs the help.