How does $20,000 free money and buying a home with no money down sound? Too good to be true, right? Well, believe it or not this is the real deal! This new Down Payment Assistance Program (DPA) blows away any other program currently available.
The only real ‘catch’ to it is that it is only available in specific cities. Here are the 17 cities where the funds are available: Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson and Yuma.
There are a few qualification standards that may rule some people out, but overall this is applicable to a vast majority of homebuyers.
1) Must have a 640 credit score
2) Cannot have a debt to income ratio higher than 45%
3) Cannot make more than $89,088
4) No New Builds allowed
5) Home price cannot be higher than $356,352
6) Must be purchasing a Primary Residence and not currently own one
7) Must complete an online homebuyer course
Not too strict, right?
Once you are approved for the grant, you receive a ‘silent second’ mortgage for 10% of your new home’s sales price; up to $20,000. So, if you buy a home for $175,000 you get $17,500. If you buy a $275,000 home, you get $20,000. The silent second mortgage is a lien that accrues no interest, has no payment and is forgiven after 5 years!
The US Department of the Treasury has set aside 48 Million Dollars on a first come first serve basis. Once it’s gone, it’s gone.
Our team is certified to offer this incredible opportunity. Please call us with any questions. We are happy to help.