Home IN 5 is a Down Payment Assistance, government grant. There is still a government grant that provides down payment assistance/closing cost assistance for potential home buyers.Home in 5 is unique to Maricopa County, AZ including the City of Phoenix. Through the Home in 5 Advantage program, families and individuals who qualify can receive 3.5% non-repayable funds for down payment/closing costs. Qualified Military personnel can receive 4.5%. Financing for these loans is available on new or existing homes, condominiums, townhouses or manufactured homes. This program has a number of unique properties.
• Buyers must have a minimum FICO score of 660 with a maximum debt-to-income ratio of 45%
• Standard loan guidelines apply to FHA, VA or USDA.
• All buyers must complete a home buyer education course and obtain a certificate of completion.
Academy Mortgage is proud to help Veterans and active military achieve the dream of home ownership. Current members of the U.S. military or Veterans may be qualified for our VA Loan Program. The VA Loan Program offers up to 100% financing.Some additional benefits of this program include (1):
• Zero money down
• No monthly mortgage insurance
• Gifts and home-seller contributions accepted toward closing costs
This program can be combined with Maricopa County down payment/closing cost assistance program Home in 5. This will essentially cover all expenses and down payment.
An FHA loan requires low down payment and is insured by the Federal Housing Administration a government agency with the U.S. Department of Housing and Urban Development (HUD). This is a common program due to low FICO and down payment requirements. There are some great benefits to this program (2). Updated guidelines as of September 14,2015
• Low down payment (can be homebuyer’s and/or gift funds)
• Lower credit scores
• Less stringent income requirements
• Can use gift funds for down payment or closing costs
At Academy Mortgage Mesa we strive to bring the dream of home ownership to numerous homebuyers. The FHA Low Fico program lowers the minimum FICO score required to 580. This program is a great solution to those with less than perfect credit. Program benefits include (3):
• Fixed rate home loans insured by FHA.
• Low down payment options
• Fixed interest and fixed monthly mortgage payment.
There are some eligibility requirements
• FICO score above 580
• Debt-to-income ratio of 43%
Properties must be single-family homes and approved condominiums.
With interest rates still at historic lows and with Academy Mortgage’s broad portfolio of products to choose from, now is a good time to consider refinancing your mortgage. If your current interest rate on your mortgage is significantly higher than today’s lowest rates, you may be able save thousands of dollars by refinancing. Refinancing your mortgage may:
• Lower your monthly mortgage payment and reduce the amount of interest you are paying.
• Enable you to shorten the term of your loan to pay it off sooner. This option may raise your monthly payment, but could save you a substantial amount of interest over the term of the loan.
• Allow you to consider a fixed-rate mortgage, which has an interest rate that is fixed for the entire term of the loan, as compared to an adjustable-rate mortgage, which has an interest rate that can fluctuate based on market conditions.
Conventional Mortgages are popular with homebuyers who have excellent credit and money to put down. Academy’s Conventional Mortgages—including Fixed-Rate Mortgages, Adjustable-Rate Mortgages, and Jumbo Mortgages. A conventional mortgage is underwritten and insured by a private lender, not the federal or state government. Conventional Mortgages offer the following features:
• Buyer has immediate equity in the property.
• No private mortgage insurance is required when the minimum down payment is met, which is a great advantage.