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Home Buying Different

Get 22% off Your Next Home! (seriously)

August 3rd, 2009
Categories:Real Estate News

iMortgage has recently released a new loan program for homebuyers. It allows homebuyers to get 22% of their loan for free and do 1% down. FHA, Conventional, VA or USDA it doesn’t matter, this program will work. However, like most good deals the opportunity might not last long!

The program has one small catch, but if you can find a way around it this is an excellent way jump into a home with very little down!

Here’s a quick summary:

1. The buyer still needs to come up with 3% down, however 2% of that can be “gifted” from a family member (etc)
2. The 22% from ADOH never has to be paid back if the buyer stays in the home for 5-15 years! (depending on the amount) and if they pay it back, its a zero interest loan!
3. This applies to bank owned properties only
4. The home must sell for 1% below market appraised value (the catch)

Here is what i have so far. For more information contact Beth Wakeley: beth.wakeley@imortgage.com

The Arizona Department of Housing (ADOH) will be offering 22% in purchase assistance to qualified homebuyers purchasing a qualified foreclosed home in Arizona.

Borrower Qualifications:

• Primary residence, owner occupied
• Does NOT have to be a first time homebuyer
• Household income limits apply
• Minimum credit score of 620
• Maximum debt-to-income ratio of 31/43
• May have non-occupant co-borrowers
• Must be approved by AUS
• Must have 2 months of PITI reserves
• Must attend an approved homebuyer education course

Down Payment:

• 3% of Purchase Price
  • 2% can be a gifted
  • 1% must come from the homebuyer

Property Requirements:

• Foreclosed properties only (bank-owned)
• One-unit detached single family homes, condos or town-homes
• Must be vacant
• Purchase price must be 1% below current market appraised value

Loan and Grant Terms:

• First lien (loan) can be FHA, VA, USDA or Conventional
• 22% of purchase price for ADOH loan
• Grant is in the form of a silent second
• No monthly payment (0% interest)
• All ADOH loans are forgivable after required period
  • < $15,000 = 5 years
  • $15,000 – $40,000 = 10 years
  • > $40,00 = 15 years
• Seller may contribute 6% towards closing costs

Got questions? Send us an email – mail@FlinskRealEstate.com

Happy Home Hunting!

Related posts:

1. Fact or Fiction: 1% Down FHA is Back?
2. Big 3 – Loan Programs
3. Housing and Economic Recovery Act
4. Government Workout Programs
5. 4 C's of Mortgage Lending

Tags: 1% down loan, 22%, beth wakeley, conventional, fha, imortgage, loan, Mortgage, usda, va

This entry was posted on Monday, August 3rd, 2009 at 12:11 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Danielle said at August 21st, 2009 at 9:45 am

   Is this program available in California?

2. Marcus Fleming said at August 21st, 2009 at 11:46 am

   Hey Danielle,

   Because this is a state sponsored program, this specific program is not available in California.

   I called a couple loan officers to see about getting you the name and number for a good California loan officer that might know of a similar program.

   As soon as I hear something I will let you know or I will post the information here.

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