I don’t mean to yell, but I just really, really want to emphasize that you should kick it into gear if you’re on the fence about buying a home.
There has never been a better time to buy. Prices are still relatively low in the Valley and so are interest rates, but there are two more reasons I feel you need to get it moving.
Reason #1: Big changes to the FHA loan program
It’s going to be more expensive to get an FHA loan. What is an FHA loan and why should you care? If you don’t have a ton of money for a down payment, then this is the loan you’ll likely be getting.
When buyers are approved for an FHA loan, they have to pay for mortgage insurance. This is a government-backed loan and the feds want assurance you’re going to pay your mortgage every month. This mortgage insurance would drop off once you had enough equity in your home.
Starting June 1, 2013, you’ll have it on there forever and the amount you’re going to have to pay is going to increase as well. For those that currently have an FHA loan, experts tell me that you don’t have to worry. It’s only for those taking a new loan out.
So that’s a great reason to get on your home purchase now, but that’s not the only one. How about free money to help?
Reason #2: Maricopa County is offering a grant
Take advantage of a grant Maricopa County is offering. I love the word grant. It means you don’t have to pay it back.”
All together rejoice!
It’s called the Maricopa County Home in 5 Advantage Program. You don’t have to give up your first born to get it either.
You do have to take an online class about home ownership, but really, isn’t that worth it? You can get 5 percent to help pay for your down payment or closing costs. Veteran you can get 6 percent.
Your household income must not exceed $90,000 per year.
FICO score must be 640.
Home price maximum is $300,000.
For more information, contact us.
Now, get a move on it people and don’t say I didn’t warn you!
- The best places to celebrate Fall in Phoenix
- Infamous athletes who did the most time for their crimes
- 2016 baseball highlights, bloopers and blunders
- See how CFOs really feel about business in the Valley
- The best television shows on the internet
- A preseason guide to avoid holiday weight gain
- The 5 worst things you could do for your roof
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier