Available Down Payment Assistance Funds
As many of you read from a prior blog I posted a few weeks ago, I was excited to share the details about an event hosted by Wells Fargo here in Phoenix called the NeighborhoodLIFT Program. This was a two day event where home buyers came to learn more about homeownership and to qualify for available down payment assistance funds.
Well today, I am excited to share with you that there are still funds available to help people who have a goal to buy a home! The program guidelines are still the same as they were at the event, however, now home buyers must have an accepted contract on a property prior to receiving the down payment assistance funds. Here is a quick overview of the guidelines for the programs:
- Home must be located in the city of Phoenix however it can be any type of home, a foreclosure (REO), short sale, new construction or an investor flip property
- Income requirements are 115% of the median income (there are some restrictions on this, so please contact me for more details on eligibility)
- Purchase contract must be accepted on a property prior to making an appointment to receive down payment assistance funds
- Borrowers are required to have 3.5% of their own funds for a down payment. This money is to help with closing costs and reduce principle balance to ensure a lower monthly payment
- After owning the home for a period of five years the down payment assistance funds are forgiven
- Borrowers do not have use Wells Fargo for their loan approval, however they must qualify with a bank or mortgage banker
If you are interested in qualifying for this fantastic opportunity to receive available down payment assistance funds, please contact me today. Funds are limited and they are allocated as a first come, first served basis. You can reach me at Luisa.Ramirez@remax.net or 623-687-7827.