Long Explanation: Four percent of the loan amount is given to a borrower to cover their down payment and a portion of their closing costs. Veterans receive 5 percent and, since they are already eligible for 100 percent financing, the 5 percent covers most of their closing costs and essentially they get into the home for very little out of pocket. There is a minimum credit score requirement of 640, and your household income cannot be higher than $88,300. The maximum sales price of the home in Maricopa County of $280,800 with max loan amount of $271,050. NOTE: The Home in 5 program also is now open in Yavapai and Coconino Counties – and if it goes like it has in Maricopa County, expect there to be a mad rush to get approved for the program.You do not have to pay the money back – Home in 5 is a grant and not a loan.
Author:Serena Pell Phone: 623-258-6703 Dated: November 12th 2015 Views: 1,720 About Serena: ...
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