Grant Money For Purchasing a Home In Phoenix Area

Good News For Buyers!  Down payment assistance is back! Plus, sellers are offering help with closing costs again!  Perfect time to purchase a home.  Below are some unique financing options for the Phoenix, Arizona, area.  These options are temporary options, once the lenders run out of money the program will be gone.  Please Don't wait!

Option 1

Right now, there is a $15,000 grant offer from a local bank, it can be used for down payment or closing cost. You must have a 620+ FICO score, the interest rate is between 5.25%-5.99% 30 year fixed.  It must be your primary residence. You and the property needs to qualify for the grant.  There are other requirements on this program.

Option 2

A local lender is offering $2,500 towards closing cost and a $2,500 Home Depot gift card.  The buyer must qualify for this program.  There is only one lender providing this program. 

Option 3

A 3-2-1 buydown or a permanent buydown.  What is a 3-2-1 buydown, for example let's say the market interest rate is 6%. on a 3-2-1 buydown the first year would be 4%, the second year would be 5% and 3 year through 30 the interest rate would be 6%.  A permanent buydown for example probably buy the 6% interest rate down to a 5.5% interest rate for the entire 30 year mortgage.

Some sellers are paying buyers closing cost and some homes are selling about 2%-3% below asking price. There are more programs available, this is just a few.  Contact Michelle Quackenbush with Lucky Duck Realty for more info.

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