Zero Down Loans (Yes, $0 Down) are still happening in the Phoenix area for owner occupied purchases, up to $365,000 sales price.
Due to the repeated requests for information on this topic, I will provide a Re-Print of the March’s FHA 0 Down Ameridream Article.
Next week we will follow up with an article on How to Receive $20,000 Per Year- Through FHA Puchase- To Pay For Your New Mortgage
Here’s the Re-Print of Last Month’s Article
March 7, 2008
I want to update you on TODAY’S MAJOR ARIZONA MARKET CHANGE with FHA owner occupied purchases. It will affect our economy and home values almost immediately.
AS OF TODAY:
$356,500 max purchase price
Max loan size- $346,250
This news is revolutionary, and will begin turning the Phoenix market around with the supply and demand imbalances as FHA now allows first-time AND non-first time home buyers to purchase about 70% of the available Phoenix market’s inventory of homes with HIGH QUALITY, LOW RISK FHA loan terms.
5 Facts about FHA Loans to remember:
1) The COST PER THOUSAND with ZERO DOWN FHA is about $7.25 per $1,000.
2) ZERO DOWN ALLOWED!
3) FHA still allows DPA, or Down Payment Assistance, which means that AmeriDream and other DPA organizations are still ALLOWING ALL DOWN PAYMENT AND CLOSING COSTS TO BE PAID BY THEM, AND CONTRIBUTED BY THE SELLER OF THE HOME.
4) This means that ALL EARNEST MONIES CAN BE RETURNED TO BORROWER AT CLOSING.
5) NO CREDIT SCORE REQUIREMENT BY FHA– Low scores not a reason to be denied qualification.
(HUD approval and credit approval required.)
Andrew Schmidt, Nations Home Funding, Inc. ACSchmidt4@aol.com BK0905991