HOME Program

Dated: 12/03/2018

Views: 200

Lenders sometimes offer programs to help buyers along with their down payment and closing costs. Read below about the new HOME program from BBVA compass:

Home

Ownership

Made   

Easier

This program is:

*available for clients seeking a primary residence in a low- or moderate-income census tract

*available for clients whose income is in the low to moderate range for the area’s median income range

Income requirements:

* income must be less than 80% of the median family income

* if the property is in a low- or moderate-income census track there is NO INCOME LIMIT

Take advantage of the low-down payment:

*down payment as low as $500, so there is no need to save a large amount

*can be gifted funds

Other benefits of the program:

*the seller can contribute up to the total amount of closing costs and pre-paid items

*additional funds can come from gift funds from relatives, gift of equity or the BBVA Compass Down Payment Assistance program

*no mortgage insurance needed

*BBVA may pay certain closing costs, UP TO $4500, including fees for underwriting, processing, taxes, flood certifications, appraisal, credit report, lender title policy, county recording fee, pest inspection and surveying and others

Eligible property types

*1 unit Single Family Residences

*attached and detached housing

*condominiums

Requirements:

*620 credit score

*1 month reserves

*homeownership education course (cost is around $75 for the online class)

To learn more about the HOME program contact The Stephanie Woods Team 928-237-4435, https://www.prescottazhomefinder.com/

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