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In this second episode of The Arizona Report™, we visit with mortgage loan officer Rosie De La Cruz Pollaehne about down payment assistance. Rosie is a veteran mortgage specialist with over 25 years in the mortgage business. She is based out of Phoenix with Security National Mortgage Company.
I invited Rosie to share her insights and experience regarding down payment assistance programs. There are two principal programs, Home in 5 and the Arizona Home Plus program.
Both programs provide qualifying applicants with funds toward a down payment and do not need to be repaid. Applicants must meet minimum credit score requirements and have a household income under the thresholds discussed in the video. Closing cost assistance is also available.
The Home in 5 program is available for Maricopa County residents only. The Home Plus program can currently be used in all Arizona counties except Pinal County.
A few of the questions answered in this podcast episode:
- Does a buyer need a 20% down payment to buy a home?
- What are the maximum household income limits in order to qualify for these DPA programs?
- Do down payment assistance funds need to be repaid?
- Is down payment assistance available only for first time home buyers?
- What can I do if my credit needs to be cleaned up in order to buy a home?
- What is a closing cost concession?
- What are the minimum FICO credit scores to qualify for down payment assistance programs?
- Can I use these down payment assistance programs for a rental home or vacation property?
Rosie can be reached at 602-790-7703 or rosie@snmc.com.
Links to the Home in 5 and Arizona Home Plus program are included below:
The program was recorded on Tuesday, August 22, 2017, in our Scottsdale studio.
Generally, there are three rules when it comes to borrowing money: You need to have good credit, proof of income and cash for a down payment. Most people have the first two, but it’s the third that trips them up. And nowhere does that come into play more than the mortgage market.
– Jean Chatzky, American financial journalist, and author
