There is another program that is not NSP funds and the good news it is not limited to only bank owned or foreclosed properties.

It’s a gift program that provides a gift of up to 2.5% of a homes value that does not need to paid back to be used towards the minimum FHA requirement of 3.5% for down payment and or closing costs. This allows home buyers to purchase any home with a FHA 30 year fixed mortgage with as low as 1% down.

As the programs director for The Lending Company, I am thrilled to be able to help Arizona residence be able to take advantage of the program and buy a home.

Here is an article about the program:

Down Payment Assistance Arizona – 1% Down, No Strings Attached
Unfortunately, many people cannot afford to buy a home because of the lack of funds for a down payment. Prices have been falling since 2008, and now is the time to buy
Published on November 06, 2009

by Joel McLaughlin

(OfficialWire)

PHOENIX, AZ

In fact, it’s easier than ever to get into a home of your own! The Arizona Home Buyer Solutions Program makes it easy for you to own a home with as little as 1% down, and no strings attached.

This new program is available only in the state of Arizona, and helps eligible homebuyers by providing up to 2.5% of the down payment in the form of a gift, which does not have to be repayed. This is perfect for families who have previously not been able to come up with the down payment for a home, but are eager to find a quality, affordable home.

The Arizona Home Buyer Solutions Gift Program offers this gift to you through an Arizona based HUD approved non-profit charity, so this is not a seller funded down payment. The lender involved in this gifting is an exclusive lender, and there are many benefits that allow those who previously could not afford it to purchase a home. This is NOT limited to first-time home buyers!

Recently, there has been much in the news about short sales, foreclosures and other methods of getting a home for a greatly reduced price. However, this program is not limited to those homes or properties that are vacant. This gift works with 1 to 4 family homes, and condominiums that are HUD approved.

The Arizona Home Buyer Solutions Gift Program is available only in the state of Arizona, and buyers should be within FHA Median Income Limits which is $150,870 in Maricopa County, with non-occupant co-borrowers allowed as long as they qualify. Unlike numerous other programs, nearly any property that qualifies for FHA qualifies for this program!

Are you ready for your chance to finally purchase a home for your family that you can afford? This is a once in a lifetime opportunity for those who could not come up with a down payment to get into a beautiful home – with absolutely no strings attached! Learn more about this gifting program, and begin your search for that home or property you have been dreaming of.

The 1% down can actually be gifted by an employer or family member, so in these circumstances this loan can potentially be 0% down.

If anyone has any questions, Please feel free to contact me at 480-621-4247 or MNewman@TheLendingCo.com

“National Stabilization Program Highlights:

* If you own a residence, you must be leasing your primary residence at least 12 months before applying for the program.”

HA has not changed their guidelines recently, they still require a 3.5% down payment. So why are folks saying you can get a loan with 1% down?…

Sorry for the delay, I wanted to be “sure”!

The 90 day seasoning period for buying foreclosed properties DOES NOT APPLY when the property is owned by the lender who foreclosed.

From a memo I got from one of our lenders:

“HUD has recently announced the extension of the Property Flipping Waiver that was issued on June 9, 2008. The waiver originally expired on June 10, 2009. The waiver has now been extended until May 10, 2010. Details of the waiver are as follows:

Under the waiver, homes that were foreclosed on and are being sold by the mortgagee or on its behalf may be purchased by FHA borrowers without regard to the 90-day seasoning period.

The waiver does not apply to entities that purchase foreclosures either singly or in bulk for resale.

Subsequent sales of such properties will continue to be subject to the standard regulatory requirements.

Hope this helps!
–Justin