Melanie Stern At Home.

As of June, 2009, a Downpayment Assistance Program is available called the "Find Your Way Home" program. What is great about this program is that is can be used statewide. There are no restrictions based on zip codes. Buyers can use these funds, up to 22% of the purchase price, to supplement their 3.5% minimum FHA loan downpayment. Even with the 3.5% minimum downpayment, a Buyer only needs to come up with 1% of the purchase price towards their downpayment...the remaining 2.5% can be gifted to them from a family member.

As an easy example...say a home is $100,000. A Buyer will need $3500 downpayment. In addition, through this program, they can receive up to $22,000 to use towards more downpayment. Basically, A Buyer's loan amount would then be $74,500 instead of $96,500.

There are certain requirements of this program. A Buyer must take an 8-hour course through the program. I urge you to go online or call to schedule your course time as it is already booking appointments 3 weeks out. There are also income requirements (less is more). Buyers also need to stay in the property for a minimum of 5 years up to 15 years based on the dollar amount granted. Maximum purchase price in both Maricopa and Pinal Counties is $346,250.

This is available to Buyers who are purchasing single-unit property to call their "home". In short, no duplex, triplex, fourplex, or any property purchased to be used as investment property will qualify. However, if you currently own a home, you can qualify as long as your current home is being rented and you can show a rental history for at least 12 months.

There are also property specifications that could create a "snag" in a transaction. Most importantly, the property has to be valued (appraised) for at least 5% more than the purchase price. Arizona's current market trends, especially in Maricopa and Pinal County, would warrant a Buyer's quick response as property inventory is shifting in balance from oversupply to balanced-supply. Couple this with the increase in Buyer activity and pending sales and appraised value does become a factor of concern in this program. With this much free money up for grabs, there is no such word as "wait".

Finally, mainstream America is receiving what we truly deserve, the means to a homeownership end. Hurry..these grant funds are available on a first-come, first-serve basis. Once the money is gone...so is the opportunity! For more information, www.YourWayHomeAz.com or 602.771-1000.

*It is crucial to use the services of a professional, seasoned Realtor when using any type of special financing/down-payment program as it can make the difference between success and, well-- the alternative.

We've all been guilty of this-- searching online for information about a particular subject so we can get a better understanding about it. There is a vast difference between getting a better understanding about something and becoming an expert.

True, we can read information and process it one-dimensionally in our minds. To take learned information and use it in three-dimensional application is an entirely different story.

When searching for real estate information, the same applies. To put this quite simply, consider a property listing that you have seen online. Looks good-- heck, it even sounds good. You make the appointment to see it and you could swear it's an entirely different property.

How? It is not necessarily due to misrepresentation; but more accurately a difference in perception. We all know that perception-- whether skewed or not, IS reality.

When considering the purchase of property; moreover in today's upside-down marketplace, it is essential to protect your own interests and utilize the services of a Buyer's Realtor.

You may believe that you will "get a better deal" when purchasing a property without the assistance of representation. You may believe it is wiser to use the services of the specific Realtor that has the listing of the property you are interested in purchasing, to cut you a better deal. The Listing Realtor has a fiduciary responsibility to the Seller to represent their best interests-- period. A Buyer's Realtor has the express fiduciary responsibility to represent the best interests of the Buyer-- period. In this scenario, both sides of the transaction are represented equally. Utilize the knowledge of a Buyer's Realtor to protect you to grasp the difference between purchasing a single-family home or a condo; a traditional listing versus a short sale, or even a bank-owned property.

Knowledge is power-- especially in real estate. So arm yourself with the best protection available; consider the services of an experienced Buyer's Realtor.

LOL...and it's not enough to consider this blog or any other blog to provide sufficient information to make you an expert on anything. Speak to a live person about what their expertise is, or better yet meet them-- in person, even me, face-to-face. What a novel idea. :) 

Sought After 3 bedroom!

• 1,132 sq. ft., 2 bath, 3 bdrm single story "Upper Level" - $122,400 - Bank-Owned!

Woodland Springs, Scottsdale  -  Fantastic opportunity for anyone looking for a great deal, while living close to the center of it all in Scottsdale. This 3 bedroom, 2 bath REMODELED condo offers resort living at a fraction of the price. Eat-in kitchen with dishwasher and disposal, tile floors, high speed internet and cable available. Outside, covered patios, community pool and spa, plus tennis! HOA covers exterior maintenance of the unit, water, sewer, garbage, and your blanket insurance policy. Easy living that's move-in ready! Call or email for more information.

Property information

Newer Build & Gorgeous!

• 1,982 sq. ft., 3 bath, 2 bdrm 3-level split "Loft-Style" - $306,000 - Bank-Owned Loft

Artisan Village, Phoenix  -  Great opportunity to grab upscale downtown Phoenix urban living at a bank-owned price oh-so-low! This 1982 sf townhome in the coveted Artisan Village offers modern-day conveniences located amidst historic areas of town. Enjoy city light views from your balcony or serenity from your own private courtyard. Basque in contemporary living, open loft/, great room, bedrooms with wood flooring, concrete floors, kitchen with stainless steel appliances, to include a refrigerator, pantry, eat-in kitchen, with dining featured open to the great room. Master bedroom with full bath, walk-in closet. Large Garage too. See what urban chic is all about. For more information, call or email.

Property information

Potential for Guest Quarters

• 1,115 sq. ft., 2 bath, 3 bdrm single story - $104,900 - BANK-OWNED BARGAIN

Peterson, Tempe  -  $15,000 PRICE REDUCTION! FANTASTIC BANK-OWNED TEMPE PROPERTY! Split floorplan with eat-in kitchen, family room, and separate entrance in back which makes potential for guest quarters viable. NO HOA! Needs some repairs. Consider using a renovation loan for purchase, either conventional or FHA will work; build your remodel into your loan. For more information, call or email.

Property information

Near Baseline Corridor and South Mtn

• 1,176 sq. ft., 2 bath, 3 bdrm single story - $57,000 - BANK-OWNED& PRICE REDUCED

Ponderosa Village, Phoenix  -  Bank owned and just price-reduced!! Fantastic opportunity for first-time buyer or investor. 3 bedroom, 2 bath abode with fireplace in living room. Family room and eat-in kitchen. Tile, carpet and vinyl floors. Cash, conventional, and FHA ok. Property requires some fix-up; utilize renovation loan and remodel included in purchase. Call or email for more information. Hurry-- property will move fast!

Property information

Santa Barbara Architecture

• 3,723 sq. ft., 3 bath, 5 bdrm 2 story - $258,000 - Bank-Owned Will Go Fast!

Surprise Farms, Surprise  -  Fantastic opportunity to get into that expansive home you've always dreamed of. 3723 sf of home on over 11,000 sf lot. Bank-owned and priced to move fast! 5 bedrooms, 3 baths, and an office. Fabulous kitchen with pantry and island and eat-in area, separate formal dining area too. Family room and living room with fireplace. Carpet and tile throughout. Master bedroom is a retreat with separate tub and shower, and a double-sink vanity. High speed internet and cable available. North/South exposure. Extended covered back patio.
3 car garage too! Call or email for more information.

Property information

Great Bank-Owned Home w/Mtn Views!

• 2,495 sq. ft., 3 bath, 4 bdrm 2 story - $149,900 - ONLY $60.00 PER SQ FOOT!

Sierra Montana, Surprise  -  Beautiful bank-owned property priced at just $60/per square foot! This 4 bedr/2.5 bath 2004-built Taylor Woodrow property features large family room and living room, dining room, and office area. The secondary bedrooms are larger than the norm, with the master suite at 17' x 14'. The master has a walk-in closet, with a separate tub and shower in the bathroom, and a vanity with double sinks. The kitchen has an island for extra storage and cooking preparation space, a pantry, and a breakfast bar. The home is also pre-wired for satellite dish. High speed internet and cable TV available, plus multiple phone lines. Carpet and tile throughout. Ceiling fans, and multi-pane windows. Front and backyard landscape watering systems. 3 car garage with electric door opener, and cabinets. For more information, call or email.

Property information