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EASING YOUR WAY INTO HOMEOWNERSHIP: A GUIDE TO LOW DOWN PAYMENT MORTGAGE PROGRAMS
By Casey Ross
Century 21 Centre Point
Phoenix, Arizona

There’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.

Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.

While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.

Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.

Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.

Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.

Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.

Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment! As always, please call us with any questions you may have or if you need assistance finding that dream home to purchase.

Happy Holidays! Casey Ross, Welcome Home Realty 623-326-4132

Arizona Real Estate Update

The amount of Arizona homes, condos, and townhomes that expired in the month of November was: 4065 according to the Arizona Regional MLS.

Total number of Arizona homes, condos, and townhomes that closed escrow in the month of November was: 6322.

Many forecasters that predicted a huge real estate market bubble burst are slowly but surely eating their words. The Arizona market seems to be on its way to recovery after hitting its rock bottom.

Mortgage rates are still at all-time lows and these companies looking to recover from slower months are offering numerous, creative ways to finance home purchases.

The Arizona market still continues to be a buyers market and it is a great time to purchase a home in order to take advantage of tax benefits for the 2006 calendar year.

Arizona homes for sale-One quick search

AVONDALE ARIZONA HOMES FOR SALE:	SURPRISE ARIZONA HOMES FOR SALE:
Brand new Avondale home-4000 sq. ft.!	»Gated community, Sparkling Pool, Peoria Unified Schools!
Only $99/sq. ft-New Avondale Home for sale	»Immaculate Surprise home, Corner lot, Affordable!
Large family home in Avondale AZ-Need Space?	Great value, Priced below smaller homes-Surprise
Brand new Avondale AZ home-Large loft and den	»Immaculate Surprise home, Corner lot, Affordable!
A great floorplan-Take a look!	First time Surprise Homebuyers? Take a look!
LITCHFIELD PARK ARIZONA HOMES FOR SALE:ODYEAR	» Brand new, Surprise AZ home for sale, Veramonte!
Open floorplan, pool, 3 car garage-Litchfield Park AZ home	EL MIRAGE ARIZONA HOMES FOR SALE:
LAVEEN ARIZONA HOMES FOR SALE:	Ready for move-in, $$$ in upgrades-El Mirage AZ
Almost 3100 sq. ft Laveen AZ Home!	Upgraded, El Mirage AZ home-Move-in Ready and affordable

Arizona Homes for Sale-View Arizona Real Estate below

3 Bdrm Single family house - El Mirage El Mirage Arizona Home for Sale, Wonderfully upgraded- A sacrifice at this price! Outside - Front additional information map this property Contact Info Casey Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $235,000 Street 12617 W. Surrey Ave. City and State El Mirage, AZ Property Type Single family house Year Built 2003 Sq Footage 1,615 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 2 car garage Lot Size Unspecified HOA/Maint $0 per month Description Completely upgraded! Seller has spared no money turning this home into an elegant beauty. The best value in El Mirage. From the moment you walk in the home you will see the upgrades and wide open floorplan. Many, many extras...Call today to request a showing, available just about anytime to show! Property Features - Central A/C - High/Vaulted ceiling - Walk-in closet - Tile floor - Family room - Office/Den - Dining room - Breakfast nook - Dishwasher - Stove/Oven - Microwave - Laundry area - inside - Yard Community Features - Garage parking Other Special Features - 20 inch tile throughout except bedrooms - High vaulted ceilings - Wide open floorplan with great room - Den with french doors and area for closet-Could easily be a 4th bedroom - Spacious kitchen with island that has cabinets - Dining area out of traffic area - Split master bedroom with large walk-in closet - Plant and art niches

3 Bdrm Single family house - Litchfield Park Wonderful Wigwam Creek home in Litchfield Park AZ. Fenced Pool, 3 car garage, and tons of tile! Outside - Front additional information map this property Contact Info Casey Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $385,000 Street 4436 N. 129th Lane City and State Litchfield Park, AZ Property Type Single family house Year Built 2002 Sq Footage 2,149 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 3 car garage Lot Size 9,369 sqft HOA/Maint $33 per month Description Once you walk in, you know that this is the home for you. Great for a family or those who love open floorplans, pool and places to entertain. Great neighborhood, close to shopping, Arizona Cardinals stadium and freeways. Immaculate and well-maintained home, just bring your furniture, everything else is done! Property Features - Central A/C - Walk-in closet - Tile floor - Living room - Office/Den - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Laundry area - inside - Swimming pool Community Features - Garage parking - Storage space(s) Other Special Features - Quiet and clean Wigwam Creek, close to shopping - Outstanding curb appeal with professionally landscaped front yard - Tile everywhere except bedrooms - Large, salt water-pebbletec pool with security fencing - Plush backyard landscaping with grass, flowers, trees, flagstone pathways - Huge kitchen with 42" cabinets, breakfast bar, island and pantry - Split master bedroom with sep. exit to back patio - Comfy den with archway, ideal for office

3 Bdrm Single family house - Surprise TIRED of Looking at DIRTY homes? Check out this super clean, move-in ready Surprise AZ home. Corner lot, RV gate-dog run Photo 1 additional information map this property Contact Info Casey Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $219,900 Street 15476 W. Mauna Loa Ln. City and State Surprise, AZ Property Type Single family house Year Built 2001 Sq Footage 1,352 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 2 car garage Lot Size 5,833 sqft HOA/Maint $27 per month Description Once you walk in you will love this home. Sellers have taken outstanding care of home and added many upgraded touches including paint and landscaping. This is the home your friends and family will be more than happy to come to and you will be proud to call home. JUST REDUCED $10K! Property Features - Central A/C - High/Vaulted ceiling - Walk-in closet - Living room - Dining room - Breakfast nook - Dishwasher - Laundry area - inside - Yard Other Special Features - Located on corner lot - RV gate and dog run - Immaculate home - Upgraded carpet throughout - Large great room with vaulted ceilings and media niche - Meticulous landscaping with grass, curbing, trees, etc. - Extended patio slab for fire pit, patio table and chairs - Move-in ready, just bring your furniture

4 Bdrm Single family house - Phoenix Tired of small homes at large prices? Check out this new home! 3071 sq. ft., 3 bedrooms, 3 bathrooms and 3 car garage. Photo 1 additional information map this property Contact Info Casey Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $325,000 Street 5126 W. Apollo Rd. City and State Phoenix, AZ Property Type Single family house Year Built 2005 Sq Footage 3,071 Bedrooms 4 Bathrooms 3 full, 0 partial Floors 2 Parking 3 car garage Lot Size 6,600 sqft HOA/Maint $48 per month Description Only 1 year old and hardly lived in. Close to all that Phoenix has to offer. Great floorplan and perfect for large family or thos tired of small home living. Priced so well, you cannot beat this! Property Features - Central A/C - Tile floor - Family room - Living room - Bonus/Rec room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Basement - Washer - Laundry area - inside - Yard Other Special Features - Only $105/ sq. ft. ! Cant beat the pricing - Almost 3100 sq. ft. - 4 bedrooms plus a loft - Built in 2005, custom front elevation - ALL appliances stay, just bring your furniture - Convenient location, close to I-10 and downtown Phoenix - 4.5% CO-BROKE For ARIZONA REALTORS!

4 Bdrm Single family house - Avondale Avondale Arizona Home for sale, Lakefront beauty with pond and waterfall in Crystal Gardens! Photo 1 additional information map this property Contact Info Casey Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $424,000 Street 10914 W. Palm Ln. City and State Avondale, AZ Property Type Single family house Year Built 1999 Sq Footage 2,495 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 1 Parking 2 car garage Lot Size 7,000 sqft HOA/Maint $0 per month Description Once you walk in to this home, you will want to sit down, relax and call it yours! A wonderful backyard with serene views of the lake, pond, and an enormous amount of green that you just dont get everywhere in Arizona! Property Features - Central A/C - High/Vaulted ceiling - Walk-in closet - Tile floor - Family room - Living room - Bonus/Rec room - Office/Den - Dining room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Laundry area - inside - Yard Community Features - Garage parking - Lake Other Special Features - Backs to lake with privacy lot - Vaulted ceilings - Extensive use of tile throughout - Family, living, dining and bonus room - Open floorplan all on single story - Bakcyard is paradise..... - Pond with waterfall and filter - Citrus trees, garden, and mature landscaping

3 Bdrm Single family house - Avondale BRAND New Avondale Arizona Home, Close to Cardinals Stadium, 101 and I-10. HURRY! Photo 1 additional information map this property Contact Info Casey Lee Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $319,900 Street 12349 W. Heatherbrae Dr. City and State Avondale, AZ Property Type Single family house Year Built 2005 Sq Footage 2,226 Bedrooms 3 Bathrooms 2 full, 1 partial Floors 2 Parking 2 car garage Lot Size 7,000 sqft HOA/Maint $0 per month Description Brand new D.R. Horton home ready for move-in. Very popular floorplan with plenty of space for storage, children, family and guests. Seller is extremely motivated. REALTORS----> 4.5% co-broke! Property Features - Central A/C - High/Vaulted ceiling - Walk-in closet - Family room - Breakfast nook - Dishwasher - Stove/Oven - Laundry area - inside - Yard Community Features - Garage parking - Storage space(s) - Playground Other Special Features - HUGE 28'x14' loft - Vaulted ceilings - Upgraded kitchen appliances - Home-length back patio - Den downstairs with french doors - Brand new and never lived in

4 Bdrm Single family house - Surprise Spectactular, Surprise AZ home for sale-Pebbletec pool, large lot, gated community, Peoria Unified Schools! Outside - Front additional information map this property Contact Info Casey Lee Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $360,000 Street 18315 N. 111th Dr. City and State Surprise, AZ Property Type Single family house Year Built 2000 Sq Footage 2,457 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 car garage Lot Size Unspecified HOA/Maint $0 per month Description Great home, area, and schools. Located in award-winning Peoria Unified school district. Backyard is paradise and great for those hot summer days and entertaining. Will not last long! Property Features - Central A/C - Central heat - High/Vaulted ceiling - Walk-in closet - Family room - Living room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Laundry area - inside - Balcony, Deck, or Patio - Yard - Swimming pool Community Features - Garage parking - Gated property - Secured entry Other Special Features - Wonderful floorplan with 4 bedrooms - Pebbletec pool with waterfall, acrylic decking - Large covered patio with 2 ceiling fans - Family and living rooms - Large open kitchen with island and pantry - Extra wide lot with no neighbors behind home - Huge master bedroom with sitting area - Located in gated community

4 Bdrm Single family house - Surprise Surprise Arizona Home for Sale, Brand new, almost 3000 sq.ft. Dramatic vaulted ceilings, large lot in Veramonte-Surprise Outside - Front additional information map this property Contact Info Casey Lee Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $399,900 Street 14127 W. Bloomfield Rd. City and State Surprise, AZ Property Type Single family house Year Built 2005 Sq Footage 2,956 Bedrooms 4 Bathrooms 3 full, 0 partial Floors 2 Parking 2 car garage Lot Size 9,000 sqft HOA/Maint $48 per month Description Wonderful Richmond American floorplan. Almost 3000 sq. ft and plenty of room. Very elegant home! Priced to sell, once you see it, you will want it. Property Features - Central A/C - High/Vaulted ceiling - Walk-in closet - Family room - Living room - Bonus/Rec room - Dining room - Dishwasher - Stove/Oven - Laundry area - inside - Yard Community Features - Garage parking Other Special Features - Brand new and priced $50-$75K below completed spec homes! - Two tone paint throughout - Dramatic entry and staircase with vaulted ceilings - Formal dining room with plant niche - 1 full bedroom and bathroom downstairs - Upgraded cabinets throughout - Ceiling fans and faux blinds throughout - RV gate and Large lot

4 Bdrm Single family house - El Mirage El Mirage Home for Sale-Fully Upgraded! Loft, new tile, new carpet, blinds, ceiling fans, kitchen appliances. Outside - Front map this property Contact Info Casey Ross Century 21 Centre Point caseyross@cox.net 623-326-4132 Price $239,900 Street 11935 W. Dahlia Dr. City and State El Mirage, AZ Property Type Single family house Year Built 1999 Sq Footage 1,832 Bedrooms 4 Bathrooms 2 full, 0 partial Floors 2 Parking 2 car garage Lot Size Unspecified HOA/Maint $11 per month Property Features - Central A/C - Walk-in closet - Tile floor - Family room - Bonus/Rec room - Dining room - Breakfast nook - Dishwasher - Stove/Oven - Microwave - Laundry area - inside - Balcony, Deck, or Patio - Yard Community Features - Playground Other Special Features - Brand new tile in family, kitchen dining and bathrooms - Fresh contemporary interior paint - New carpet throughout - New blinds and ceiling fans - Immaculate front and backyards, fully landscaped - Brand new flat top stove and over range microwave - Wonderfully priced!

Please Call Casey Ross, Century 21 Centre Point with any questions about these listings. Casey and Trisha Ross specialize in assisting homebuyers and sellers in Avondale-Buckeye-Goodyear-Litchfield Park-Surprise-El Mirage and Glendale. Call us with any of your Arizona real estate, questions, needs, and concerns!