Own A Greater Phoenix Home For A Rent Payment
November 19, 2009
A wonderful new zero down-payment loan for some areas in Metro Phoenix. Get into a home with an approximate equivalent of your rent payment.
When Maggie told me about a new program “Own a Home for your Rent payment’’ I got excited, especially when the details trickled out. Not only is it easy, accessible and low cost, but it saves you thousands of dollars over the costly FHA loan while also allowing you to purchase a home with a low down-payment.
It is designed for households with moderate to low income ($70.250) who are currently renting and wish to purchase a home with 0% down payment and 0% closing costs. The rent payment would be the same or similar to their “new home” payment. Of course it does not have to be but it can.
How can you not like the 0% down-payment, 0% closing cost and 0% mortgage insurance.
Below is a chart breaking down what your current rent payment is approximately how much house you can purchase.
These areas in part or in whole qualify:
- Buckeye, AZ
- Goodyear, AZ
- Anthem, AZ
- Queen Creek, AZ
Own a Home for your Rent payment*
0% down payment 0% closing costs 0% mortgage insurance.
|
RENT PAYMENT |
P&I payment |
Tax and Insurance
|
TOTAL PAYMENT
|
Tax Savings |
NET HOUSE PAYMENT |
PRICE |
|
$670 |
$671.97 |
$175 |
$846.97 |
$184 |
$662.97 |
$120.000 |
|
$720 |
$727.96 |
$189 |
$916.96 |
$199 |
$717.96 |
$130.000 |
|
$780 |
$783.96 |
$203 |
$986.96 |
$214 |
$772.96 |
$140.000 |
|
$830 |
$839.96 |
$219 |
$1058.96 |
$230 |
$828.96 |
$150.000 |
|
$890 |
$895.95 |
$234 |
$1129.95 |
$245 |
$884.95 |
$160.000 |
P&I PAYMENT - Principle and Interest Payment. Rate 5.375%. Program 30 FIXED. TAX and INSURANCE – 1.25% tax and 0.5% home insurance
TOTAL PAYMENT – Principle, Interest, Taxes and Insurance. TAX SAVINGS – Income tax rate of 28% NET HOUSE PAYMENT = Total payment – Tax savings
PRICE - Purchase price of the home you wish to buy.
* 100% financing. Primary residence only. Income Limitations for borrowers 1-4 people in household is a max income of $70,250. Property must be in a Rural designated eligible area. LTV 102%.
To get pre-approved and more details about this program contact.
Maggie Kusmider | iMortgage
Cell 602.328.0865
Mortgage Banker BK 0903725
To buy a home contact.
Joanna Zajusz | Realtor
Cell 602.358.1392
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