What is the minimum down payment that I can have?

There are arizona mortgage programs out there that only require you to put down 3% of the selling price.  So on a $100,000 house that's $3000!  Your down payment can also come from a gift. 

There are also grant programs available from the cities that usually require $1000 or 1% of the sales price.  To find out more about grant programs.....CLICK HERE

GO to the city that you are interested in then click on Housing or Grant Programs,  Call the city to see if the program is still available, then call Sun Nations to get qualified.

Of course, the larger the down payment then you don't have to borrow as much and you will have more equity in the house. 

When you do a mortgage loan with less than 20% down payment you will be required to purchase mortgage insurance.  Depending on the program, you could have an upfront premium along with a monthly premium.  Mortgage insurance does go away after you reach 78% of the original loan amount or 80% of the appraised value (contact your lender for their rules).  There are also arizona mortgage programs such as the HomePath program that does not require upfront or monthly mortgage insurance.

When figuring out how much you want to put down on your home, remember that you will also have closing costs, moving expenses, any repairs, redecorating and furnishing your new home.

To see what programs you qualify for please call 602 993-0000 or email sunnations@cox.net