Home in 5 down payment assistance program or save for conventional?

[StartingOver10]

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@Anonymous wrote:

Thank you for that info! Yeah the grant would never need to be repaid so the free money looks enticing but I don't know if it would be worth it with the higher interest rate and the PMI for the life of the loan. Any more advice or info is welcome! Thanks again!

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^^^This. I have also noticed that in addition to the higher interest rate, there are higher closing costs so the money isn't really free - especially if you have to pay it back later if you refi or sell with X years. If there is no repayment provision, that is a different story. I don't know that particular program. Just mentioning how many of the programs work in my area.

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

Thank you for that info! Yeah the grant would never need to be repaid so the free money looks enticing but I don't know if it would be worth it with the higher interest rate and the PMI for the life of the loan. Any more advice or info is welcome! Thanks again!

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^^^This. I have also noticed that in addition to the higher interest rate, there are higher closing costs so the money isn't really free - especially if you have to pay it back later if you refi or sell with X years. If there is no repayment provision, that is a different story. I don't know that particular program. Just mentioning how many of the programs work in my area.

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Very true! Make sure you ask a lender about all potential hidden costs/fees. I, too, know nothing about the program as it is in AZ only.

[Anonymous]

From what I've read about the Home in 5 program it says you NEVER have to pay back the grant but I don't know about any hidden fees or higher closing costs. Didn't read anything about those. Could I get the name of the LO in Tempe? That would be much easier for me than driving to Tucson. Thank you!

[Anonymous]

Sure, no problem. I will message you his contact info.

[Anonymous]

I have no horse in this race but I can tell you that I have used Bill Chenier in Mesa AZ. If you do a search for home using his name and city, you can find him. It is well worth the call. I have used his services for two different mortgages and I have recommended him to several of my co workers all with great results. He was formerly with iMortgage but I believe he has now ventured out on his own. Both times, there was NO DRAMA, NO SURPRISES and nota single last minute paper work surprise. We closed on time "both times" exactly on the date scheduled. You mileage may vary but I am more than satisfied.