Closing costs for a new home – no strings attached - Ahwatukee Foothills News: Real Estate

Closing costs for a new home – no strings attached

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Posted: Thursday, August 22, 2013 4:25 pm | Updated: 9:27 am, Mon Aug 25, 2014.

The program is called “Home in Five for Maricopa County.”

For individuals interested in receiving money to help in the purchase of a home this is a great program because buying a home is such a stressful time.

“Home in Five for Maricopa County” is a true gift of up to $15,000 with no strings attached. You can get 5 percent of the Note Amount to be used toward your closing costs and/or down payment with a maximum of $15,000. You are never required to repay the gift (except for fraud), no stipulations on the time you have to live in the house and no second liens on the property. Sell your house, refinance the house or live in the house for the next 30 years. It does not impact the 5 percent you receive through this program. This 5 percent gift is for FHA/VA financing only and could be for every future home buyer. Normally, programs are for first time home buyer’s only, but not this program. It is for every owner-occupied home buyer.

Here are the details on how you can qualify. The buyer must occupy the home within 60 days of purchase, so no second or investment homes. Your FICO score must be at least a 640. Your maximum debt to income ratio cannot be higher than 45 percent. The maximum income for the entire household is limited to $88,340 and the maximum purchase price is $300,000. The property can be a new or existing single-family home, condo or townhouse. All of Maricopa County is eligible for this program. The only other requirements are a home inspection and home buyer education is required to qualify. These are very minimal requirements to get 5 percent or up to $15,000 for your down payment or closing costs. Basically, it is free money to help you buy your dream home.

• For more information on the “Home in Five for Maricopa,” contact Stacey Lykins, Realtor with West USA, based out of Ahwatukee, at (602) 616-9971, S.Lykins@LykinsProperties.com or www.LykinsProperties.com.

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School highlight: Ambassador Academy

Daniel Ochoa/AFN
Dr. Elba Iris Reyes, principal at Ambassador Academy, poses with her students at Ambassador Academy Wednesday, Sept. 3, 2014.

For the past five years, Ambassador Academy in Ahwatukee has been offering its students a small-classroom setting.

Each class has no more than 15 students, which Dr. Elba Iris Reyes, Ambassador Academy’s principal, said is what sets it apart from other charter schools.

The school’s current enrollment stands at 47 students from kindergarten through fifth grade.

“We have academic excellence in teaching and learning, we have high expectations for our teachers and their practices, and we have high expectations for our students,” Reyes said. “We also focus on leadership and character development.”

Ambassador Academy’s Parent Teacher Organization is devising fundraising opportunities to raise money for the school’s playground facility.

For additional information about Ambassador Academy, visit www.ambassadoracademy.us.

• Compiled by Daniel Ochoa.

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