USDA “REDREW” so in with the “New”
As you may or may not know by now, USDA,
redrew the boundaries for their Rural Housing
loans. Regretfully, The City of Maricopa was
excluded, so that loan program is no longer available for the purchase of homes in Maricopa. The
USDA does redraw the lines periodically, and
because Maricopa has grown in population, the
homes are no longer eligible for the USDA Rural
Housing Program. However, many borrowers may
qualify for the new ½ % down payment program.
This is an FHA loan, and it is helping many people. It has a Second Mortgage of up to 3% of either
the lower of the sales price or appraised value, and
that is used as purchase money or towards closing
costs.
The Mortgage Industry is constantly changing,
and it is good to have an experienced Loan Officer
that you can call with any questions.
There is no cost for our prequalification process.
Please call me at 602-525-7344, or email to [email protected]
*Example of 99.5% total financing utilizing the NHF FIRSTDOWN Loan program is based
on the combination of a 30 year fixed-rate FHA first mortgage and a 15-year fixed-rate NHF
FIRSTDOWN second mortgage on a home with a sales price of $200,000. The payment on
the 30 year fisted rate FHA loan at 4.5% interest rate and 96.5% loan to value (LTV0 is $995.01
(principal and interest) with an annual percentage rate (APR) of 6.1308%. The payment on the
15 year fisted rate NHF FIRSTDOWN second mortgage at 8.25% interest rate and 3% LTV is
$58.21 (principal and interest) with an APR of 8.3564%. The total down payment would be
3.5% of the sale price or $7,000. The proceeds of the NHF second can be used towards the down
payment and/or closing costs. Actual rates may vary. Some state and county maximum loan
amount restrictions may apply. National Homebuyers Fund (NHF) is a government-sponsored
joint-powers authority that offers loan programs to assist potential home buyers in purchasing
a home. This is not an offer for extension of credit or a commitment to lend. Details of this offer
are subject to change without notice.
A Few Questions on Solar
with Drew Manusharow
It’s going to happen at some point, it is only a matter
of when—especially when you virtually get more
sunlight than any other place on Earth. Cities all
over the world, including in the United States are
going green with solar energy, and with our electric
bills high enough to make Bill Gates cringe, we
thought we would ask Solar City’s Drew Manusharow
a few questions:
COPA: Fact or fiction, you sign into a
lease with Solar City, what happens if
you try to move?
Great question, every solar company
is different so be careful and read the
contracts. For us we haven’t seen a
problem in the sale of solar homes,
SolarCity has had +1,500 lease &
purchase transfers in Arizona alone,
as we have over 200,000 customers
nationwide. Simply put, transfers
happen daily, so No it shouldn’t be a
problem. When in doubt call ME I’ll
help, or call our customer care team.
All SolarCity customers have options
when selling their home. Since you
locked in a low cost for electricity
with solar from months/ years before,
the most popular choice I’ve seen is
to transfer it to the new home buyer
as a feature and benefit to the home
at no cost to you, or you could take
the system with you to you’re new
home, or you could buy out the system for the new homeowner to enjoy
zero solar bills. It’s a win, win, win.
COPA: When do real the savings
begin?
Drew: Once a homeowner has a
consultation from a reputable consultant who knows how to properly size
a system to that home, come winter,
fall, spring or summer you will see
positive results from day one with a
SolarCity system on your roof. Think
about this… If you had the choice to
pay more for dirty power or less for
clean, what would you do? You can
purchase or lease a system it’s all up
to you.
Drew Manusharow is a Sr. Energy Consultant
with SolarCity – find out more. Call to get your
free customized quote before summer ends
and get rewards for referrals
(480) 205-0299
11