I don’t claim to be the expert on DPA programs, but I do know that they are underleveraged because most people are unaware they exist. After a brief chat with my new friend, I suggested that she connect with a lender to talk about what program, if any, she would qualify for. The worse case scenario would be that she doesn’t qualify for DPA and has to keep saving her pennies to come up with 5%. The best case scenario is that she will get to fulfill her home ownership goal sooner than she expected.

She decided to reach out to one of my preferred lenders. After a brief conversation, some very light documentation and less than 24 hours she received great and unexpected news from the lender…she qualified for a DPA program and was pre-approved to spend up to $250,000. Say what? This person that thought they would have to save for several more years is now qualified to buy a home of her own! Crazy right!?!

I think the fear and possibility of hearing “no” from a lender stops a lot of people dead in their tracks. I’ll admit, hearing no sucks and I hear it daily. My take is, you really don’t have much to lose. You weren’t qualified before so what’s the difference if you know for sure that you’re not qualified? At a minimum, you’ll walk away with specific steps and a path to qualify for a loan in the near future.

Home ownership isn’t right or important to everyone, but if you’re reading this I’m guessing it might be to you! HotPads just cited Phoenix as the fast rising rent in the country. Stop lining your landlords pockets and start investing in a long term wealth strategy for yourself. 

Have a safe and fun 4th of July!

Lindsay Fricks, Helping you and your family Live and Love in Arizona!