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5 FAQs on Home is Possible

August 9, 2017
Home is possible

Saving up for a down payment on a new home in Nevada? This homebuyer assistance program, now available through HomeAmerican Mortgage Corporation, may help make your dream home a reality! What’s Home is Possible? It’s a grant from the Nevada Housing Division that may be used toward a down payment on a qualified home purchase. Typical program participants receive 3% to 4% of the total mortgage amount; a 5% grant is offered on conventional loans. Heroes (veterans, active service members and surviving spouses) may opt…

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Financing & Insuring

What Does Home Insurance Cover?

July 13, 2017

Insurance is a crucial part of being a homeowner. In fact, most mortgage lenders require that buyers carry a homeowner’s insurance policy. While policies may vary, there are certain items and events that are typically covered in many policies. Typically covered: Dwelling Coverage Dwelling coverage includes the actual structure of the home. This means walls, flooring, doors, etc. Other Structures This protects structures not physically attached to your home such as an unattached garage or shed. Personal Liability Homeowner’s insurance covers the physical home, but…

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Buying a Home

Cost Comparison: Rent or Buy

April 10, 2017
Couple calculating finances

There are many benefits to being a homeowner. From a purely financial perspective, there are tools to help determine the cost of renting versus buying a home. Comparing the cost of renting to buying usually depends on key factors, such as budgeted monthly rent, target home price, the length of time you plan to live in the home and what your mortgage rate would be. Estimating these values can help determine if buying is financially advantageous. In addition to the actual buying costs, it is…

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Local Stories

5 FAQs on Home in Five

March 21, 2017
Home in Five: Smiling couple in front of moving boxes

Saving up for a down payment on a new home in Maricopa County? This homebuyer assistance program, now available through HomeAmerican Mortgage Corporation, may give you the boost you need to move up your moving day! What’s Home in Five? It’s a grant from the Phoenix and Maricopa industrial development authorities (IDA) that may be used toward a down payment and/or closing costs on a qualified home purchase. Typical program participants receive 2.5 to 3.5% of the total mortgage amount; members of the military, first…

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Financing & Insuring

Frequently Asked Questions: Using Gift Funds to Buy a Home

August 5, 2015

Whether you’re buying your first home or your tenth, you may find you need a little help coming up with a down payment or closing costs. If you’re fortunate enough to have someone who’d like to contribute to your homeownership goals, this FAQ is for you!  What kinds of loans allow you to use gift funds (for the purchase of a single-family primary residence)? FHA loans: Gift funds may be used for up to 100% of down payment and/or closing costs. VA loans: You may…

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