Living North Phoenix Newsletter

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We are closing on almost 30 days until Valleypalooza and I can’t believe it! The vendors, activities, food trucks and everything else is going to be amazing! Will you be there?

Top Performing Post

Although time has passed on the 5k Pamela had, I wanted to share this image from her post as it had a ton of engagement and we want to help support her. If you click on her image it will take you to her donation page. If you have the ability to donate, please do so. If you can’t, please share it. Good luck, Pam! We are here for you!

Busy Busy Busy….

Are you ready for: our pet adoption event, Valleypalooza, our Class on Bugs, and our Night Out With The Rattlers? We also have a street cleaning project coming up too!

Stay informed!

Ordered Your Merch Yet?

Did you see we partnered with State 48 and have some awesome new shirts? Get your Living North Phoenix shirts by clicking the picture below.

Sponsor Spotlights

20% Down, Right?

No. The old logic that some parents heard and then kept reiterating about you NEED to have 20% down to buy a home is 100% inaccurate.

The idea of needing 20% down is based around avoiding Private Mortgage Insurance (PMI). But let’s dig deeper into downpayments and more importantly “funds to close.”

Many people think that all you need to buy a home is a downpayment. But then, as they get closer to buying, they realize there are other fees like: closing costs, inspections, etc.

I personally think it’s better to say your funds to close will be $20,000 and here’s why.

For the most part you have: VA Loans (0 down), FHA loans (3.5% down), Conventional loans starting at 3% down.

Then, you have closing costs which are determined usually based on your loan amount (not sale price). Although it is super lender specific they can range from 1-3+%.

Inspections, and other misc fees (not moving costs) can be near .5%. On average, that could mean 3% for downpayment, 3% for closing costs and .5% for other misc fees for a total of 6.5%. So if you are buying a home for $500k count on $33,000, right? NO.

At this present time, many Sellers are paying the closing cost part, and there are some downpayment assistance programs that cover the downpayment but many times the funds to close is closer to 4% total, if not .5%. You just need the right Realtor to help guide you on how to get those things covered so your out of pocket to buy a home is closer to under $5k total. Yes you would still have PMI but I’d rather pay $150/month than try to save another $85k, during which time I might lose buying power and prices could go up. But hey that’s just me.

Wanna buy? See what you can afford? Reply to this email or text/call me 480-233-6433.

Blair

P.S. If you haven’t yet, please start sharing the Valleypalooza images I share with you with your socials/friends.