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Tuesday, August 21, 2018

Builder Introducing Sweat Equity

 House painting

It’s been so exciting for us representing Bellago Homes at Tierra Vista because of all of the attention we’ve received for re-introducing to our local marketplace sweat equity


What is Sweat Equity you may ask?  It’s a labor of love. The true definition is that it’s a program that allows homebuyers to literally sweat while they are earning their down payment through the physical labor of painting their brand new home.  FHA loan Guidelines allow for the 3.5 percent down payment requirements for borrowers to receive “gifts” from family members for their down payments and they also allow them to earn their down payment via credit they receive for the labor involved in painting and/or installing the landscaping on a new home. Existing resale homes do not qualify for this program.  The catch is finding a builder locally that would allow the new buyer to participate in this program.


Initially, when Bellago Homes decided to introduce the program at their community in South Phoenix named Tierra Vista, it was simply to help folks qualify for a mortgage loan that otherwise may not be able to save up for a down payment on their own and that didn’t have family members able to “gift” them a down payment.  What surprised us the most was that during the interview process we found a common theme among buyers that had participated in the program … it was that the money wasn’t their only motivation, but rather the pride of ownership that they helped in the process of building their new home.


Our first buyer who completed this project, Biniam Debesay, said it best during an interview with the Arizona Republic. “It gave me a chance to put my hands into it, I can say I did this instead of saying somebody else did it.  If I knew how to build the house, I would have done that too.”  We heard similar comments said by the other two buyers, Sandra Salcido and Lilliana Paniagua, when they were interviewed by local TV News Stations.


Wayne Funk of Bellago Homes did a video that’s on the Bellago Homes website, explaining the program even better.


Wayne comes from a family of builders and had experience with this program in the early 90s.  The homebuyers of Bellago Homes can earn anywhere from $2,375 to almost $4,000 to be applied towards their down payment.  Combined with the preferred lender incentive he offers, and the “Home in 5” program, we’ve seen a few of the buyers actually get their deposit refunded to them when their home is complete and the escrow has closed.  It’s a very exciting program for those folks hit hardest during the economic downturn that have been renters after losing their homes and those that never thought that home ownership could be a possibility for them.


Another great thing about this program is that these homes have been value engineered.  With Wayne’s background with custom homes, he’s incorporated the finer elements of construction into his homes at Tierra Vista that normally production type homes at this low price point of $130s would never include.  The Canterra Stone Exterior features, S- shaped tile roofs and Energy Star efficiency are just a few of the many quality features.


The benefit to the buyer is they receive a great home that’s not just more attractive (to help with it’s resale value) but with affordable energy usages and low HERS ratings, much less than a comparable existing home built just 10 years ago.


For more information on Bellago Homes and this program call 480-243-4242 or visit www.PhxAzNewHomes.com for more information.



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