Bond Program For Phoenix Home Buyer
The industrial Development Authorities of the City of Phoenix and Maricopa County have joined together to offer up to $100 million dollars to help first-time homebuyers obtain FHA, VA or other eligible loan or conventional financing to purchase a home anywhere in Maricopa County.
Individuals or families who qualify would be able to obtain a 30-year fixed-rate mortage at a competitive rate, along with 5% assistanve for down payment and closing costs.
Financing for these fully assumable loans is available on new or existing homes, condominiums, townhomes, or manufactured homes on a first-come, first-served basis.
Your annual income must not exceed the income limits for eligible borrowers. The programs definition of a first-time homebuyer is someone who has NOT owned a home for at least the last 3 years.
- Income limits for a family of two or fewer You cannot make more than $58,600
- Income limits for a famil of three or more. You cannot make more than $70,150
- Purchase price limits for non-targeted areas are 204,432
- All qualifying homebuyers will receive 5% of the original loan amount to be used for payment and closing cost assistance.
NOTE: there is NO Privtate Mortgage Insurance required with the loans. Feel Free To Call Terry Smith with RE/MAX Fine Properties for more information (602) 763-1858
Author: Terry Smith