First time buyers in Scottsdale
HI,
We posted information on the "Home in Five" bond program a few days ago. We want to elaborate and note that this program not only offers first-time homebuyers purchasing a home in Phoenix assistance, but also in Scottsdale or other communities in Maricopa County.
The program offers 6.30 percent, 30-year fixed rate mortgages
and grants equal to 5 percent of the loan amount to be used toward down payment
and closing costs. The lack of a down payment is often the chief impediment to
home ownership. To qualify, first-time home buyers must meet annual income
limitations - $60,100 for families of one or two persons and $69,115 for
households of three or more - and normal FHA, VA, RHS or conventional
underwriting requirements that show credit worthiness. The maximum purchase
price for a home is $301,500. Exceptions to the income limits and home price
restrictions are made for homes purchased in certain designated areas of the
city and county. In those cases, buyers do not have to be purchasing their
first home, their annual incomes can go to $72,684 and the cost of the house can
be as high as $368,500.
If you would like further information on properties and utilizing this program, we would be happy to assist you.
Adam Tarr, ePro
Sharon Kotula, ABR
RE/MAX EXcalibur
Scottsdale, AZ
480-483-3333
Your Phoenix Area Real Estate Source