Are you a first time homebuyer? Are you looking to purchase a new home or existing home in Tucson or elsewhere in Pima County? The Pima County Bond Program is b-a-a-c-k! How does a mortgage at 4.55% interest over 30 years sound?
Thought so - check it out:
Pima County Bond Program has money available for first-time homebuyers. Some features of this program are:
- 30 Year Fixed Loan at 4.55% *
- First-time buyers only - cannot have owned a property in the last 3 years (this requirement is waived for qualified veterans)
- Can be used with FHA, VA or Rural Housing loans
- New Homes, Existing Homes, Foreclosures & Short Sales Eligible**
- Maximum income restrictions apply – $69,000 / year for 1-2 person household $79,675 / year for 3+ person household
Combine this with the First Time Homebuyer Tax Credit (up to $8000), and you’ve got some real incentive to get moving towards purchasing your first home!
Now this program can be used for single family homes, townhomes, condos or duplexes (sorry, no triplexes or fourplex properties) – which opens up more options to first time homebuyers than there were before. Yes, you can buy foreclosures with this program, and no, unlike the Your Way Home AZ loan program, you aren’t required to buy a foreclosure.
One thing to keep in mind is that while this program does not provide DPA (downpayment assistance), there are DPA programs available in Tucson and Pima County that can be used with the Pima County Bond Program to help first time homebuyers purchase a new home.
Give me a call and I’ll be glad to put you in touch with one of the local down payment assistance program counselors to help you get started.
*Check with your lender for specific APR figures
**To qualify for the First Time Homebuyer Tax Credit, you must have a fully accepted contract no later than April 30, 2009 and close by June 30, 2009 - short sales may not meet these deadlines
With home prices very low in the Tucson Metro, historically low interest rates & the First Time Homebuyer Tax Credit - this is the "Real Estate Trifecta." You might not find a better time to buy your first home - call me & lets get to work finding your home!
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