We have a First Time Buyer Program that is one loan - 100% Financing. There is no minimum buyer contribution and the seller can pay up to 3% of the sales price for the buyers closing costs. The loan can be combined with teh AZ Bond Program with a 30 year fixed rate of 6.125%. This program has very low mortgage insurance and can be combined with a 2-1 buydown. There are many different loan programs including 30 year fixed, 40 year fixed, and 5 year interest only. We can use non traditional credit and flexible income sources.
A person is classified as a first time buyer if they have not owned a home in the last three years. We need the last three years Federal tax returns to prove that you are a first time buyer.
A $285,000 sales price with zero down on a 5 year interest only loan would have an estimated payment of $1,918 including taxes and insurance.
Please contact me at (800) 552-1188 for any further questions.
Lynne Dewar
Sr. Mortgage Consultant
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