TAPSS - Tucson al Pastor Silent Second gives 10% for downpayment - Buyers with 640 fico score and meeting other requirements qualify for Tucson al Pastor Silent Second downpayment and closing funds of 10% of purchase price up to $20,000.00
If you are a buyer looking to purchase a home in Tucson and you don't have downpayment or closing cost funds, you can qualify for the TAPSS program and get a contribution equal to 10% of the sales price up to $20,000.00. This program will help Tucson move their statistics from a market where over half of the residential properties are rentals.
How the TAPSS Tucson al Pastor Silent Second downpayment assistance program works:
Potential buyers that currently do not own a house will be able to use part of the money to meet the downpayment requirement and part of it to cover closing costs. The requirement matrix for TAPSS is below:
- 5% of the 10% contribution is the minimum amount applied to the purchase price of the property
- All borrowers must have a minimum 640 FICO score for credit.
- The maximum debt to income ratio is 45%.
- Although the mortgage insurance can be paid from the 10% contribution, the maximum loan to value ratio on the loan is 95%.
- Although the program is not available in Marana, it is available for properties in the cities of Tucson and Red Rock for the Tucson Association of REALTORs coverage areas.
- Homebuyer education course is required...Contact Mark Organek at 520-477-TACO to begin that process.
- No cash back is permitted however, buyers are prermitted a reimbursement of earnest money deposit, home inspection fees and appraisal fees provided the minimum contribution has been satisfied.
- There is no prepayment penalty.
- Taxes, homeowner's insurance and private monthly mortgage insurance and flood insurance are fortunately collected as part of the monthly mortgage payment.
- There are NO RESERVE REQUIREMENTS!
- On the TAPSS program, there are approximately $760.00 in administrator compliance review fees, tax service fees and funding fees in total. This can be taken from the 10% contribution or if you are represented by Mark Organek, this fee will be paid by RE/MAX Alliance Group's agent for you at closing as a commission deduction.
So, if you need downpayment assistance to buy or purchase a home or house in Tucson Arizona and you would like the various fees paid by Mark Organek, contact him at 520-477-TACO and learn how to take the first steps toward home ownership today!