Down Payment For First Time Homeowners
If
you did not own a house in the past 3 years and are interested in buying a house
in Phillips Ranch, you may be eligible for city's down payment assistance program
for up to $100,000.
You
do not need to pay city back until the house is sold, refinance with cash out
or at the end of 45 year. City will share the equity growth with you for 45 years
and will forgive 1/45 of the equity growth for each year you live in the house.
To
qualify for it, here is the income limit:
Income
limit for up to $100,000 Down Payment |
| 1
Person | $42,250
| 5
Persons | $65,250
|
| 2
Persons | $48,500 | 6
Persons | $70,350 |
| 3
Persons | $54,600 | 7
Persons | $75,200 |
| 4
Persons | $60,650 | 8
Persons | $80,050 |
Income
limit for up to $65,000 Down Payment |
| 1
Person | $50,300
| 5
Persons | $77,500
|
| 2
Persons | $57,400 | 6
Persons | $83,300 |
| 3
Persons | $64,600 | 7
Persons | $89,000 |
| 4
Persons | $71,800 | 8
Persons | $94,800 |
There
is no set maximum home purchase price. If you are qualified for the program and
is ready to buy a home, this is a perfect time for buyers to make a move! 3 bedrooms
home starts at $350,000. Call Caroline now for more info!
;)
;)
Hmm interesting program.. what is the history of the sales in the area... is this a revitalization zone