Wednesday, June 10, 2009

22% of Purchase Price in Down Payment Assistance!

Loan Officer Extraordinaire Chris Bass just told me she is in the process of becoming one of the lenders authorized to offer this wonderful down payment assistance program. Check out the good news!


The Arizona Department of Housing will offer 22% of the purchase price in purchase assistance to QUALIFIED HOMEBUYERS purchasing an eligible FORECLOSED home in Tucson. This program is NOT JUST FOR FIRST TIME BUYERS! The guidelines are:

1. 620 Minimum FICO score
2. 31/43 debt-to-income ratio. A maximum of 31% of your gross monthly income can be spent on the mortgage payment, and 43% (including the mortgage payment) of your gross monthly income can be spent on all your recurring debts like car payment, minimum credit card payments and school loans.
3. The property must be your primary residence.
4. Condos and townhomes are allowed.
5. The property that is being purchased must be a foreclosure.
6. The property must be vacant at time of listing.

A minimum of 1% of the down payment must be buyer's own funds. 2% can come from any other approved source or gift. 3% down payment is required.

The maximum purchase price for Pima County is $316,250. The seller must agree to sell for 5% under the appraised value.

Borrowers must attend an eight hour training class. Funds are limited, so please don't delay.

To see whether you're eligible for assistance, check out Your Way Home AZ.

Call Chris Bass at American Home Mortgage.
Cell phone: 520-909-1565

Or apply online