Your site for everything related to finding real estate in and around Phoenix, Arizona. This Blog offers advice on everything from buying and selling your home to finding the right mortgage.

Phoenix Arizona Real Estate Blog | By Tenet Realty

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For buyers who are still struggling to come up with a down payment, new options are now becoming available only through approved lenders.   Through Family Housing Resources (an AZ & HUD approved non-profit agency), your buyers may be able to receive a 2% down payment gift and therefore reduce their 3% down payment requirement to only 1%.  This 1% may be gifted by relatives, be a loan from relatives or be paid by the buyer.  It may not be paid by the seller or builder.  If the buyer qualifies for the $7,500 first time homebuyer tax credit, they could potentially pay back a family gift early in 2009 with their tax refund.   (FAQ’s available on the tax credit – contact us if you would like them). The remaining 97% is financed in full with an FHA loan, or with a 92% FHA loan and 5% second mortgage depending on the property address and if shows in declining area.  Most properties will require the 1^st and 2^nd mortgage. The following are bullet points on the program.  It is best for buyers to contact us directly to see if they qualify: ·         Properties are not limited to a specific location or target area·         Buyers do not have to be first time homebuyers·         Income limits in Maricopa & Pinal Counties are $73,830/year, regardless of family size (call for info on other counties)·         Buyers may not own any other properties at the time of closing·         1 and 2 unit properties allowed, purchases only·         Buyer education class required if first time homebuyer·         Rate buy-downs are allowed·         Sellers may contribute up to 6% for closing costs/prepaids·         No co-signers (non-occupant co-borrowers) allowed.Please Call Tony Drake for more details. 602-525-7076

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