Did you know that if you are a first-time home buyer in Maricopa County, Arizona, you may be eligible for down payment assistance of 22%?
It almost sounds too good to be true? Well, in truth, not every Maricopa County home buyer is eligible. And you need to know the true definition of "first-time home buyer" as it applies to this dp assistance program.
To begin with, a first-time home buyer as it pertains to this down payment assistance program means that you must not have owned a home within the past 3 years. How the heck would anyone be able to confirm that? Quite frankly, the mortgage lender requires that you provide your last 3 years of federal income tax returns.
You must also satisfy additional eligibility requirements which include falling within certain family household income limits, as well as not exceeding specified purchase price limits.
And did you also know that an interest rate reduction bond program (however, funding is currently exhausted) is available to Maricopa County, first-time home buyers? The eligibility requirements for this program are the same as for the down payment assistance program.
You may want to call a qualified lender to learn more as not all lenders are familiar with these programs. There are also a few other resources out there including Maricopa County Down Payment Assistance and Maricopa Bond Program.
