|
|
|
|
|
|
 |
|
 |
|
 |
|
|
|
What is the 2008 IDA Mortgage Loan Program?
5.99% (5.89% FOR VETERANS) 30 YEAR FIXED RATE MORTGAGE LOANS WITH A SECOND LOAN FOR DOWN PAYMENT AND CLOSING COSTS!!
The Industrial Development Authorities of Pima County and the City of
Tucson have joined together to provide
a mortgage loan program for homebuyers in Pima County.
This program offers a second loan for down payment and closing costs assistance
up to 7% of the first lien loan amount.
[In place of the second loan, borrowers meeting certain low-income criteria may qualify to receive up to $10,000 in down payment assistance (click here) from FHR. The borrower may not earn more than 80 % of median income. The assistance is in the form of a second lien, forgivable in 10 years. Contact FHR at 318-0093 for more information.]
Eligible
Borrowers
The IDA Mortgage Loan program serves low to moderate income homebuyers. To
qualify for this program you must meet the income limits established by
Pima County. Borrowers must be first-time homebuyers unless
the home being purchased is in a Target Area or the borrower is a
Veteran. Target Areas are defined
by census tracts and identified by the federal government for purposes
of increasing homeownership. You qualify as a first-time homebuyer if
you who have not had ownership interest in a primary residence for the
past three years.
In order to obtain this loan, homebuyers must work with a participating
lender who can also advise you which neighborhoods fall within the Target
Areas.
|
Income
Limits
|
|
|
Pima
County
|
Income
Limit
|
|
1-2
Persons (Non-Targeted)
|
$66,000
|
|
3
or more Persons (Non-Targeted)
|
$77,000
|
|
1-2
Persons (Targeted)
|
$70,200
|
|
3
or more Persons (Targeted)
|
$78,150
|
Purchase
Price Limits:
$374,506 for Pima County ($326,000 using an FHA loan). For homebuyers purchasing
in Target Areas, the purchase price limit is $457,729.
Features of the IDA Mortgage Loan
The IDA Mortgage Loan is funded by tax-exempt mortgage revenue
bonds issued by the Industrial Development Authority of Pima County
and the City of Tucson.
To apply for this loan, contact a participating lender.
Other features of the loan include:
:: 30-year,
fixed-rate mortgage financing
:: Eligible
loan types: Conventional, FHA, VA or USDA
:: Lender
fees are reasonable and customary
Downpayment
Assistance
The IDA Mortgage Loan also offers homebuyers a second loan for
down payment
and closing costs. The second loan can total up to 7% of the
first mortgage loan; it has a 7% interest rate fixed for 30 years. Homebuyers must occupy their new homes as
their principal residence.
In
place of the second loan, borrowers meeting certain low-income criteria
may qualify to receive up to $10,000 in down payment assistance from
FHR. The borrower may not earn more than 80 % of median income.
The assistance is in the form of a second lien, forgivable in 10 years (click here)
.
Contact FHR at 318-0093 for more information.
Recapture Tax
Because the loan is funded by tax-exempt mortgage revenue bonds,
homebuyers obtaining the IDA Mortgage Loan program could have to share with the Federal
government a portion of the gain on the sale on the residence if the
home is sold in the first nine years and the homebuyer realizes a net
gain and experiences a significant increase in their income. The maximum
potential recapture tax begins decreasing in year five, and is eliminated
altogether after year nine.
How
Do I Apply?
Interested borrowers may contact a participating
lender. BE SURE TO TELL THE LENDER THAT YOU ARE INTERESTED IN THE BOND
LOAN. Borrowers should direct all questions about their loan application
to a participating lender.
Participating Lenders 2008 MRB (updated 8/27/08)
Bank of Arizona Yabina Galvez 318-6492; Josh Willis 232-1982 Chase Bank Albert Celaya 977-0334 Countrywide Home Loans Oracle 297-5655; Broadway Alvernon 322-4200; East Broadway 731-8382 X 229 DHI Mortgage Company, Ltd. 790-6620 HomeAmerican Mortgage Andi Gass 498-4160 FHR Residential Mortgage Peggy Glaze 318-9335 First Horizon Home Loans Hersch Tempkins 746-7847 X 204; Regina Simkins 648-2671 X 230 Guild Mortgage Co. Greg Brooks 498-4700 Long Mortgage Renee Booker 918-2411 M&I Bank Rey Robles (Campbell) 232-6252; Lisa Peregrina (Cortaro Rd.) 572-6008 National Bank of Arizona Ramona Tovar 1-800-655-7622 National City Mortgage 299-4106 NOVA Home Loans Suburban Mortgage Inc. Tucson 544-8090; Phoenix 602-942-7777 Universal American Mortgage Wells Fargo
Interested in becoming a participating lender? Contact Scott Riffle at 1-800-722-1670
Terms of Use :: Privacy Policy :: web design by aire design co. © 2004 Family Housing Resources. All Rights Reserved.
0