Coconino Down Payment Assistance, Coconino Bond Program
Amazed to learn that eligible Coconino County home buyers can receive a generous amount of down payment assistance? What amount of assistance/money may you receive if you meet eligibility requirements? How about up to $20,000 depending upon your financial profile and other factors.
Although this down payment assistance program is generally described as one for a "first time" home buyer, you need to understand that a "first time" home buyer as it applies to this program is defined as "an individual who has not owned a home within the last 3 years." Thus, if you previously owned a home and sold it say, 5 years ago, and have rented an apartment ever since, you may be eligible for this down payment assistance program if you meet a few additional requirements.
What exactly are these additional eligibility requirements? They include:
- Purchasing a 1-2 unit home in Coconino County, Arizona
- Not exceeding home purchase price limits and family income limits
- Meeting all additional mortgage lending guidelines based on the mortgage program for which you have applied
How will a lender verify whether or not you have owned a home within the last 3 years? Simply put, you will need to provide the last 3 years of Federal Income Tax Returns, and any other information necessary for the lender to render a loan decision based upon the mortgage program for which you apply.
Assuming you are eligible, how much down payment assistance can you expect to receive? This depends on at least five factors:
- The amount of family income
- The purchase price of the home
- The actual closing costs on the home
- The amount of family savings and assets
- Any other gifts or assistance the home buyer may be receiving
Coconino Bond Program Reduced Interest Rate
Coconino home buyers may also be eligible to receive a reduced mortgage interest rate through the Coconino bond program. Eligibility requirements are essentially the same as for the Coconino down payment assistance program.
For more information, please call Flagstar Bank, Loan Officer, Luisa Han, Toll Free at: 877-538-9833 or 480-363-9488.
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