IDA’S OF CITY OF TUCSON/ PIMA COUNTY
2012 Program Starting October 10th, 2012
· Eligible Areas: Pima County/ City of Tucson
· Eligible Criteria: Principle Residence (does not have to be a first time home buyer) must occupy residence within 60 days of closing. US Citizen or Permanent Resident.
· Eligible Loan Types: VA, FHA, USDA (no conventional at this time)
· Income Limit Criteria: $85,400 for all household sizes (The income limit is $85,400 regardless of household. So it can be for 1 person or 5 household. Also, the income is based off the 1003 income we use.)
· Home Buyer Education: Required for ALL borrowers. Any HUD or Neighborhood Works ONLINE class
· FICO/ DTI Requirement: Fico: Midscore must be 640 or higher DTI: Max debt to income ratio is 45%
· Grant offered: Grant of 4% of the note will be given to use for down payment-assistance. No cash back given to borrower.
· Strict Time Limits: From time funds are reserved to closing needs to be within 70 days or there is an extension fee of $375, funds are cancelled if not delivered within 101 days.
· Secondary Financing is permitted (can add additional down payment programs)
· No recapture tax
· No purchase price limits
· Check online for current rates on bond loan
· Bond Fees:
Ø 1% Origination Fee
Ø $225 Bond Program Fee
Ø $150 Bond Transfer Fee
Ø $85 tax service fee
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Anna-Lise Troup Tucson REALTOR/Davis-Monthan AFB PCS Expert Realty Executives (520) 906-5659 ---
Tucson Real Estate, Condos, Homes for Sale Free Relocating to Tucson, AZ Information Kit Davis-Monthan AFB Relocation Information ---
# posted by
Anna-Lise Troup @ 10:26 AM