What: This mortgage bond program is sponsored by the Phoenix and Maricopa County Industrial Development Authorities. For qualified homebuyers, it provides a 6.15 percent mortgage rate, as well as 5 percent of the original loan cost in grants to be used for down payments and closing costs.
How to qualify: People who have not owned a home in the last three years can purchase a home anywhere in Maricopa County.
Others may only purchase a home in the designated target areas. The homebuyer must occupy the home as a main residence. The program can only be used to purchase a home (no refinancing). The program covers mortgages made for single family homes, condominiums, town homes, duplexes older than five years, planned unit developments and manufactured homes.
Income limits: Non-Target Area: 1-2 persons, $60,100; 3 or more persons, $69,115.
Target Area: 1-2 persons, $72,120; 3 or more persons, $72,684.
Purchase price limits: The maximum sales price for one family is $301,500 for a non-target area home, and $368,500 for a target area home.
Call Brendan at Rose Realty for more information 480-607-ROSE
You Qualify for the Down Payment and Closing Costs – Still Concerned About Making the Monthly Payments.
Additional Available Income
| Loan Amount |
$150,000 |
| Interest Rates with a 39 year term |
6.25% |
| Discount Points |
0 |
| Origination Fee |
0 |
| Upfront Costs (closing and down payment) |
$7,500 |
| Appraised Value |
$150,000 |
| Yearly Property Tax |
$600 |
| Yearly Property Insurance |
$500 |
| Your Federal and State tax bracket |
15% |
| Rate adjusted by tax savings |
5.71% |
| Average yearly tax savings |
$1,002 |
|
Buying a home has a direct impact on the amount of your take home pay after tax withholdings. That's because you can deduct mortgage interest and property taxes on income tax.
The example will give you a general idea of the benefit.
Remember that whenever you are dealing with tax issues, things can get complicated. So you might want to engage the services of a qualified tax pro to estimate your tax savings and help adjust your wage withholding. |
