Arizona First Time Home Buyer

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Arizona First Time Home Buyer
Arizona home prices are starting to rebound after the collapse of the housing market. Phoenix has been devastated by foreclosures and there will continue to be a foreclosure risk in the next year . Tucson is one of the hottest markets and Arizona first time homebuyers have been slashing inventory by purchasing homes at a brisk pace. For the most part, Investors have been purchasing homes with cash which makes it tougher for a first time home buyer to win a bid. An Arizona first time home buyer needs to get fully preapproved before house hunting to increase their chance of getting an offer accepted.

**Arizona First Time Home Buyer Stats**
Average Home List Price	$343,992
Foreclosure Rate-Phoenix	1 in 22 Homes
Average Rent-3 BR	$1,000-You could purchase $150,000 home with same payment
Unemployment Rate	9.3%

Special Programs
The My Community Arizona First Time Home Buyer Program Opens Doors for a Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse, and Military Personnel. This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.

Arizona First Time Homebuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.

Please visit FHA mortgage limits if your Metro Area doesn't appear below.

	Single Family	2-Unit	3-Unit	4-Unit
Phoenix	$346,250	$443,250	$535,800	$665,850
Tucson	$316,250	$404,850	$489,350	$608,150
Flagstaff	$450,000	$576,050	$696,350	$865,400

VA Program
Zero down payment up to $417,000 loan amount

If you served during wartime for at least 90 consecutive days or during peacetime for at least 181 consecutive days then you are eligible for the VA Home Loan Program. If you are currently on active duty then you are eligible for the program after 90 days of active service. You are also eligible if you are on Reserve, as long as you have served for at least six years, which can be non-consecutive and in different branches of the Reserves. The Reserve branches eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps.

Arizona USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in eligible county and there are maximum income limits. The income limit for most counties is $73,600 and Phoenix has $75,750 limit.

List of INELIGIBLE COUNTIES: Cochise, Coconino, Maricopa, Mohave, Pima, Pinal, Yavapai, and Yuma.

Visit USDA website to determine if a specific home is eligible for the program. You will need full address with zip code.

Gerald Tribuzio© 2001-2010
Phone: (847) 516-5743
Fax: (800) 351-1184
Email:jtrib@firsthomebuyers.net
Chicago Headquarters
421 Wentworth Circle
Cary, IL 60013
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