WHY FHA-Benefits

FHA Requirements in Maricopa County, Arizona:

Purchase price of $346,250 or less.

3.5% downpayment - the entire amount can be a gift, not necessarily to be repaid.

Sellers can contribute up to 6% of the purchase price toward closing costs for buyers

Multi-Family ok with one owner-occupied unit.

Tax Credit —  This entitles first time home buyers (have not owned a home in the last three years) to a tax credit of up to $8,000 or 10% of the purchase price whichever is less.   The income limits are $75k for an individual and $150k for married couple filing jointly.  

This DOES NOT have to be paid back as did the previous credit.  

It is a great time to buy a home.  Besides the availability of affordable housing and the low interest rates, there are banks out there lending money.  Find a reputable lender and off you go to the American Dream!  Best of luck!!!