Q: Who is eligible for down payment assistance and the bond program interest rate reduction in Pinal
County, AZ?
A: There are a number of requirements which must be met in order to be eligible for down payment assistance and
the
Pinal Bond Program's interest rate reduction. These include limits on family household income, purchase price
of home, the requirement that the home buyer must not have owned a home within the last 3 years and other
factors. You may want to speak with a mortgage loan officer from an approved lending institution to find out
more.
Q: Assuming I meet eligibility requirements, how much down payment assistance money can I expect to
receive?
A: This depends upon five primary factors as follows:
- The amount of family household income.
- The purchase price of the home.
- The actual closing costs of the home.
- The amount of family savings and assets.
- Any other gifts or assistance the home buyer may be receiving.
Keep in mind that the maximum amount of down payment assistance for this program is $20,000.
Q: Are Veterans eligible?
A: Yes. Additionally, veterans are permitted prior home ownership within the last 3 years.
Q: What documentation do I need to provide?
A: Your last 3 consecutive years of Federal Income Tax Returns with all schedules along with any other
documentation required by the lender based upon the mortgage for which you have applied.
Q: How long will the down payment assistance and bond program interest rate reduction be available?
A: Funding for these programs can be exhausted at any time. However, it is likely that new funding will be offered
again.
Q: What type of home may I buy?
A: This program allows 1-2 unit, owner-occupied, residential homes.
Q: Can all mortgage lenders offer the Pinal Bond Program?
A: No. Only an approved lender can offer this program.
Q: What should I do to take advantage of the down payment assistance and bond program interest rate
reduction?
A: Call us toll free at 877-538-9833.
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