In order to receive financial assistance from the “Homes for Arizonans” Program your gross income (before taxes and withholding) cannot exceed the following guidelines:
New Income Limits for 2008
Household Size |
Tier 1 = 5% Requires MRB* or MCC** |
Tier 2 = 10% + $3,000 closing cost grant |
Tier 3 = 15% + $3,000 closing cost grant |
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Income cannot exceed limit by family size | Navajo | Apache | Navajo | Apache | |
1 person | $58,500 | $23,750 | $23,700 | $17,820 | $17,760 |
2 person | $58,500 | $27,100 | $27,100 | $20,340 | $20,280 |
3 person | $67,275 | $30,500 | $30,450 | $22,920 | $22,860 |
4 person | $67,275 | $33,900 | $33,850 | $25,440 | $25,380 |
5 person | $67,275 | $36,600 | $36,550 | $27,480 | $27,420 |
6 person | $67,275 | $39,300 | $39,250 | $29,520 | $29,460 |
* MRB = Mortgage Revenue Bond Program
**MCC = Federal Tax Credit with a 1% admnistrative fee to ADOH 30-Day Close
Tier 1 Assistance | Tier 2 & 3 Assistance |
5% of Sales Price
toward down payment & closing costs |
10% or 15% of Sales Price
toward down payment + $3,000 closing cost grant |
Class Required: Homebuyer Education Workshop The class can either be in a classroom, through a third party HUD-Certified Counseling Agency or online with any of the following four entities: United Guaranty – https://www.ugcorp.com PMI – http://www.pmi-us.com/homebuyeres MGIC – http://www.mgichome.com/index.html Radian – (English) http://radian.biz/homebuyers/english/index.aspx (Spanish) http://radian.biz/homebuyers/spanish/index.aspx |
Class Required: Homebuyer's Education Workshop STC 199 Taught by Terry Nagle at NPC's Snowflake/Taylor – Silver Creek Campus Call NPC to register at (800) 266-7845, ext. 7660. Class is FREE and earns 1/2 credit. |
$1,000 Minimum Buyer Contribution | $1,000 Minimum Buyer Contribution |
Max Debt-to-Income Ratios: 33/41% | Max Debt-to-Income Ratios: 33/41% |
NACOG Home Inspection Required: Safety | NACOG Home Inspection Required: Safety |
MCC or MRB Required | MCC or MRB optional |
Fixed Rate 30-Year Mortgage | Fixed Rate 30-Year Mortgage |
Maximum Purchase Price: Navajo County: $276,915 Apache County: $253,125 |
Maximum Purchase Price: Navajo County: $210,900 Apache County: $200,160 |