58 homes offered in AZ with up to $40,000 forgivable assistance

58 brand new homes will be built targeting 1st time homebuyers and subsidizing each home purchase up to $40,000! What this means is that when you purchase a home the credit will be determined by your annual income and given to you at the day of closing as a credit toward down payment of the home. Each year 20% of the debt will be forgiven and on the 5th year the debt will be completely forgiven and is your equity! There is never a payment on the subsidy unless you sell the home prior to 5 years occupancy and at that time it is a prorated payback depending on how long you have lived in the home. For example, if you purchase a home for $120,000 and are given $40,000 subsidy and stay in the home 3 years, 60% of the subsidy will be forgiven (20% per year) on the sale date close and 40% added to payoff. For more information including floor plans and pricing contact Amanda at 214-599-0063.