 |
|
The Your Way Home program being offered in Arizona provides assistance to those who qualify to purchase eligible foreclosed homes in the state. This information will help you determine if you may be a candidate. If you want to speak to someone regarding this program call Mani at Mani at 480-390-2123
As of July 1st of this year, this program was available to all residents of Arizona. Essentially, the Arizona Department of Housing will offer 22% in purchase assistance if you qualify. This help is given in the form of a deferred second mortgage loan. There are a variety of eligibility factors, including the following:
Your total household income before any deductions must be no greater than 120% of the average median income for the county where you want to purchase a foreclosed home. For example, if you intend to purchase in Graham county and have 5 members in your household, you must not have a gross income exceeding $58,200. In Santa Cruz county, the maximum income for the same size family would be $57,000.
You must be leasing your primary residence for at least 12 months before applying, and there are specific lenders that are participating in the program that you must use. Also, the property you intend to purchase must be used as your primary residence. An 8 hour Homebuyer Education class that is provided by the ADOH must be attended and completed as well.
This program is for eligible foreclosed properties only, and includes condos, townhomes and one-unit detached single family homes. The property must be vacant at the time it is listed.
As far as the ADOH loan terms, there are no monthly payments and loans are zero percent interest. The amount of the loan will be 22% of the purchase price, and loans are forgivable after a set amount of time based on the amount of the loan. For example, 10 years for assistance of loan amounts between $15,001 - $40,000.
There is also a maximum purchase price that varies by county. The down payment requirement is a minimum of 3% of the property purchase price, with 1% coming from your own funds. The balance of 2% may come from another source that is approved.
If you are interested in learning more about the Your Way Home program in Arizona, you will find additional information at FHALoanAZ or www.YourWayHomeAZ.com, or you may call Mani Bongiovanni at 480-390-2123 or the ADOH at (602) 771-1000.
|
—
