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"Your Way Home AZ"

 

1)  The Arizona Department of Housing (ADOH) will provide a 22% purchase assistance or down payment assistance to qualified home borrowers buying REO foreclosed homes in Arizona.

2) The 22% assistances will be a 2nd loan that is "Silent" (No payment required), there is no (zero) interest rate.

3)  3% Down payment required from Borrowers of which 2% can be gifted by relatives or approved source.

4)  22% "Silent" 2nd loan is forgiven after 5 to 15 years depending on loan size.

5)  Home Purchase Price limits the same as FHA by Arizona county.

6)  Household Income Qualification limits vary by county. In  Maricopa county a family of 1 limit is $55,350 or less and a family of 4 is $79,100 or less.

7) If you own Real Estate (rental / investment) , borrowers must be renting their primary residence for at least 12 months.

8)  Borrowers must attend and complete an 8 hour "Homebuyer Education Class" provided by one of ADOH approved counseling agenies.

9)  ADOH approved lenders will be Pre-Quailfy borrowers for a First loan,  then prepare eligibility paperwork  for counseling agency "Homebuyer Education Class".

10)  Two month mortgage payment reserves and No "Non-Occupying" co-borrowers allowed.

11)  Homes must be vacant, no short sales purchases, one unit single family detached, condo or townhome.

12)  No FHA 203K Streamline Rehab purchases and homes must be inspected by the "Home Quality Standard" format.

Call for more Details 480-390-2123

or E mail

MBongiovanni@TheLendingCo.com

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