On July 1st the state of Arizona Housing Department received 38 million in funding to provide assistance to qualified buyers of foreclosed properties throughout Maricopa county. IMPORTANT: 38 million will go quickly, in about 3 months or so this money will be depleted so now is a great time to see if you qualify for this program. The program requires 3% down of which 2% can come from an approved source. So only 1% is required from the borrows funds. For now, here are the basics on the program and how it works.
Qualifications:
The household must have a gross income (total income before taxes, health care costs, social security, etc.) of no greater than 120 percent of the average median income for the county they want to purchase a foreclosed house in. We can send you the table upon request but an example would be a household size of 4 must have an income at or below $79,100 annually. A household of 2 must have an annually combined income of $63,250 or less.
You must attend and complete an 8 hour home buyer education class provided by one of the ADOH participating home buyer counseling agencies. The property must be your primary residence, and your debt to income ratios must be at or below 31/43.
Eligible Properties:
Only foreclosed properties that are one-unit detached single family homes, or condos and townhomes and the property must be vacant at the time of listing.
ADOH Loan Terms:
22 percent of purchase price and all loans are forgivable after a period of time based on the amount of the loan.
5 years for assistance of $15,000 or less, 10 years for assistance of $15,000-$40,000 and 15 years for assistance of more than $40,000.
About the Author:
Dave Zajdzinski invites you to take advantage of the Z Team's powerful Multiple Listing Service (MLS) map search to find and view properties in Arizona at findnewhomesaz.com findnewhomesaz.com/.
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