The Arizona Department of Housing (ADOH) has recently announced a plan it hopes will reduce the number of foreclosures on the market in Arizona. The program has not generated much buzz yet, however word is spreading and it is set to help many area residents.
The “Your Way Home AZ” program will offer 22 percent in purchase assistance to qualified home buyers. The program has been tested in smaller counties since may, however it is set to go online statewide in July. The program provides purchasing assistance by offering a deferred second loan to qualified home buyers.
Qualifications for assistance:
1.) Household must have a gross income of no more than 120 percent of the average median income for the county wish to purchase in.
2.) If you own a residence, you must be leasing your primary residence one year before applying for the program.
3.) Your lender must be chosen from the ADOH participating lender list.
4.) An 8 hour Homebuyer Education Class must be completed.
5.) The Property purchased must be your primary residence.
6.) Your debt to income must be 31/43 or better.
7.) Two months PITI reserves are required.
8.) You must be AUS approved eligible.