Tarra Christensen
DPR Realty LLC
tarra@tarrasellsaz.com
602-380-8300

Want 22% to put down on your home and you never have to make a payment on it? The Your Way Home Arizona program offers a forgivable, zero-percent-interest loan of 22% of the home's purchase price to qualified borrowers purchasing an eligible foreclosed home. This significantly increases Arizona residents' purchasing power, since eligible borrowers only need to qualify for 75% of the purchase price. The program is currently available throughout Arizona, including Maricopa and Pima counties that were recently added in July 2009.

The following are some of the program specifics and guidelines:

Borrower Qualifications:

The purchased property must be a primary residence
The household gross income cannot exceed 120% of the average median income for the county. Household income for qualification purposes includes the gross income of all persons 18 years and older living in the residence.
Not required to be a first-time homebuyer
Must attend an approved Homebuyer Education Class
Must have two months reserves of PITI
Down payment requirement is 3% of purchase price. 1% must be provided by the borrower, but 2% can be gifted funds or from other approved sources.

Property Requirements:

Foreclosed/Bank-Owned properties only. The property must be vacant at the time of listing.
Eligible for any one-unit single-family residence, including condominiums, townhomes and permanently installed mobile homes
Purchase price must be at least 1% less than the appraised market value of the property
Properties must pass a Minimum Property Standards inspection prior to closing

Financing Terms:

First mortgage must be a fixed rate fully amortized loan not to exceed 30 years
The maximum loan amount of the first mortgage cannot exceed 75% of the purchase price
The first mortgage can be either FHA, VA, USDA or conventional financing
The ADOH provides a silent-second loan for 22% of the purchase price that has no interest or required payments
The program loan term is between 5-15 years depending on the loan amount

Under $15,000: 5 years

$15,000 - $40,000: 10 years

Over $40,000: 15 years

The program loan is forgiven at the end of the loan term provided the borrower continues to own and occupy the home until such time. (Loan must be repaid if property is sold during the loan term) refinanced.
First mortgage can be provided the new loan results in a lower monthly housing payment
Seller's may contribute up to 6% in closing costs and pre-paid expenses

If you are thinking about buying or selling a home in Queen Creek, contact Your Queen Creek Realtor, Tarra Christensen. You can reach me at 602-380-8300 or tarra@tarrasellsaz.com

Tarra ChristensenDPR Realty LLCtarra@tarrasellsaz.com602-380-8300

Tarra Christensen
DPR Realty LLC
tarra@tarrasellsaz.com
602-380-8300