Down payment assistance Phoenix Arizona
Have you heard about the new program from the Arizona Department of Housing (ADOH), called YourWayHomeAZ which offers to provide down payment assistance 22% of the purchase price of a qualified home in the Phoenix metro area? The program is being funded by using some of the TARP money provided to the State.
The down payment assistance is in the form of a second mortgage, which-- get this-- comes with zero interest and no payments. As you might expect, there are some strings.
First the home must be a lender-owned, repossessed home to qualify for this down payment assistance program. There are many such homes available in Phoenix Metro and other Arizona cities. One aim of the YourWayHomeAZ program is to get lender-owned homes off the market and into the hands of individuals and families who want them for their primary residence. So investors and other non-permanent residents need not apply. You must be a qualified buyer-- the program is not for reserved for first-time buyers or other special cases. You need good credit and the ability to come with at least a 3% down payment plus closing costs to qualify for this down payment assistance. Also, you must attend a one-day buyer's educational course and receive a certificate of completion for it.
The home must also pass a rigorous inspection, similar to the inspection given to a home being financed through an FHA guarantee. Under the YourWayHomeAZ guidelines, the selling bank must agree to make repairs needed to qualify the home. Extensive "fixers" are not likely to be approved.
And there are residency requirements. The down payment assistance will be written off by ADOH on a schedule determined by the dollar amount of the assistance you receive. For up to $15000, you must live in the home for 5 years. For $15,001 to $40,000, 10 years. For more that $40,000, 15 years.
How do you get into this program? First, choose a Realtor and a Lender to work with. Let the Lender fully qualify you for the down payment assistance program. While that is happening, your Realtor can be helping you select qualifiedd homes to consider, and showing them to you. (Hint: I am a Realtor(smile).
For many buyers, this is a great down payment assistance program. It provides you an opportunity to get into a home of their choice, with a 25% downpayment for instant equity, with a payment-free and interest-free second mortgage that will be wiped out when the residency requirements are completed. Whats not to like?
If you want more information on this remarkable program, call Denver Johnson (602-509-6684) or Joyce Paule (480+650-6718), both with West USA Realty(602-509-6684) or email me at email@example.com to view a full list of homes, click on search for homes for sale in Phoenix metro or the West USA Realty featured listings by community