Chris & Shannan have helped many people in this program - it is important that you have a Realtor and a Lender that knows the in's and outs in order to be successful.
We were notified yesterday that the AZ Department of Housing has announced that they have limited funds left over on this program (about $500,000) and they are opening it up only to the top originating lenders in the program. It's for all of the state of AZ to use so it will go FAST! That's only enough $ for about 15-20 buyers. Please see attached program details including the eligible zip codes and let me know if you have any questions. PLEASE CALL US FOR MORE INFO!!!
Pima County Program Description
"Your Way Home Arizona"
Eligible Properties
• Foreclosed properties only. The mortgage foreclosure must be complete and the investor must own the property. The property must be vacant at the time of listing.
• Properties must pass an inspection that is paid for by the counseling agency.
• One-unit single family homes, condos, townhomes and affixed manufactured homes
• The program has specific addendums that must be signed by the Seller.
• The final purchase price of the home must be discounted 1% lower than the appraised value.
• A review appraisal will be completed and is ordered by the counseling agency.
• Eligible properties must be located in the following Zip Codes in Pima County:
85629 85706 85714 85742 85755
85641 85710 85716 85743 85756
85653 85711 85719 85745 85757
85704 85712 85730 85746
85705 85713 85741 85747
Down Payment Requirement
A minimum of 3% of the purchase price is required as down payment. 1 % must come from the homebuyer's own funds (seasoned for 60 days). 2% can come from any other approved source (Seller, Real Estate Agent and Lender are not approved sources).
Homebuyer Qualifications
• The income limit for the household is no greater than 120% of the median income for Pima County (see chart below).
• The homebuyer is not required to be a first-time homebuyer. However, if someone
in the household owns a residence, they must have been leasing their primary residence for 12 months before applying for the program.
• The property purchased must be used for the homebuyer's primary residence.
• The buyers housing ratio must be at or below 31%; total debt ratio at or below 43%
• The homebuyer must have 2 months of PITI (total monthly mortgage payment) in reserves when they close on their home.
HHD Size
1 Person Family - $49,560
2 Person Family - $56,640
3 Person Family - $63,720
4 Person Family - $70,800
5 Person Family - $76,560
6 Person Family - $82,200
7 Person Family - $87,840
8 Person Family - $93,480
Homebuyer Assistance
• 22% of the purchase price.
• Assistance is in the form of a second loan at 0% interest and no monthly payment.
• The second loan is forgiven after a period of time based upon the dollar amount:
o 5 years for assistance of $15,000 or less
o 10 years for assistance of $15,001 - $40,000
o 15 years for assistance of more than $40,000
• The program pays for a 1 year home warranty for the buyer at closing.
How to Apply
1. The homebuyer applies with the lender to obtain pre-approval. Check the
website www.yourwayhomeaz.com for a list of participating lenders.
2. The homebuyer signs-up for a Homebuyer Education Class through FHR or
Old Pueblo. Applicants attending FHR class must apply for the program with FHR.
3. The Counselor will contact the homebuyer for an appointment to apply for the
assistance after receiving the pre-approval information from the lender.
4. This is a lender driven program. Buyer should always start by applying for the loan.
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