There's great news for Arizona homebuyers. A new incentive has now been added for helping buyers buy foreclosed properties. This awesome news has come at a great time, too. Now, through the help of Your Way Home AZ program, many buyers are eligible for a forgivable 0% interest loan of up to 22% of the property's purchase price.
The new program offers eligible borrowers the best possible assistance for getting these foreclosures off the market. And, the only requirements are that the buyer must live in the home for 15 years, the home must be a single family unit, condo or townhome, it must be vacant and the home must be the buyer's primary residence.
The Your Way Home AZ program is available in 13 Arizona counties, with Mohave County and several others being on the list. Buyers could qualify with as much as 120% of the average county median income.
Anyone looking for assistance with buying a foreclosure can find that on the Your Way Home AZ website at: www.yourwayhomeaz.com. They have a list of all the requirements and approved lenders. They will even work with lenders that are not on their approved list.
Once the buyer meets the requirements, it will be easy from there. The lender will help them through the funding aspects of the program. The Your Way Home AZ program is already funded for more than $121 million, which was created under the Bush administration. Just over $38 million of that has been designated to the state's non-metropolitan counties and $20 million is funding Your Way Home AZ.
I would personally recommend for all buyers to start with an approved lender before setting your sights on a foreclosed property. But, this is always an alternative. So, whatever your choice is, happy house-hunting.