Government Will Give you 22% Toward the Purchase of a Home!!!

Great news for those buyers that may have been sitting on the fence about purchasing a home!

The Arizona Department of Housing (ADOH) will offer 22 percent in purchase assistance to qualified home buyers purchasing an eligible foreclosed home in the state. ADOH provides help in the form of a deferred second mortgage loan for purchase assistance.

There are a few qualifying factors, the first of which is that the property that you are purchasing MUST be a VACANT single family home, townhome or condo that has been foreclosed on. Here are a few other qualifiers:

• The household must have a gross income (the total income before taxes, health care costs, social security, etc.) of no greater than 120 percent of the average median income for the county they want to purchase a foreclosed house in.

• If you own a residence, you must be leasing your primary residence at least 12 months before applying for the program.

• You must use a lender from ADOH's participating lender list.

• You must attend and complete an eight-hour Homebuyer Education Class provided by one of the ADOH participating homebuyer counseling agencies. (A list will be provided by your lender once you begin the process.)

• The property you purchase must be your primary residence.

• Maximum debt-to-income ratio is 31/43. (Check with your lender to determine if you are eligible.)

This is a PHENOMENAL program for those that may not have a great deal of money to put down (the program does still require 3% down payment), and can help you get more home for yoru budget. Just think what you can do with this program AND the $8000 first time homebuyer credit!

I would be happy to help you locate a home and refer you to a lender that can assist you with getting qualified. Please contact us at (480) 393-0434 for more information!!!