State offering 22% home loan program

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by Tyler Baldwin

azfamily.com

Posted on November 4, 2009 at 9:34 PM

Updated Thursday, Nov 5 at 1:29 PM

PHOENIX - The Arizona Department of Housing received $20 million from Washington and is using that money to help people buy foreclosed homes.

The goal of the program is to get the massive amount of foreclosed homes off the books.

You can get a loan for up to 22% of the value of the home and if you live there for a certain period of time you will never have to pay that money back.

There are a few requirements. For instance a family of four in Maricopa can't make more than $79,000 a year. You must make a down payment of at least 3% on the home, 1% coming directly from the borrower's own pocket. And you must also take an eight hour course on home ownership.

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