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.
rmshapiro said on November 4, 2009 at 9:55 PM
Just wondering where the link is that gives the requirements for these loans.
prattchn said on November 5, 2009 at 6:36 AM
I was wondering the same thing, were do you find the link for the requirements for the loan
camib said on November 5, 2009 at 12:11 PM
www.YourWayHomeAZ.com
ladybug7 said on November 19, 2009 at 9:33 AM
I just bought a home using this program. The homebuyer class is painful, but it was worth it in the long run. I received 30k as a second mortgage with $0 monthly payments and 0% interest. I have to live in my house for 10 years and that second is forgiven. If you can take advantage of this program DO IT! The hardest part was finding a foreclosed home that wasn't snagged up by the investors with cash. However, I hear it's easier to find a foreclosed home over 200k than under. The other thing is use a mortgage broker experienced with the program. My broker had contacts at the department of housing and that proved to be invaluable when it came to closing.
rudy5194 said on November 28, 2009 at 5:24 PM
dont go looking the money is gone and the state doen't know why or shere it went// sorry to the folks that lost this money to fraud