Your Way Home Arizona Program:
Up to 22% down payment assistance in the form of a second loan.
-
- Term from 5-15 years depending on the amount given to the buyer
- No interest paid or accrued and no payments are required on the loan as long as the buyer continues to live in the property
- Loan will be forgiven at the end of the term if all program requirements are met and the buyer continues to live in the property
Only available on foreclosed properties
Seller (Bank) MUST agree to sell the house for 1% under the appraised value! Seller to sign disclosure at time of contract to sell the property 1% below whatever the appraisal comes in at.
Property must be “move in ready”. There will be an inspection completed on the property to insure everything is in working order. (no fix-ups)
Buyer to participate in an 8 hour homebuyer education class
Buyer must contribute 3% towards the down payment (for a total of 25%) but 2% of that 3% can be a gift)
Buyer needs to have 2 months PITI (P = payment, I = interest, T = taxes, I = insurance) in reserves after closing (in other words, 2 FULL payments).
Income restrictions apply based on household size
1 - $48,300
2 - $55,200
3 - $62,100
4 - $69,000
5 - $74,500
6 - $80,050
7 - $85,500
8+ $91,100
9. Allow 60 days to close
