Cedric the Realtor . COM
480-678-0123
Fax 480 816-5831
17100 E. Shea Blvd . #620
Fountain Hills, AZ  85268

YOUR WAY HOME AZ
The Arizona Department of Housing (ADOH) is offering 22% in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home in Arizona.  ADOCH provides help in the form of  a deferred second mortgage loan for purchase assistance. THERE IS NO INTEREST AND THERE IS NO PAYMENT ON THIS ASSISTANCE!

Qualifications
The GROSS household income is calculated before taxes, health care costs, and Social Security expenses. 


                            Household Size (Persons)
COUNTY 1 2 3 4 5 6 7 8 or more
Maricopa or
Pinal
$55,350
or less
$63,250
or less
$71,150
or less
$79,100
or less
$85,400
or less
$91,750
or less
$98,050
or less
$104,400
or less

OTHER QUALIFICATIONS
   If you own a residence, you must be leasing your primary residence at least 12 months before applying for the program.
   You must use an approved ADOH lender (CALL ME, I HAVE SEVERAL APPROVED LENDERS AVAILABLE)
  You must ATTEND and complete an eight hour Homebuyer Education Class provided by one of the ADOH participating homebuyer  counseling agencies.   
  The property you purchase must be your primary residence
*    You must have a maximum debt-to-income ratio of 31/43 (OUR LENDERS CAN CALCULATE THAT FOR YOU)
*    You must be AUS (Automated Underwriting System)  approved eligible
*    You must have two months PITI reserves (Principal, interest, taxes & insurance)

ELIGIBLE PROPERTIES
Foreclosed properties only.  Click on the bank owned homes on my home page to view these homes.  Only one unit detached single family homes, townhomes or condos qualify.  The property must have been vacant at the time of listing.   

ADOH LOAN TERMS
*   22% of purchase price
*   all loans forgivable after a period of time based on the amount of the loan.
    5 years for assistance of $15,00 or less
    10 years for assistance of $15,001-$40,000
    15 years for assistance of more than $40,000
*   ALL LOANS ARE ZERO PERCENT INTEREST WITH NO MONTHLY PAYMENT
*  The balance of the loan is forgiven at the completion of the term

DOWN PAYMENT REQUIREMENT
A minimum of 3% of the property purchase price is required as a down payment.  1% must come from the borrower's own funds. 2% can come from any other approved source.

The MAXIMUM purchase price in Maricopa & Pinal counties is $346,250.

HOW DO I START?
Good question.  CALL ME, 480 678-0123.

 


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