22% Down Payment Assistance 2 Buy Foreclosed/REO Home

22% Down Payment Assistance From The Arizona Department of Housing To Buy a FORECLOSED or REO HOME.

IMPORTANT… This DOES NOT Affect the $8,000 Buyer’s Tax Credit From The Federal.

Recently released from the Arizona Department of Housing. The State of Arizona has allocated $20 millions to help stabilize the housing market.

BASIC REQUIREMENTS.

 120% of the Median Income
 Borrower must have 3% Down Payment Requirement of which 2% can be a gift
 Borrower must have 2 months reserves at time of closing
 22% Down Payment Assistance from AZ Department of Housing
 Forgiven in 5-15 years depending on how much is granted to the borrower
 Sales price must be 1% below the appraised value (ex. $100,000 value - 1% = Sales Price of $99,000)
 Appraisal must be no older than 60 Days
 Any part of the State of Arizona
 Borrower must attend and finish an 8 hour Home Ownership Class
 Debt to Income Ratios cannot exceed 31/43
 Does not affect the $8,000 Home Buyer Tax Credit
 Program pays for a Home Warranty and Inspection

Call us today at 480-217-7440 if you have ANY questions. If we cannot answer it, we know who will be able to.

More information, visit www.azhousing.gov