| On July 1st the state of Arizona Housing Department | | | | annually. A household of 2 must have an annually |
| received 38 million in funding to provide assistance to | | | | combined income of $63,250 or less. |
| qualified buyers of foreclosed properties throughout | | | | You must attend and complete an 8 hour home buyer |
| Maricopa county. IMPORTANT: 38 million will go quickly, | | | | education class provided by one of the ADOH |
| in about 3 months or so this money will be depleted so | | | | participating home buyer counseling agencies. The |
| now is a great time to see if you qualify for this | | | | property must be your primary residence, and your |
| program. The program requires 3% down of which | | | | debt to income ratios must be at or below 31/43. |
| 2% can come from an approved source. So only 1% | | | | Eligible Properties: |
| is required from the borrows funds. For now, here are | | | | Only foreclosed properties that are one-unit detached |
| the basics on the program and how it works. | | | | single family homes, or condos and townhomes and |
| Qualifications: | | | | the property must be vacant at the time of listing. |
| The household must have a gross income (total | | | | ADOH Loan Terms: |
| income before taxes, health care costs, social security, | | | | 22 percent of purchase price and all loans are |
| etc.) of no greater than 120 percent of the average | | | | forgivable after a period of time based on the amount |
| median income for the county they want to purchase | | | | of the loan. |
| a foreclosed house in. We can send you the table | | | | 5 years for assistance of $15,000 or less, 10 years for |
| upon request but an example would be a household | | | | assistance of $15,000-$40,000 and 15 years for |
| size of 4 must have an income at or below $79,100 | | | | assistance of more than $40,000. |