PHOENIX – The Arizona Department of Housing (ADOH) Director Michael Trailor announced the availability of the Your Way Home AZ program for homebuyers in Maricopa and Pima counties. Homebuyers in Arizona’s 13 rural counties have been taking advantage of the opportunity to receive up to 22 percent of the purchase price of select foreclosed homes through the Your Way Home AZ program since early May. So far more than 20 families are currently in various stages of the process of purchasing a foreclosed home through ADOH’s program.
“I am encouraged by the number of families that will receive needed aid to secure a safe, decent place to call home” said Governor Janice K. Brewer. “I am confident that this is a step in the right direction toward addressing some of Arizona’s most troubling housing issues.”
The state Your Way Home AZ program provides 22 percent of a home’s purchase price for eligible Arizonans, provided the home has been in foreclosure. This assistance is in the form of a deferred second mortgage loan with zero percent interest, no monthly payment, and the opportunity to be forgivable after a period of time.
“The Your Way Home AZ program offers an incredible opportunity for many potential homebuyers throughout the state” Director Trailor said. “Arizonans are not only finding homes for their families, they are stabilizing our neighborhoods and communities by purchasing these otherwise vacant and foreclosed upon homes.”
Eligibility is based on a variety of factors including area median income, current debt-to-income ratio, using the home as a primary residence, and attending a Homebuyer Education Class. Homebuyers must purchase a foreclosed one-unit detached single family home, condo or townhome. More information about the state’s Your Way Home AZ program is attached.
ADOH is using more than $20 million for this assistance program. Funding was made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP) to help stabilize the state’s hardest hit neighborhoods. The money must be spent by November 2010 or the remainder will be given back to the U.S. Department of Housing and Urban Development.
“We encourage all Arizonans to visit www.YourWayHomeAZ.com to determine if they are eligible to participate in the state’s program or one of the other nine county and community programs listed on the Web site,” Trailor said. “We look forward to helping many more families achieve homeownership in the coming year.”
For more information about the Arizona Department of Housing, please visit www.azhousing.gov.
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