It is official, the Your Way Home Arizona program is now officially open and ready for approved buyers. The state of Arizona has created a program that will allow buyers who qualify to access a grant of 22% of the purchase price if they buy bank owned REO properties.
_______________________
What Are The Qualifications?
_______________________
These properties must be bank foreclosures that are un-occupied. There are several qualifing criterial such as income limits by county, debt-to-income ratio limits, credit score minimums as well as home buyer classes to attend and complete.
This is a golden opportunity to purchase a home in Yuma, Somerton, San Luis or anywhere in Arizona if you are a first time home buyer. The 22% down payment can be used in conjunction with a traditional FHA loan which means you have a safe secure government insured mortgage while at the same time, your payment is significantly reduced because of the extra down payment.
_______________________
Whats The Catch?
_______________________
There is only $20 million dollars for the first phase of this program. If you figure the average home is $150,000 sales price, 22% would be $33,000. That means on average only 606 homes will be able to use this program.
_______________________
Where Does This Work?
_______________________
Yuma, Somerton and San Luis are already open and able to use this program. I would suggest contacting a trusted and knowledgable Realtor and lender ASAP. The state has said Maricopa county will be open on July 1st. That means we in Yuma have just about 2 weeks to get properties under contract and obtain the needed approval from the housing authority before the large cities come online.
I look forward to hearing from you about Yuma, AZ down payment grants, FHA Mortgages, and HUD Foreclosure mortgage programs:
Derek Egeberg, CMPS
The “Approval Coach”
Academy Mortgage
928-247-9089
928-246-0422
www.TheApprovalCoach.com derek@theapprovalcoach.com
