ARIZONA DAILY STAR:  Thurs., July 2, 2009

State has help for buying foreclosures

By Josh Brodesky

        

If you're shopping for a foreclosure, the state might have a deal for you.  Arizona's Department of Housing is offering qualified home buyers a 22%t discount on foreclosures they might purchase.  There are some caveats, though. Potential buyers would have to have an income no greater than 120% of the median income of the county where they would purchase their homes (see chart). The buyers also would be expected to stay in their homes for at least five years, be able to pay at least 3% down and attend an eight-hour home-buyer-education class, among other requirements.

The state's Department of Housing will provide Arizona home buyers with 22% of a home's purchase price as long as it is a foreclosure. The assistance comes in the form of a deferred second mortgage with no interest and no monthly payment. Over the course of time — it varies depending on the amount of money, but it is at least five years — the payment becomes forgivable.

The program is limited to people who earn no more than 120% of the median income in the county where they are buying the home. Here's how that breaks down in Pima County:

Household income size limit 1          $48,300 2          $55,200

3          $62,100 4          $69,000 5          $74,500

6          $80,050 7          $85,550 8+        $91,100

 

In Pima County, the price limit to get assistance on a foreclosure is $316,250.  To get started:  Arizona Department of Housing at www.YourWayHomeAZ.com to get pre-qualified and connect with participating lenders.  Or call 1-602-771-1000.

 

FULL STORY:  http://www.azstarnet.com/allheadlines/299363

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