ADOH Assistance | Michael (Mick) Dickes

Beginning in July, 2009 the Arizona Department of Housing (ADOH) made available a program that offers 22 percent in purchase assistance to qualified home buyers in Maricopa County. This program is available to qualified home buyers purchasing an eligible foreclosed home. The Your Way Home AZ Program provides help in the form of a deferred second mortgage loan for purchase assistance.

Qualifications

The household must have a gross income (the total income before taxes, health care costs, social security, etc.) of no greater than 120 percent of the average median income for the county they want to purchase a foreclose house in. The table below will help you determine income limits in Maricopa County.


Maximum Income for Household Size (persons) in Maricopa County&n
1	2	3	4	5	6	7	8

$55,350	$63,250	$71,150	$79,100	$85,400	$91,750	$98,050	$104,400

If you own a residence you must be leasing your primary residence at least 12 months before applying for the program.
You must use a lender from the ADOH participating lender list.
You must attend and complete an eight-hour Home buyer Education Class provided by on of the ADOH participating home buyer counseling agencies.
The property you purchase must be your primary residence.
You must have a maximum debt-to-income ratio of 31/43.
You must be AUS (Automated Underwriting System) approved eligible.
You must have two months PITI reserves.

Eligible Properties

FORECLOSED PROPERTIES ONLY. A property is considered “foreclosed upon” at the point that the mortgage or tax foreclosure is complete.
One-unit detached single family homes, condos and town homes.
The property must be vacant at time of listing.

ADOH Loan Terms

22 percent of purchase price .
All loans are zero percent interest with no monthly payment.
The balance of the loan is forgiven at the completion of the term.
All loans are forgivable after a period of time based on the amount of the loan.