Monday, June 29, 2009

Another buyer assistance program for foreclosure homes

I meant to post something about this last week, after Evan from the Bullhead City Blog put up his post on the subject. Well, I'm getting around to it.

See for yourself, see for yourselfers.

Copied from Evans blog...

Keep in mind these terms are specific to the Arizona Department of Housing program in Mohave County, which may be different that those programs offered throughout the state by various partners.

I want to emphasize that, yes, this is a loan. But it’s a second loan with no payments, so it is not factored into qualifying for the purchase. Say you have a purchase price of $100,000 with 3.5% down payment ($3,500). Your first loan would be $74,5000 ($100,000 minus $22,000 second, minus $3,500 down payment). Your payments would be based on that $74,500.

There is no payment and no interest on the $22,000 second. Should you own the home for 10 years, the second loan is forgiven. If you sell the home sooner, you will owe the $22,000, but with no interest.

This program makes it easier for people to qualify and afford a home, while at the same time encouraging the sale of foreclosures thereby putting those homes back in the hands of humans who will occupy the home instead of leaving them vacant while they sit on the books of banks across the country.

Link to the YourWayHomeAZ site.

Also, Evan and I will be recording our next podcast tomorrow. If you have any subjects that you'd like us to discuss drop a line in the comments or email me.

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