Do foreclosures in Sun Lakes Az. qualify for the 22% credit?

Asked by Gary Williams, Sun Lakes, AZ Wed Dec 30, 2009

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Jeffrey Masi…, Agent, Scottsdale, AZ
Wed Dec 30, 2009
Gary Williams

Dear Gary:

Happy New Year!

Yes the State of Arizona program is availabe for all cities in Arizona if you buy a bank owned property.

You must register and take a class to become eligible. The class must be taken in the County that you are purchasing the bank owned property in.

This program is not eligible for investors. To receive and maximize the amount of your free grant, up to 22%, you must live in the home for periods of 5, 10 and 15 years. For more information on the free grant program, see "Free Grants" on this link: http://www.arizonahomesland.com/forbuyersorrenters.php.

By the way, since there may be some snow on the ground in Elk Grove, see some beautiful Arizona sunsets, click: http://www.arizonahomesland.com/arizonasunsets.html

If you need help finding some eligible homes to purchase, feel free to contact me.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
480-556-0940
jmasich@usa.com
HomeSmart Real Estate
Web Reference:  http://ArizonaHomesLand.com
0 votes
Paul Welden, Agent, Scottsdale, AZ
Wed Dec 30, 2009
HI Gary,

Vacant REO foreclosures anywhere in AZ qualify for the 22% purchase assistance. It is not a credit. It is a silent second mortgage/lien on your property.

-----
PAUL WELDEN
HomeSmart
602-503-4010
Exclusive Buyer's Agent
0 votes
Jeremy James…, Agent, Scottsdale, AZ
Wed Dec 30, 2009
Gary,

Your Way Home AZ is a statewide program to assist homebuyers purchasing foreclosed homes in select areas, help rehabilitate housing developments, and stabilize neighborhoods. Nine community partners - the state of Arizona, Maricopa County, Pima County, and the cities of Avondale, Chandler, Glendale, Mesa, Phoenix, Surprise and Tucson - have teamed up to use Neighborhood Stabilization Program (NSP) funds for this purpose. There is more detailed information at http://www.yourwayhomeaz.com
0 votes
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Wed Dec 30, 2009
I forgot to mention, the 22% is not a credit rather a silent second lien. In other words, you owe the money right up to the point/ day you finalize your commitment to the program.

Silent Second Mortgage = Is a 2nd mortgage that typically does not have to be paid back upon execution of the terms of the agreement and has no interest rate. There are no monthly fees or payments. In this case, 5 years of residency in the property. However, if you fail to meet the requirements, the 2nd mortgage will hold you liable to pay back the 22% that was provided to you, without interest or penalty fees.
0 votes
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Wed Dec 30, 2009
Hi Gary,

We are an approved NSP/ Your Way Home AZ Lender. The property is not limited to any specific area for the program. However, there are income limitations, the property must be currently in foreclosure (and be foreclosed at time of close) or owned by the bank.

You are likely thinking of the municipality programs of the NSP funds (i.e. City of Phoenix Housing Program, Peroria, Mesa, Etc..). They do have area restrictions. However, Your Way Home Arizona does not. I can further discuss with you your options. Actually the best and first item of business, as Your Way Home AZ states & trains Lenders to advise, is to have the client qualify first and foremost before doing anything else.

I would be happy to review your options with you.

Ted Canto
Direct: 480.650.8602
Email: ted@tedcanto.com
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