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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.

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What Are The Qualifications?

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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.

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Whats The Catch?

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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.

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Where Does This Work?

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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