Buying Foreclosures with 22% assistance!!!

Your Way Home Arizona

A Program for Buyers of Foreclosed Homes

As owner of EXIT Realty Cool Mountain I want to pass along good news when it comes along. Here is a program that can save thousands on a home purchase. Now is the time to get in on it yourself or to tell a friend or family member about it.

Part of the Economic Stimulus and Neighborhood Stabilization Plan that has come from Washington includes a program to sell foreclosed, bank owned, properties and stop the blight on our neighborhoods. The program has a few requirements but offers a great deal for anyone wishing to buy a foreclosure and own and live in a home.

• You must be able to qualify for the loan
• The property must be bank owned ( a foreclosure )
• The price paid must be at least 1% below the appraisal

The loan incorporates a standard 75% mortgage plus a 22% Down Payment Assistance loan with no interest and no payments. You must have 3% for the down payment yourself but 2% can be a gift from a friend or family.

The 22% is a second loan on the property but requires no payment and no interest until you sell the home. That loan is even forgiven over time. If you stay in the home for 5 years and the 22% loan is under $15,000 it is forgiven. If you stay in the home for 10 years a loan of $15,000 to $40,000 is forgiven. If you stay in the home over 15 years a loan over $40,000 is forgiven.

Another way to look at it is that you are buying the property with a monthly payment discount of 22%.

EXIT Realty Cool Mountain is trained in the program and how to get you into these great deals. This may look like a very complicated deal but it is very simple if you have a good agent working with you or your family member. Now is the time to get in on these homes while interest rates are historically low and there is a lot to choose from. What a wonderful time for a first time buyer..

Here is a simpler way to look at this:

Buy a foreclosure for $68,000. You put in $2040 plus closing costs of a few hundred. You get $14,960 in free assistance money. You have a mortgage of $51,000 with payments of $289 per month at 5.5%. You stay in the home for 5 years and the down payment assistance of $14,960 is forgiven. If you sell the home before 5 years you must pay the $14,960 back with no interest and out of the selling proceeds.

OR

You buy a home for $390,000. You put in $11,700 plus closing costs. You are given assistance of $85,800. You have a mortgage of $292,500 making payments of $1660 per month. Stay in the home for 15 years and the $85,800 is forgiven. You never have to pay it back!

EXIT Realty Cool Mountain is here to help you get these homes and reduce your cost of living. Contact your agent today. You will be glad you did. We would love to help any of your friends and family too. Just have them all us for our free service.

928 632 3906