Foreclosures Make Your Way Home AZ

Foreclosures are still driving the market in Lake Havasu City as they are in many areas of the nation. There were 150 homes which closed escrow in June; almost half of these were foreclosed home sales.

June Foreclosure Median Sales Prices (single-family residence):

    * Lake Havasu City: $137,000
    * Bullhead City: $107,000
    * Kingman: $88,500

Arizonians who want to take advantage of today's affordable prices and the foreclosure market now have a new option available to them: Your Way Home, AZ.

A quote from The Arizona Department of Housing:
"Because access to homeownership is fundamental to Arizona's way of life, Your Way Home AZ is a financing tool that will make it easier for eligible, credit-worthy homebuyers to obtain mortgages.  Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP).  The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts".

Your Way Home AZ is a down payment assistance program.  The program offers homebuyers an interest-free loan which is forgiveable if the buyer remains in the home for 5 -15 years.  The time requirement is based on the amount of the loan.  Qualifying for a home loan is now easier with the Your Way Home AZ program and your mortgage payments will be more affordable.

Your Way Home AZ Highlights:

    * Down payment assistance of up to 22% of the purchase price.
    * 0% Interest.
    * A "silent" second mortage - No monthly payments.
    * Forgiveable loan - No repayment required (after time requirement elapses).
    * If home sells before time requirement is satisfied, only the loan amount must be repaid (interest-free).
    * Home must be a single-family foreclosed property.
    * The mortgage lender must be an approved lender.
    * Income restriction - buyer's income cannot exceed 120% of the average income for Mohave County.
    * First loan qualification is not impacted because the loan is a "silent second" mortgage.
    * Buyer must attend a home buyer seminar.

Forgiveable Down Payment Loan and Time Requirements:

    * 5 years for assistance of $15,000 or less
    * 10 years for assistance of $15,001 - $40,000
    * 15 years for assistance of more than $40,000

Your Way Home AZ truly makes homeownership affordable.  Based on a sales price of $137,00, the median for forclosed properties in Lake Havasu City, you loan amount could be as low as $106,860.  Your house payment would only be approximately $624 (principal and interest only).  Wow!  That is cheaper than rent.

Now is the time to buy a home in Lake Havasu City:

    * First-time home buyers can still qualify for the First-time Home Buyer Tax Credit.
    * Home buyers qualify for closing costs tax deductions.
    * Home buyers qualify for mortgage tax deduction every year.
    * Interest rates have dropped.

Not all counties or cities in Arizona qualify for the Your Way Home Program. The program does vary from one qualifing area to another. Call your real estate agent or lender for details. By the way, if you are already working with a lender, who is not on the approved list, don't change lenders. The Arizona Department of Housing, which adminsters the program, is willing to work with lenders, who are not on the approved list.

    * Approved Lenders
    * Income Eligiblity
    * Your Way Home Az Website

Donna Ball, Always on the Ball with Lake Havasu City real estate