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Couple Purchased Casa Grande Home With Help From Your Way Home Program
![[Photo: Couple with baby in front of two story home]](/local/az/images/1009913_41210.jpg)
Couple Purchased Casa Grande Home with Help from Your Way Home Program |
The couple, along with their 3-month old daughter, were able to buy a new home in Casa Grande with the help of the Arizona Department of Housing’s (ADOH) mortgage revenue bond program. The couple purchased a $177,990 new home and were assisted with five percent of the down payment on a 30-year fixed loan. "It was a good experience," said Anthony. Anthony works at a store near their new home while Priscilla is a teacher. "We appreciate the help."
In May 2009, ADOH launched the Your Way Home AZ program in the 13 rural counties throughout the state. Eligible homebuyers received up to 22 percent of a home’s purchase price. This is provided the home had been in foreclosure and the property was being sold at a one percent discount from current market value. The assistance is in the form of a deferred second mortgage loan with zero percent interest and no monthly payment. It had the opportunity to be forgiven after a period of time in which the home must remain owner occupied. In June, the first home closed under the program in Prescott Valley.
On July 1, 2009, ADOH opened the program to residents of Maricopa and Pima counties. Already showing signs of success in the rural counties, homeowners in the urban counties began jumping at the opportunity to receive assistance for purchasing foreclosed homes. By October more than 600 families had registered for the required homebuyer education courses to be eligible to participate in the program.
By December 2009, 465 families had purchased foreclosed homes through ADOH’s Your Way Home AZ program. They utilized over $13.7 million in purchase assistance. Additionally, Apache, Coconino, La Paz, Mohave, Navajo, Yavapai and Yuma counties had already expended their allotted funds for the Your Way Home AZ program by the end of the year.
As the mortgage foreclosure crisis began to overwhelm neighborhoods and communities throughout Arizona, HUD provided 120 million dollars to 10 jurisdictions throughout the state. This important resource from the U.S. Department of Housing and Urban Development began to combat destabilization in neighborhoods hit hard by multiple foreclosures and abandoned homes. Additionally, the funding provided a unique opportunity to increase homeownership opportunities for many families throughout the state looking to purchase affordable foreclosed homes.
With over $38 million in federal Neighborhood Stabilization Funds (NSP), Arizona Department of Housing (ADOH) developed the Your Way Home AZ program. They set aside $20 million for a purchase assistance program for families at 120% of area median income or below to purchase foreclosed homes.
ADOH recognized the opportunity to coordinate with the nine other communities and local governments in Arizona that received NSP funds ADOH created the Your Way Home AZ website in April 2009 to educate potential homebuyers about the different NSP funded programs available throughout the state. The website contains information about eligibility, participating lenders and program guidelines on how to begin the process of purchasing a foreclosed home through the program in any of the ten communities with NSP funds.
Your Way Home (http://www.yourwayhomeaz.com/)
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