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Your Way Home AZ Statewide Program
The Arizona Department of Housing (ADOH) will offer 22 percent in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home in the state. ADOH provides help in the form of a deferred second mortgage loan for purchase assistance.
Qualifications
Eligibility for the purchase assistance is based on a variety of factors.
The household must have a gross income (the total income before taxes, health care costs, social security, etc.) of no greater than 120 percent of the average median income for the county they want to purchase a foreclosed house in.
The table below will help you determine if your household qualifies.
Household Size (persons)
| Cochise County |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 or more |
| Income |
$42,350 or less |
$48,400 or less |
$54,450 or less |
$60,500 or less |
$65,300 or less |
$70,150 or less |
$75,00 or less |
$79,850 or less |
County Maximum Purchase Price for Cochise- $271,050
If you own a residence, you must be leasing your primary residence at least 12 months before applying for the program.
You must use a ADOH participating lender
You must attend and complete an eight‐hour Homebuyer Education Class provided by one of the ADOH participating homebuyer counseling agencies. (A list will be provided by your lender once you begin the process.)
The property you purchase must be your primary residence.
You must have a maximum debt‐to‐income ratio of 31/43.
You must be AUS approved eligible.
You must have two months PITI reserves.
Eligible Properties
Foreclosed properties only. A property is considered “foreclosed upon” at the point that the mortgage or tax foreclosure is complete.
One‐unit detached single family homes, condos and townhomes.
The property must be vacant at time of listing.
ADOH Loan Terms
22 percent of purchase price
All loans are forgivable after a period of time based on the amount of the loan.
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
All loans are zero percent interest with no monthly payment.
The balance of the loan is forgiven at the completion of the term.
Down Payment Requirement
A minimum of 3 percent of the property purchase price is required as down payment. One percent must come
from the borrower’s own funds. Two percent can come from any other approved source.
Home Purchase Price Limits
The maximum purchase price varies by county, minus 1 percent for program required discount. Please refer to the chart below.
How do I start?
Once you have determined you may be eligible for the ADOH program, contact a participating lender to get prequalified for a mortgage and the ADOH program.
Arizona Department of Housing
1110 W. Washington St., #310, Phoenix, AZ 85007
602-771-1000 | Fax 602-771-1002
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