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In the NewsFree!!* Free!!* Free!!*“Homes for Arizonans” Education WorkshopSponsored by Northland Pioneer College's Workforce Development Division and the Northern Arizona Council of Governments (NACOG) 0.5 creditThis course is required for first-time home buyers participating in the Homes for Arizonans Assistance Program at the Tier 2 or 3 levels of assistance and recommended for Tier 1 participants.
As part of the registration process, you may need to verify your U.S. residency status. Your local NPC campus or center will provide details about required documentation. What is “Homes for Arizonans”?“Homes for Arizonans” replaced the Rural Housing Assistance Program (RHAP) as of January 1, 2004. The program has been specifically designed to help low-to-moderate income first-time home buyers to purchase a home. Income levels for those eligible for the program were increased to $67,275 for 2008. How does “Homes for Arizonans” work?Because first-time home buyers are often confused about the home purchase process and discouraged by high property values, all program participants are encouraged to attend a “Homes for Arizonans” Workshop. Program participants receive 6-8 hours of extensive, plain language information about mortgage lending, credit, and real estate. Eligible program participants receive Financial Assistance (0% Interest, No Payment Loans) up to $20,000 to apply toward down payment and closing costs. Actual assistance depends on program participant’s income and purchase price/appraised value of home. Homes purchased with “Homes for Arizonans” assistance must be owner-occupied and serve as a primary residence. The loan must be re-paid upon sale of home or refinance with cash out. How do I qualify?YOU MUST BE A FIRST-TIME HOME BUYER. Families, including single people who are first tme homebuyers and whose annual income does not exceed $58,500 for up to 2 family members or $67,275 for 3 or more, where the housing unit will be purchased, are eligible for Homes for Arizonans. The family must meet this requirement at the time that the house is purchased. A first-time home buyer is someone who has not owned a home within the past 3 years. Manufactured homes that are not permanently affixed to land (taxed together) are considered personal property as opposed to real estate. If you own a manufactured home and no land, or if your manufactured home has not been permanently affixed to your land, you are considered a first-time home buyer for program purposes! “Homes for Arizonans” will provide down payment and closing cost assistance to households earning up to 100% of Area Median Income (AMI) for the county of residence for a family of one or two and 115% for a family of three or more. Homebuyer education and counseling is required for all loans made to households. All loans are Zero Interest, Zero Down Payment. All loans for the program are “DUE on Sale” – to be repaid upon sale of home. Down payment assistance is based on income level and will be a percentage of the sales price, as follows:
Maximum assistance level is increased for all loans to $20,000. This includes down payment and closing cost assistance. The beneficiary on the Deed of Trust will be the Arizona Department of Housing or Arizona Housing Finance Authority, depending on the source of funding. In order to receive financial assistance from the “Homes for Arizonans” Program your gross income (before taxes and withholding) cannot exceed the following guidelines: New Income Limits for 2008
* MRB = Mortgage Revenue Bond Program
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