22% Purchase Money Assistance Program

Last week marked the start of an exciting new purchase assistance program for Arizona Residents purchasing residential real estate for primary residence occupancy. The new program provides 22% in purchase money assistance in the form of a deferred second mortgage with no interest and no payments. The loan is forgivable after 5, 10 or 15 years depending on the original loan amount and occupancy. The program is designed specifically for vacant bank owned foreclosures. The selling bank must be willing to sell the property for at least 5% below appraised value and the property must meet minimum inspection requirements.