Home HAMP/HAFA Request a Modification Deed-In-Lieu Deficiency Judgement Short Sale Qualify News About Us
AZ Foreclosure Law Save Our Home CDPE My Blog Search for Homes

Arizona Save Our Home Program Fact Sheet

Arizona Save Our Home Program Fact Sheet

The Arizona Home Foreclosure Prevention Funding Corporation will offer assistance to customers facing foreclosure in Arizona's Hardest Hit Markets. AHPFC provides assistance in the form of Mortgage Modification, Principal Forbearance, Mortgage Payment Relief and Second Lien Elimination.

Qualifications

• Eligibility for the Saving Our Home AZ assistance is based on a variety of factors.
• The household may not have gross income (the total income before taxes, health care costs, social security, etc.) of more than 120 percent of the area median income for the County in which the property is located. The below table reflects 120 percent of the area median income by Household Size for Maricopa and Pinal Counties:

County	1	2	3	4	5	6	7	8 or more
Maricopa & Pinal	$55,050.00 or less	$62,925.00 or less	$70,800.00 or less	$78,600.00 or less	$84,900.00 or less	$91,200.00 or less	$97,500.00 or less	$103,800.00 or less

• The first mortgage must be a purchase money loan or no cash-out refinance of a purchase money loan (cash-out refinance includes Home Improvement, Debt Consolidation and money to pay bills .)
• Maximum First Mortgage Amounts are Government Sponsored Entities conforming loan amounts to $729,750.00 for one unit dwelling.
• Maximum debt-to-income program ratios of 31/45 to include Auto Loans and Government Backed loans.
• Customer must be a minimum of 60 days past due.
• Customer must be no less than 60 days from Trustee Sale Date.

• Owner Occupied, Primary Residences, no Second Homes
• Single Family Residences, One or Four Unit Dwellings, Condos and Townhomes.

ADOH Loan Terms

• $50,000 Max Loan Amount.
• All loans are zero percent interest with no monthly payment.
• 5 year loan term
• Loan is satisfied(forgiven) at the end of the term upon successful completion of the program.

Permanent Modification/Principal Reduction

• Assistance up to $50,000(including Second Mortgage Settlement and Mortgage Payment Relief).
• APT Pass (Maximum P&I is equal to or greater than 100% NROREO minimum P&I).
• Mortgage balance greater than 120% of subject property's Fair Market Value.

Second Mortgage Settlements

• Assistance up to $5,000.00
• APT Pass (Maximum P&I is equal to or greater than 100% of NROERO P&I) or qualified for UMA
• Mortgage balance is greater than 120% of subject property's Fair Market Value.

Unemployment Mortgage Assistance (UMA)

• Assistance up to $50,000.00 (including Second Mortgage Settlement if applicable) with a maximum of 24 months of assistance minus the number of rescue payments.
• Rescue assistance may bring first mortgage current by curing all past due payments including; accrued interest, late fees and NSF fees excluding any legal fees (maximum number of payments rescued is 12)
• Maximum amount of monthly assistance is $2,000 or the mortgage payment minus 31% of borrower’s monthly gross income excluding unemployment assistance.

How do I Start?
To determine you may be eligible for the SOHAZ program, log on to our website www.savemyhomeaz.gov and complete an on-line application. You will then be contacted by a HUD approved counselor.

---

 

---

 

Realtor license # SA551944000. Copyright © 2005 - 2011 Solutions Real Estate, www.ArizonaShortSales411.com. We take your privacy very seriously. Read our privacy policy here. By entering, you agree to terms and conditions found here. By entering your email address you are also requesting and agreeing to subscribe to my free email newsletter. You must be 18 or older to enter. If you have any questions or comments please contact us. Web site design by The Listing Guru.