NOVA Home Loans is proud to be a participating lender in the Your Way Home AZ Program. The program is administered by the Arizona Department of Housing (ADOH) and was created to help homebuyers purchase foreclosed properties in the State of Arizona. ADOH has designated $20,000,000 in funds for the Your Way Home AZ Program. Buyers and properties must meet certain requirements including income level, location and purchase price.  The following are some key requirements for a buyer to qualify for the program:

• Borrower must meet income requirements (not more than 120% of median adjusted for household size and County).
• You don’t have to be a first-time homebuyer to qualify .
• Borrower must complete homebuyer education program prior to closing.
• Property  sales price must be at  least 1% below market value.
• Property  must meet Mininum Property Standards. • Program requires 3% down on a property.
• Borrower must commit at least 1% of purchase price from own funds. The other 2% may be from a gift.
• Program loan is up to 22% of sales price.
• Borrower must agree to remain in property for an affordability period (5-15 years depending on loan amount) or repay the second lien.  

Call your NOVA Loan Officer TODAY for additional details and to see if you qualify!