The Advantage Real Estate and Investment Company
About Us
For Renters
For Property Owners
Pre-qualify now
Contact Us
    Home Search
View Rent-to-Own Homes
Property Lookup
Central Tucson Homes
North Tucson Homes
West Tucson Homes
East Tucson Homes
South Tucson Homes
Northwest Tucson Homes
Northeast Tucson Homes
Southwest Tucson Homes
Southeast Tucson Homes
Benson Homes
Corona de Tucson Homes
Green Valley Homes
Huachuca City Homes
Marana Homes
Mt. Lemmon Homes
Oro Valley Homes
Pearce Homes
Pomerene Homes
Rio Rico Homes
Sahuarita Homes
San Manuel Homes
Sierra Vista Homes
Sonoita Homes
St. David Homes
Tombstone Homes
Tubac Homes
Vail Homes
Willcox Homes
Homes by Subdivision
Historical Mortgage Rates
USDA Rural Loans
22% AZ Foreclosure Credit
    Tucson Area Info
Tucson Activities
Tucson Events
Tucson Golf
Tucson Hotels
Tucson Restaurants
Tucson Schools
Tucson Transportation
Tucson Weather
FHA Loan Limits
Conforming Loan Limits
Real Estate News
Mortgage Loan News
Real Estate, Auto, Travel

State of Arizona provides assistance of 22% off Foreclosed Homes

The state of Arizona's Department of Housing will provide Arizona home buyers with 22 percent (22%) of a home's purchase as long as the home being purchased is a foreclosed home. This program is available until November 2010.


This program is not limited to first time home buyers. Anyone can participate. Buyers would need to make a downpayment of at least 3% and attend an eight hour "home buyer education class".

There are upper limits on income based on the number of people in your household. You must also qualify for the loan, so your income shouldn't be too far below the upper limit. For Pima county and the Tucson area, those upper limits are as follows:

size of household income limit
1 $48,300
2 $55,200
3 $62,100
4 $69,000
5 $74,500
6 $80,050
7 $85,550
8+ $91,100

Loan terms

The assistance comes in the form of a deferred second mortgage with no interest and no monthly payment. In other words, you take advantage of the credit as long as you stay in the house. Selling the house simply means the 22% loan is not forgiven and the end result is you paid market price for the home when you bought. Selling at above your original sale price is the ideal situation which would insure all loans are satisfied and any gains made on the sale is income to you.

Here is how long buyers would need to commit to their properties to have their no-interest loans forgiven:
  • $15,000 or less, five years.
  • $15,001 to $40,000, 10 years.
  • $40,001 or more, 15 years.
Note: In Pima County, the price limit to get assistance on a foreclosure would be $316,250.


Suppose there is a foreclosed home priced at $100,000 and you qualify to buy it based on income. In general terms, you'd put down $3,000, and carry 2 loans, one for $75,660 and one for $21,340. Assuming you qualified for a 5% interest rate the total monthly payment (on the first loan) would be roughly $406 per month, not including real estate taxes. The second loan would have no interest and no monthly payment and would only go into effect IF you decided to sell the property. However, if you sold the property at anything above the $100,000, the proceeds would be enough to pay off the second loan anyway. On the other hand, if you decided to stay in the house for 15 years, the second loan would go away on its own after that time.

To see if you qualify for the Arizona Foreclosure purchase assistance program , Pre-qualify now!

About Us · Renter Info · View Properties · Pre-qualify Now · Contact Us · Site Map

All Content and Images Copyright © 2017 - The Advantage Real Estate and Investment Company, LLC (TAREIC, LLC.)
Serving Tucson, Sahuarita, Oro Valley, Marana, Vail, Sierra Vista, Phoenix and other areas in Southern Arizona
Note: We are NOT affiliated with Advantage Rent to Own, LLC!!