AZ Real Estate 05-08-2016

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CATHERINE REAGOR REAL ESTATE

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Program can help renters buy homes

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Here are four things you need to know about flipping homes JUSTIN PIERCE SPECIAL TO THE WASHINGTON POST

You’ve been watching the flipping shows on TV, and you’re feeling the itch to try your hand. Well, in a way, the shows are right. Anyone can flip a home. Anyone can do anything once they’re properly educated and experienced. Home flipping is no different. Here are the four things you need to get started. See FLIP, Page 3R

As a real estate agent, Brittany Brown spends her days helping others find houses. But she really wanted a home of her own. She and her three sons rented a house in the West Valley. Then a mortgage broker told her about a new program aimed at helping certain renters buy houses. The program provides as much as $20,000 in down-payment and closingcost assistance for buyers in certain Arizona cities. Brown wanted to buy in Goodyear to keep her boys in the same school district, and luckily the West Valley city is one of 17 on the list for the Arizona Department of Housing’s new Pathway to Purchase program. Eligible borrowers include first-time buyers and those who lost houses to foreclosure during the crash. Homebuyers can get a 30-year, fixed-rate mortgage with a second-mortgage equal to 10 percent of the purchase price for the down payment. No payments are required on the second mortgage that goes away after five years. The state agency created the program with federal money from the Hardest Hit Housing fund to help renters buy in areas hardest hit by foreclosures. Besides Goodyear, the program is available for buyers in the Valley suburbs of Avondale, Buckeye, Casa Grande, El Mirage and Laveen and the city of Maricopa. “With the escalating increase in rents, many creditworthy renters are finding it more and more difficult to save for a down payment,� said Reginald Givens of the Arizona Department of Housing. He said the program was created to eliminate the down payment obstacle for qualified homebuyers. Saving enough cash for a down payment is the biggest obstacle for many first-time buyers. Also, if the buyer doesn’t use the entire $20,000 maximum assistance from the Arizona program on a down payment, the rest of the funds can go towards closing costs. Outside of metro Phoenix, homebuyers in these Arizona cities are eligible: Arizona City, Coolidge, Douglas, Fort Mohave, Huachuca City, Red Rock, Sierra Vista, Snowflake, Tucson and Yuma. Brown told me another big advantage for the program is that the purchaseprice limit is higher than the one for a See REAGOR, Page 3R

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