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Interested in learning if the Arizona teacher's homebuyer program will work for you? The Teacher Next Door Initiative was designed to boost America’s communities by encouraging teachers to move into and live in low or moderate-income neighborhoods.
The incentive for the Arizona teacher's home buyer program is that HUD homes can be purchased at 50 percent off the list price. Homebuyers can also reduce their down payment to only $100 if an FHA-home mortgage is implemented.
There are some requirements that need to be followed in order to get involved in the Arizona teacher's home buyer program. One of the most important is the home must be located within a HUD home-designated revitalization zone. These properties are HUD previously insured through HUD’s Federal Housing Administration (FHA) and then foreclosed upon. They are single-family homes, condominiums or townhouses.
If it sounds like this program will not work for you, but you are still interested in homeownership, please complete the form below. Many times there are properties that will work for you financially.
Some qualifications for the Arizona teachers home buyer program:
The homebuyer must be willing to hold a second mortgage in the Department for an amount equal to the 50 percent discount given on the HUD home. This second mortgage is at zero interest and will gradually diminish over the three-year term, until it reaches zero. If a homeowner chooses to leave the home within the first year, ninety percent of the second mortgage will become due. If moving occurs within the second year, sixty percent is required. Prior to the completion of the third year, 30 percent will need to be repaid.
Initially and throughout the three years of homeownership certification of both employment and sole residency will be certified. No other homeownership is allowed during this three-year period.
For policy questions, you can write to Asset Management and Disposition Division, 451 7th Street SW, Washington, DC 20410 or call 202- 708-1672 (this is not toll free).
If this program does not meet your needs, yet you are interested in homeownership, please complete the form below. I can locate a property that will work for you.