The Arizona Department of Housing offers Foreclosure Assistance. The Save Our Home AZ (“SOHAZ”) Program offers Principal Reduction Assistance, Monthly Mortgage Subsidy Assistance for under and unemployed Arizonans and Second Lien Elimination Assistance to qualified Arizona homeowners. Access more information about the SOHAZ program.
Starting March 16, The Arizona Department of Real Estate (ADRE) will no longer require up-front inspection fees for the submission of a public report application as they have implemented virtual inspections. The fee schedule has been updated to reflect this change; however, an inspection fee will be requested of the developer if ADRE staff is required to travel to complete the inspection. Additional inspection fees may also be charged if multiple inspections are necessary. You can find the new fee schedule here.
Federal Mortgage Assistance and Loan Lookup Tools:
The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, encourages homeowners adversely impacted by COVID-19 who are having difficulty paying their mortgages to reach out to their mortgage servicers as soon as possible. As the Consumer Financial Protection Bureau advises, “you can find the number for your mortgage servicer on your monthly mortgage statement or coupon book.” Here is guidance on how to look up who owns your mortgage.
Additionally, the FHFA has established a dedicated webpage with relevant updates and resources related to mortgage help for homeowners impacted by COVID-19.
- Use Fannie Mae’s Loan Lookup Tool
- Or call 1-800-2FANNIE (1-800-232-6643)
- Use Freddie Mac’s Loan Lookup Tool
- Or call 1-800-FREDDIE (1-800-373-3343)
Governor Ducey announced $5 million in new funding as a part of Arizona Department of Housing’s (ADOH) Rental Eviction Prevention Assistance Program to help Arizonans struggling to pay rent due to the COVID-19 outbreak. Rental assistance is available to renters whose primary residence is in Arizona and who have seen a reduction in income (that when annualized does not exceed 100% of the area’s median income) due to COVID-19. ADOH will launch the program on March 30 which is when applications open. To apply for the program, visit ADOH's website.
The U.S. Department of Agriculture (USDA) has provided opportunities for immediate relief for rural residents struggling from the COVID-19 outbreak.
For single-family homes, the USDA is allowing guaranteed loan borrowers to have payments reduced or suspended by their lender for up to a year. The lender may modify the loan based on the individual’s circumstances once the hardship is resolved. The USDA has also waived or relaxed certain parts of the application process for single-family housing direct loan applications.
Additionally, direct loan borrowers who have experienced at least a 10% income reduction can request a payment assistance package. Moratorium assistance is also available to direct loan borrowers experiencing medical bills not covered by insurance or job loss due to the virus.
Qualified borrowers can receive a moratorium on house payments for a certain period of time (to be repaid a later date). For more information on the Guaranteed Loan program, contact email@example.com. For more information on the Direct Loan program, call 800-414-1226.
For multi-family homes, the USDA has extended tenant certifications due March 31, April 30 or May 31 to June 30 without late fees or overage charges. Mortgage late fees will also be waived. The USDA also extended Annual Financial Statements due dates by 30 days and is exploring a potentially longer extension.
Additionally, the USDA is encouraging owners to work with struggling tenants with impacted income by adjusting rent payments, entering into forbearance agreements and ultimately lessen the impact on residents affected by the virus. For more information, please see USDA’s announcement.