Are you stuck in the renting game because you do not have the down payment to purchase a home? Not anymore! Thanks to the Arizona Housing Financing Authority (AzHFA) and Arizona Department of Housing the dream of homeownership is now attainable for eligible buyers!
The AzHFA “Home Plus” Home Loan Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant (what we like to refer to as FREE $$) that you can use towards the down payment and/or closing costs. Take a look below to see if you might qualify!
- 30-year fixed rate mortgage
- Down Payment Assistance (DPA) is a NON-repayable grant that buyer’s can use towards their down payment and closing costs
- Homebuyers may purchase a home anywhere in Arizona (NOTE: Must be a Conventional Loan in Maricopa County)
- Buyers must occupy the home as their principal residence within 60 days of closing.
- The program may only be used to purchase a home (i.e., no refinancing).
- Purchase must be a for a Owner Occupied Primary Residence
- Income for Eligible Borrowers may not exceed $89,088.
- All buyers must complete a homebuyer education course through a HUD-approved homebuyer education provider. Course options include online, over-the-phone and in person.
- You DO NOT need to be a first time homebuyer to qualify
- Fannie Mae HFA Preferred & Freddie Mac HFA Advantage
- Loan to Value (LTV) ratios 95.01% – 97%
- 4% DPA Grant
- Buyer must have minimum FICO credit score of 680
- Eligible Properties = Single Family Homes Only (includes attached PUD’s/Townhomes)
- LTV ratios 95.0% or less
- 5% DPA Grant
- Buyer must have minimum FICO credit score of 640 and maximum debt-to-income (DTI) ratio of 45%
- Eligible Properties = Single Family Homes, Condos, Townhomes
- Pima County is excluded
- FHA, USDA Rural Development, & VA Mortgages
- FHA Loans = 3% DPA Grant
- USDA- RD Loans = 2% DPA Grant
- VA Loans = 2% DPA Grant
- Buyers must have a minimum FICO credit score of 640 and maximum DTI ratio of 45%
- Eligible Properties = Single Family Homes, Condos, Townhomes, 2 Unit Residences, and Manufactured Homes on their own land.
- Maricopa & Pima County are excluded
Purchase Price Limit
- Maximum purchase price is $356,352.
Special Incentives for Qualified United States Military Personnel
- Down payment/closing cost assistance of an additional 1% for ANY mortgage type.
Down Payment Assistance
- All homebuyers qualifying for down payment assistance will receive up to 5% of the principal loan amount (depending on mortgage type) to be used for down payment and/or closing cost assistance.
- Qualified United States Military Personnel will receive an additional 1% of down payment assistance for any mortgage type
- This is a GRANT PROGRAM and DOES NOT REQUIRE REPAYMENT but is only available through participating lenders.
Click Here to request more info and to be put in touch with a HOME PLUS Home Loan participating lender OR give us a call at 480.447.2199!