The Arizona Housing Finance Authority (AzHFA), acting on behalf of the Arizona Department of Housing, to assist creditworthy renters who can afford a mortgage but lack the resources for a down payment. The AzHFA “HOME Plus” Home Loan Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance (DPA) grant that can be used toward the down payment and / or closing costs.
Program Details:
- 30-year fixed-rate mortgage – for today’s interest rates visit: http://www.ehousingplus.com/available-programs/arizona/arizona-hfa/
- Down payment assistance (DPA) is a non-repayable grant for down payment and closing costs, equal to a percentage of the principal balance of the mortgage loan. DPA is only available in conjunction with a Home Plus loan and is funded by AzHFA at the mortgage loan closing.
- Qualified U.S. Military Personnel may receive an additional 1% of DPA on ANY mortgage type.
Homebuyer Eligibility Requirements:
- Mortgage for the purchase of a Owner occupied, Primary Residences only.
- Borrower(s) Income not to exceed $89,088.
- Purchase Price limit not to exceed $356,352.
- All homebuyers are required to complete a pre purchase homebuyer education course through a HUD-approved homebuyer education provider. Options include online, over-the-phone and in person.
- Credit Score between 640 – 680+ (but my preferred lender does free credit repair to get you where you need to be)
First Step:
Contact me to get started as I work with the AzHFA approved and participating lenders! The lender will be your point of contact throughout the process, working with the homebuyer to obtain a program qualifying mortgage and registration for the down payment assistance grant. Once that portion is complete, we will go house hunting and find you a beautiful home!
