New Down Payment Grant for Renters Looking to Purchase
Posted on April 30th, 2015
New Down Payment Grant for Renters Looking to Purchase
by ARIZONA REALTORS on APRIL 27, 2015
Have potential clients that are itching to move from their rental into a place of their own? Then the new “Home Plus” Mortgage Loan which features a non-repayable down payment assistance grant may help them get the home they’re looking for.
The Arizona Housing Finance Authority (AzHFA), acting on behalf of the Arizona Department of Housing, announced the launch of the new Home Plus program. The loan program will be open Statewide to renters (excepting those in Pima County) looking to become homeowners.
“With the escalating increase in rents, many creditworthy renters are finding it more and more difficult to save for a down payment,” said AzHFA Homeownership Programs Administrator Dirk Swift. “With the HOME Plus program this obstacle has been removed. Home Plus gives qualified renters a pathway to homeownership with a non-repayable down payment assistance grant.”
The AzHFA Home Plus Mortgage Loan Origination Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant to qualifying homebuyers purchasing a primary residence, which they intend to occupy, throughout most of Arizona. The DPA is provided as a non-repayable grant that can be used for the down payment and closing costs, equal to four percent of the initial principal balance of the mortgage loan. Qualified U.S. military personnel and veterans may receive an additional one percent of DPA for a total of five percent of the mortgage amount. The DPA is only available in conjunction with a Home Plus loan and is funded by AzHFA at the mortgage loan closing. Home Plus users do not need to be first-time buyers.
The Home Plus loan program is available to homebuyers with an annual household income less than $88,000, purchasing homes under $353,000. First-time and boomerang homebuyers should find the program especially helpful. Homebuyers must work through an AzHFA-approved and participating lenders to obtain a Fannie Mae HFA Preferred, 30-year fixed mortgage.
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