Buying your own home in Arizona just got a lot easier. There's nearly $50 million dollars in down payment assistance just waiting for you. State housing officials say these programs are for people that are creditworthy, have steady employment but can't quite gather enough cash for a down payment.
Let's talk a little about each program:
Home in Four
The Industrial Development Authority of the County of Maricopa and The Industrial Development Authority of the City of Phoenix, Arizona have joined together to help homebuyers obtain FHA, VA, or USDA-RD loan financing to purchase a home anywhere in Maricopa County, including the city of Phoenix. Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable 5% down payment/closing cost assistance grant, with special incentives for qualified United States military personnel. Financing for these loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis.
Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.
DPA is a non-repayable grant for down payment and closing costs, equal to a percentage of the initial 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% on ANY mortgage type.
HOME Plus Program Highlights:
Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
Borrower(s) Income not to exceed $89,088.
Purchase Price limit not to exceed $356,352
Each borrower must complete a homebuyer education course before closing. The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies, such MGIC or Genworth Financial or through another HUD-approved homebuyer education provider.
Pathway to Purchase
The AHFPFC / AzHFA “Pathway to Purchase” P2P Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to * 10% of the purchase price. The DPA second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. The down payment assistance (DPA) can be used toward the down payment and / or closing costs. DPA is only available in conjunction with a P2P first mortgage and is funded by AHFPFC / AzHFA at the mortgage loan closing.
Pathway to Purchase Program Highlights:
Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
Borrower(s) Income not to exceed $89,088.
Purchase Price limit not to exceed $356,352.
Existing properties only, new construction is not allowed.
The DPA provided is 10% of the purchase price * up to a maximum of $20,000.
Fannie Mae HFA Preferred mortgages only.
The P2P Program is strictly limited to the following 17 Cities:
Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
Each borrower must complete a homebuyer education course before closing. The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies, such MGIC or Genworth Financial or through another HUD-approved homebuyer education provider. For more details, see the last page of the Pathway to Purchase Participating Lender document.
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