AZ Home Plus Home Loan Program | Down Payment Assistance Program
Posted on May 18, 2015
The Arizona Housing Finance Authority (AzHFA) operates 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 to qualifying homebuyers purchasing a primary residence, which they intend to occupy. The DPA is provided as a non-repayable grant that can be used for the down payment and closing costs, equal to 4% 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 5% 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 borrowers do not need to be first-time buyers.
Program Highlights
- Mortgage for the purchase of an Owner occupied, Primary Residences only
- Borrower(s) Income not to exceed $88,340
- Purchase Price limit not to exceed $353,360
- All homebuyers are required to complete a pre purchase homebuyer education course either online or in person through HUD-approved homebuyer education provider
- LTV’s 95.01% - 97% - Minimum 680 FICO
- LTV’s 95.0% or less – Minimum 640 FICO
- Minimum 640 FICO score (660 for manufactured housing)
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