The Arizona Housing Finance Authority (AzHFA), acting on behalf of the Arizona Department of Housing, has announced updated guidelines for the "HOME Plus" down payment assistance program. Increased income and purchase price maximums will open the program to more Arizona homebuyers who are creditworthy and can afford a mortgage but lack the appropriate funds for down payment.
Previously, candidates for the program could not exceed $89,088 in household income and could not purchase a home priced greater than $356,352.
As of June 1st, 2016, the household income maximum will increase to $92,984 and the maximum purchase price will increase to $371,936. The eased guidelines could open the program to thousands more homebuyers who previously did not qualify based on these factors.
Call 888-319-0919 to get paired with a licensed down payment assistance specialist.
Program guidelines and details from the AzHFA are below:
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.
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 Owner occupied, Primary Residences only.
Borrower(s) Income not to exceed $92,984. (previously $89,088)
Purchase Price limit not to exceed $371,936. (previously $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.
Fannie Mae HFA Preferred & Freddie Mac HFA Advantage
o LTV’s 95.01% - 97%
- 4% DPA Grant
- Minimum 680 Credit Score
- Single-Family Residences only (includes attached PUD’s/Townhomes)
- 18% MI w/payment options; borrower paid monthly, single premium and split premium.
o LTV’s 95.0% or less
- 5% DPA Grant
- Minimum 640 Credit Score
- Single-Family Residences, Condos,Townhomes.
- 16% MI w/payment options; borrower paid monthly, single premium and split premium.
o Maximum 45% debt-to-income ratio and Fannie Mae Preferred (variation of FNMA HomeReady) and Freddie Mac Advantage (variation of FHMLC HomePossible) underwriting guidelines apply.
o Mortgages are provided to qualified borrowers purchasing owner occupied primary residences throughout the State of Arizona, excluding only Pima County.
FHA, USDA-RD or VA mortgages
o 3%DPAon FHA,2%DPAonUSDA-RD&VA
o Minimum 660 Credit Score on FHA, Minimum 640 Credit Score on USDA-RD & VA
o Maximum 45% debt-to-income ratio, and normal FHA/VA/USDA underwriting guidelines.
o Single Family Residences, Condos, Townhouses, and 2 Unit residences.
o Mortgages are provided to qualified borrowers purchasing owner occupied primary residences
throughout the State of Arizona, excluding Maricopa & Pima County.
The Homebuyer MUST work through one of AzHFA approved and participating mortgage 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. A list of program participating lenders can be found at our website: www.azhousing.gov.
For More Information:
Fairway Independent Mortgage is a participating lender in the HOME Plus program. Call 888-319-0919 to get paired with a licensed loan officer today!
The Arizona Housing Finance Authority (AzHFA), operating under the Arizona Department of Housing focuses on providing affordable housing opportunities to all Arizonans. AzHFA raises funds for our initiatives in the national capital markets and forms partnerships with banking and lending institutions to facilitate our Home Plus down payment assistance program throughout the State.
Please contact Dirk Swift, Homeownership Programs Administrator, at firstname.lastname@example.org or 602 771-1000.