UP, Down, and Up again?For the monthly period ending May 15, we are seeing an average $/SF of $162.32 for all property types across the ARMLS database. At $162.32, we are down
FREE Money Home Plus Down Payment Program
FREE Money, Get your FREE Money! Home Plus Down Payment Program
A new home loan program recently launched in Maricopa County and it is called Home Plus.
It has been launched to assist Maricopa County home renters looking to become homeowners. The Arizona Housing Finance Authority is assisting prospective home buyers with a down payment assistance (DPA) grant and 30-year fixed-rate mortgage. The DPA is a non-repayable grant that may be used for a home's down payment and closing costs, which is equal to 4% of the initial balance of the loan.
Qualified U.S. Military Personnel may receive an additional 1% for a total of 5% DPA. DPA is a non-repayable grant for down payment and closing costs, is only available in conjunction with a HOME PLUS loan and is funded by AzHFA at the mortgage loan closing.
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.
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 HOME PLUS Participating Lender document.
The homebuyer MUST work through one of AzHFA approved and participating mortgage lenders. The lender will be your point of contact through the process working with the homebuyer to obtain a program qualifying mortgage and registration for the down payment assistance grant. Please see the document “Home Plus Participating Lenders” for the program approved lenders.
Conforming – Fannie Mae HFA Preferred | 30-year fixed rate
LTV’s 95.01% - 97% - Minimum 680 FICO
LTV’s 95.0% or less – Minimum 640 FICO
Conforming Mortgages are avaialble in Maricopa, Pinal, Yavapai, Yuma, Cochise, Coconino, Mohave, LaPaz, Cochise, Santa Cruz, Gila, Graham, Greenlee, Navajo & Apache County.
FHA, VA or USDA mortgages | 30-year fixed rate
Minimum 640 FICO score (660 for manufactured housing
FHA, VA and USDA Mortgages are avaialble in Pinal, Yavapai, Yuma, Cochise, Coconino, Mohave, LaPaz, Cochise, Santa Cruz, Gila, Graham, Greenlee, Navajo & Apache County.
Contact me today to see if you qualify for this program or any others that may be available.
Coming from a long family history in the real estate profession, I virtually grew up in the industry. I moved from Northeast Iowa to Mesa, Arizona in 1984. I began working for a busy real estate offi....
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