FREE Money Home Plus Down Payment Program

Dated: 05/02/2015

Views: 1904

Image title

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.
 

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.

  • 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.

Blog author image

Chad Hagenson

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....

Latest Blog Posts

Buying A Home For The First Time Heres What You Need To Do

Buying a home for the first time? Here’s what you need to do.You’re thinking about a home for the first time and want to make smart decisions to avoid paying to much or making a decision you

Read More

International Home Sales Skyrocket To 153 Billion

U.S. international home sales are at an all-time high, hitting $153 BILLION in the period of April 2016 – March 2017, according to the newest report from the National

Read More

The Benefits Of Home Staging

The Benefits Of Home StagingAn Influential Tool to Decrease Time on MarketFirst impressions are everything! When it comes to selling a home and attracting potential buyers, appearance can make or

Read More

IS YOUR FIRST HOME WITHIN YOUR GRASP

Some Highlights: ‘Millennials’ are defined as 18-36 year olds according to the US Census Bureau.According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first

Read More