Home Plus Arizona Home Loan Down Payment Program Details
The Home Plus Arizona home loan down payment program is a grant program where the down payment assistance, which can be between 2% and 6% of the loan amount, does not have to be repaid. Qualified veterans and U.S. military personnel who are any persons who have served in the active U.S. military, naval or air service, and who were discharged or released from their service under any condition(s) other than dishonorable, may qualify for an additional 1% on any type of mortgage. Home Plus loan financing is currently available for resale homes, condominiums, townhomes, new build homes and manufactured homes.
The Arizona Housing Finance Authority (AzHFA) represents the Arizona Department of Housing for the purpose of assisting creditworthy individuals who are able to afford a mortgage payment but who don’t have the money for the Arizona loan down payment. The Arizona Housing Finance Authority Home Plus home loan program allows a home buyer to obtain a 30-year fixed-rate mortgage with a down payment assistance grant that can be used toward the down payment and/or closing costs for the loan.
There are loan guidelines that exist for qualification such as adequate income, acceptable credit scores, and loan-to-value (LTV) ratios that must be met.
Home Plus Arizona Home Loan Down Payment Program Eligibility
- The mortgage obtained through the Home Plus Arizona loan down payment program may only be for the purchase of an owner occupied, primary residence anywhere in the state of Arizona in most cases and depending on the type of loan.
- Homes may be purchased anywhere in Arizona
- The Home Plus Program is for purchase only; no refinancing is allowed.
- Home buyers must have a FICO score of at least 640 and a debt-to-income (DTI) ratio that does not exceed 45.
- For all borrowers of the loan, the qualifying income may not exceed $89,088.
- There is a purchase price limit on the home of $356,352.
- All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. There is a list of HUD approved Housing Counseling agencies offering the Pre-purchase Homebuyer Education course on the HUD website.
Arizona Home Loan Eligibility for Fannie Mae HFA Preferred and Freddie Mac HFA Advantage Loans
- For qualification with LTV’s between 95.01% – 97%, home buyers will receive a 4% down payment assistance grant. They must have a minimum FICO score of 680 and a debt-to-income ratio not exceeding 45%.
- For qualification with LTV’s at 95.0% or less, home buyers will receive a 5% down payment assistance grant. They must have a minimum FICO score of 640 and a debt-to-income ratio not exceeding 45%.
- Conforming mortgages are available in Maricopa County, Pinal County, Yavapai County, Yuma County, Cochise County, Coconino County, Mohave County, LaPaz County, Santa Cruz County, Gila County, Graham County, Greenlee County, Navajo County and Apache County.
Arizona Home Loan Eligibility for FHA, USDA-RD and VA Mortgages
- 3% down payment assistance on FHA loans and 2% down payment assistance on USDA-RD and VA loans.
- Buyers must have a minimum FICO score of 640 (660 for double/triple wide manufactured homes) and a debt-to-income ratio not exceeding 45%.
- FHA, USDA-RD and VA mortgages are available in Pinal County, Yavapai County, Yuma County, Cochise County, Coconino County, Mohave County, LaPaz County, Cochise County, Santa Cruz County, Gila County, Graham County, Greenlee County, Navajo County and Apache County.
- The Arizona Housing Finance Authority raises funds for our initiatives in the national capital markets and forms partnerships with banking and lending institutions to facilitate our HOME Plus Home Loan Program throughout Arizona. Taxpayer funds are not used for this program.