Down Payment Assistance
FOR ARIZONA HOME BUYERS

Down Payment Assistance in Arizona is one of the most helpful tools available to home buyers who don’t quite have enough saved up to buy a home. Over the last 10 years I’ve watched programs like Home in 5 and Home Plus provide wonderful opportunities for families to purchase their first homes when they otherwise would not be able to. We’ll be providing information on the two most popular programs out there for buyers today.

The Home Plus Down Payment Assistance Program for Arizona Home Buyers

HOME PLUS DOWN PAYMENT ASSISTANCE

Available in: All Arizona Counties Except Pima
Minimum Credit Score: 640
Maximum Income Amount: $92,984
Maximum Purchase Price: $371,936

The Home in Five Down Payment Assistance Program for Arizona Home Buyers

HOME IN 5 DOWN PAYMENT ASSISTANCE

Available in: Maricopa County
Minimum Credit Score: 640
Maximum Income Amount: $92,980
Maximum Purchase Price: $371,930

Home Plus Down Payment Assistance Program

The Arizona Home Plus Mortgage Program was updated in January 2018 so that it can offer more exciting home purchase opportunities to home buyers who need help coming up with their down payments. Many of the new options include more loan programs with different easier qualification requirements, modified down payment amounts and higher maximum loan and income limit amounts.

What makes the Arizona Home Plus Home Loan so popular with home buyers? Over the past few years, funds have been consistently available despite the constant warnings that they are limited. As a result, many Arizona home buyers have taken advantage of this program to buy a home. One of most significant changes to the Home Plus program in 2018 is the way funds are distributed. The assistance program has been transformed from an immediate forgivable grant payment to a structured three-year, no interest, no payment soft second mortgage. The good news is that this soft second loan is forgiven monthly up to a total term of 36 months. This means the soft second loan is completely forgiven after three years of the home purchase. Now, let’s assume you need to sell the home 24 months after the purchase. You would be responsible to repay 12 months of the soft second loan from your proceeds. One other great feature is when money from the Home Plus Assistance Program is combined with a government sponsored mortgage products the program can provide funding for up to 5% of the mortgage loan amount and be used towards down payment OR closing costs.

SPECIAL FEATURES

  • Funding Money is consistantly available
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • Being a First Time Home Buyer is not a requirement for most programs listed here.
  • No minimum amount that you have to provide in order to close. The down payment assistance could technically cover all of your down payment and closing costs.
  • The assistance money is disbursed in the form of a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership. Once you stay in the home for Three years without financing, the entire 2nd loan is forgiven.

HOW TO QUALIFY FOR ASSISTANCE

  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum income of $92,984.
  • Maximum debt-to-income of 45%.
  • See various loan program requirements below.

Conventional Home Plus Programs Available

Using conventional loan products with the Home Plus Down Payment Assistance Program is extremely advantagous. Unlike some other loan programs, Conventional Loan Products allow the borrower to remove the Mortgage Insurance Premium once the Loan to Value Ratio reaches 20%. An appraisal is usually ordered to verify the LTV.

Home Plus Fannie Mae HFA Preferred Loan Program

  • Down payment assistance options between 1% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 640.
  • Maximum purchase price of $371,936
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984

Home Plus Freddie Mac HFA Advantage Loan Program

  • Down payment assistance options between 3% and 5%.
  • Minimum FICO score is 640 with 3% down.
  • Maximum debt-to-income of 45%
  • Maximum purchase price of $371,936.
  • Maximum income of $92,984

Arizona Home Plus Government Loan Programs

Looking for easier qualifing requirements? The Home Plus Down Payment Assistance Program combined with Popular Government Loan Programs such as FHA, VA and USDA provide borrowers with easy-to-qualify loans when a Conventional Loan is no longer an option.

Home Plus VA & USDA Loan Programs

VA and USDA are two popular loan products that offer 100 percent financing. Because these government programs do not require the borrower to make a down payment, Home Plus will cover closing costs. So there’s little or no out of pocket for these types of loans. To take advantage of the program in Maricopa County, you’ll need to Choose the Home in 5 Program described below.

 

SPECIAL FEATURES

  • Down payment assistance of 2% is available when used with a USDA loan.
  • Down payment assistance of 3% is available when used with a VA loan.
  • Minimum FICO score is 660.
  • Maximum purchase price of $371,936.
  • Maximum debt-to-income of 45%
  • Maximum income, per program guidelines, of $92,984.
  • You must also meet the guidelines required to be approved for the VA or USDA loan.

Home Plus FHA Loan Program

FHA Loans in Arizona have been very attractive to borrowers who are looking for financing flexibilty and other benefits. The Home Plus FHA is available anywhere in Arizona except for within Pima and Maricopa Counties. To take advantage of the FHA Down Payment Assistance in Maricopa County, you will need to Choose the Home in 5 Program described below.

 

SPECIAL FEATURES

  • Down payment assistance options of 3%, 4% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 660.
  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum debt-to-income of 45%.
  • Maximum income of $92,984.

LET'S SEE IF YOU QUALIFY

Home In 5 Advantage Program

If you’re looking for a successful down payment assistance program used in Maricopa County over the last five years, look no further than the Home In Five Advantage Program. This has been the most popular popular program with all our buyers. We feel this is simply the best Down Payment Assistance Program around.

Here are the program’s details you need to know.

SPECIAL FEATURES

  • Assistance for down payment and/or closing up to 3%. An additional 1% is available to qualified Veterans, active duty Military, active Reservists and active National Guard.
  • The assistance money is actually available. Many down payment assistance programs run out of funds within a short period of time.
  • The Home in Five assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the Home in Five down payment assistance program in Arizona.
  • You do not have to be a first time home buyer.

HOW TO QUALIFY FOR ASSISTANCE

  • Buy a house anywhere in Maricopa County, including in the City of Phoenix up to $371,930.
  • New or existing single family homes, 2 to 4 unit homes, condos, and town homes.
  • Qualify for a FHA, VA or USDA loan with a maximum debt-to-income ratio of 45%.
  • Minimum FICO score is 640.
  • Income from all borrowers may not exceed $92,980.
  • Take a convenient homebuyer education course.

LET'S SEE IF YOU QUALIFY

THINKING OF SELLING YOUR HOME?

STOP GUESSING

What Your Home Is Worth and Contact a Local REALTOR Today!
SCHEDULE A VISIT
close-link

Pin It on Pinterest

Share This