The Arizona Department of Housing currently offers several different home buyer programs that provide down payment and closing cost assistance to creditworthy renters who can qualify for a mortgage, but lack the resources for the down payment and or closing costs with which to purchase an owner-occupied, primary residence throughout the State of Arizona. Some of the more widely accepted programs are:
The BRAND NEW HOME BUYING PROGRAM
$500 MOVE - IN Program – BRAND NEW HOMES throughout the valley. Many locations.
$1,500 or $2,500 MOVE - IN Program – BRAND NEW HOMES throughout the valley. Many locations.
The HOME IN FIVE (5) Home Loan Program provides you and your family may be eligible for a 2.5% or 3.5%(depending on your FICO score) down payment/closing cost assistance grant (no repayment is required), with a .5% origination fee.
We offer an additional 1% down payment assistance for qualified United States military personnel, First Responders and Teachers.
How the Home in 5 Advantage Program Works:
Meet and apply for a home loan with a Participating Lender to see if you are Eligible for the Program. Participating lenders will provide details for applying along with your Applicable Percentage Rate (APR) as required by law.
Get approved!
Attend a Homebuyer Education Course through a HUD approved housing counseling agency.
At closing receive down payment assistance. (thousands of dollars toward the purchase of your home)
The HOME PLUS Home Loan Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance (DPA) non-repayable grant.
DPA is a non-repayable grant for down payment and closing costs, equal to a percentage of the initial principal balance of the mortgage loan. DPA is only available in conjunction with a HOME Plus loan. Qualified U.S. Military Personnel may receive an additional 1% on ANY mortgage type.
HOME Plus Program Highlights:
Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
Borrower(s) Income not to exceed $92,984.
Purchase Price limit not to exceed $371,936.
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, or through another HUD-approved homebuyer education provider. For more details, see the last page of the HOME Plus Participating Lender document.
The HOME READY PROGRAM by Fannie Mae are ideal for FIRST TIME HOME BUYER PROGRAM
Ideal HomeReady Borrowers:
- Have low to moderate income
- Are first-time or repeat homebuyers
- Have limited cash for down payment
- Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
- Have supplemental boarder or rental income
- Are looking to purchase or refinance
The Home Possible® PROGRAM by Freddie Mac offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.
The NEIGHBORHOOD STABILIZATION PROGRAM (NSP)provide funds from the U.S Department of Housing and Urban Development’s to assist in making homeownership possible for families in home price reduction and/ or closing cost assistance.
The PATHWAY TO PURCHASE Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance second mortgage equal to 10% of the purchase price, up to a maximum of $20,000. The DPA second mortgage is a five-year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. Generally, minimum credit score is 640. The down payment assistance is provided in 17 specifically targeted Arizona Cities:
Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
The HOMEPATH Program provide funds for First-time home buyers that complete this education course by their initial offer may request up to 3%* closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost.
The LIFT Program from the Wells Fargo Foundation provides grants for down-payment assistance through NeighborWorks America to local NeighborWorks organizations and/or other nonprofits.
The WISH Program provides qualified homebuyers a match of up to $15,000 of down payment funds.
* Status and Program can change without notice, Please contact us for more info.
Resources: http://www.ehousingplus.com/available-programs/arizon