England Finance

Jun 11 2017

HOME PLUS Home Loan Program #college #loan #calculator


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HOME PLUS Home Loan Program

The Arizona Housing Finance Authority (AzHFA) operates on behalf of the Arizona Department of Housing to assist creditworthy renters who can afford a mortgage but lack the resources for a down payment.  The AzHFA HOME PLUS Home Loan Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance (DPA) grant that can be used toward the down payment and/or closing costs.

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 and is funded by AzHFA at the mortgage loan closing. Qualified U.S. Military Personnel may receive an additiional 1% on ANY mortgage type.

PROGRAM HIGHLIGHTS

  • Mortgage for the purchase of an Owner occupied, Primary Residences only.
  • Borrower(s) Income not to exceed $89,088.
  • Purchase Price limit not to exceed $356,352.
  • 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. 
  • Fannie Mae HFA Preferred and Freddie Mac HFA Advantage

    • LTV’s 95.01% – 97% – 4% DPA Grant – Minimum 680 FICO score – 45% debt-to-income ratio
  • Conforming Mortgages are available in Maricopa, Pinal, Yavapai, Yuma, Cochise, Coconino, Mohave, LaPaz, Santa Cruz, Gila, Graham, Greenlee, Navajo and Apache County.
  • FHA, USDA-RD VA Mortgages

    3% DPA on FHA, 2% DPA on USDA-RD and VA

    Minimum 640 FICO score (660 for double/triple wide manufactured homes) – 45% debt-to-income ratio

    FHA, USDA-RD and VA Mortgages are available in Pinal, Yavapai, Yuma, Cochise, Coconino, Mohave, LaPaz, Cochise, Santa Cruz, Gila, Graham, Greenlee, Navajo and Apache County.


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