Home Plus Down Payment Assistance Program
Arizona Home Plus Down Payment Assistance Program
Administered by the Arizona Industrial Development Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage combined with down payment assistance (DPA) ranging from 0% - 5% depending upon the new underlying first mortgage. The DPA is equal to a percentage of the first mortgage and is proved in the form of a three-year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien. The DPA can be used toward the down payment, closing costs or a combination of the two. The DPA is only available in conjunction with a HOME Plus mortgage.
- Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona
- Borrower(s) annual income not to exceed $99,170 Purchase Price limit not to exceed $396,680
- One borrower must complete a homebuyer education course before closing
- Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages
- All borrowers on the mortgage must meet the minimum credit scores reflected below as well as the new underlying first mortgage agency/GSE guidelines
Wondering how much house you can afford?
Click here to access the Mortgage House Payment Calculator. Simply add in the price of the home you are considering and the calculator will return your estimated house payment. Change length of loan and interest rates to adjust results.
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