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STATEWIDE PROGRAMS

The Home Plus Program provides down payment and closing cost assistance to eligible home buyers. Currently, you can use the Home Plus Program to buy a home anywhere in Arizona.

All Arizona home buyers who use the Home Plus Program will receive a 30-year fixed Home Plus Loan and Home Plus down payment assistance with different options of 3% through 6% based on the specific loan program. The Home Plus down payment assistance program can cover both down payment and/or closing costs and is calculated based on the amount of your loan.

As of now, there are various Home Plus loan program options. To get started, you must make contact with an approved lender who will help you know if you meet the requirements of Home Plus and the Arizona Down Payment Assistance program guidelines. Depending on your needs – including the location of the home – you may have the option of either a FHA, VA, USDA, Fannie Mae or Freddie Mac home loan.

Features

    • 3% – 6% assistance available
    • Available statewide through a network of participating lenders
    • FHA, Conventional, VA, and USDA loan options
    • Assistance is 0% interest, 3 year term, forgiven at the end of the 3 years

Eligibility

    • 640 minimum credit score
    • Max debt-to-income 45% (FHA, VA, USDA)
    • Max debt-to-income 50% (Conventional)
    • Borrower does not have to be a First Time Homebuyer
    • Mortgage for the purchase of a owner occupied, primary residence only
    • Non-occupant co-signors are allowed on certain Home Plus loan programs

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PROGRAMS IN MARICOPA COUNTY

The Home in Five Advantage program helps low and moderate-income individuals and families buy a home in Maricopa County. Qualified homebuyers receive assistance for down payment and closing costs, plus a loan with a competitive interest rate. To get started, you must make contact with an approved lender who will help you know if you meet the requirements of Home in 5 and the Arizona Down Payment Assistance program guidelines. Depending on your needs – including the location of the home – you may have the option of either a FHA, VA, or conventional financing.

Features

    • Available in Maricopa County only
    • 3-7% assistance available
    • Conventional, FHA, and VA options available
    • Assistance is 0% interest, 3 year term, forgiven at the end of the 3 years.

Eligibility

  • Minimum FICO credit score of 640
  • Maximum loan amount $484,350
  • Debt to Income ratio up to 50%
  • No First Time Home Buyer requirement

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PROGRAMS IN PIMA COUNTY

The Pima Tucson Homebuyer’s Solution Program offers eligible applicants a 30-year, fixed rate first mortgage, along with assistance funds up to 5 percent of the loan amount. This option is available to both first-time and repeat homebuyers. This amount can be put toward the down payment, closing cost, or prepaid items. There is no repayment or recapture tax associated with this assistance.To get started, you must make contact with an approved lender who will help you know if you meet the requirements of the Homebuyer Solution Program and the Arizona Down Payment Assistance program guidelines. Depending on your needs – including the location of the home – you may have the option of either a FHA, VA, or conventional financing.

Features

    • Property must be located within Pima County and the City of Tucson
    • Down payment assistance options available at 2.5%, 3%, 4% and 5%.
    • Conventional, FHA, and VA options available
    • Assistance is 0% interest, 3 year term, forgiven at the end of the 3 years.

Eligibility

  • Minimum FICO credit score of 640
  • Maximum loan amount $484,350
  • Debt to Income ratio up to 50%
  • No First Time Home Buyer requirement
  • Borrower is considered a FTHB if they have not owned a property within the last 3 years
  • Income limits apply

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