SPECIAL FINANCING & RELOCATION

SPECIAL FINANCING

HOME LOAN HELP PROGRAMS

Down Payment Assistance and Down Payment/Closing Cost Assistance Programs

Home Plus Program (Not in Pima or Maricopa County)

Home Loan Down Payment Assistance

The Home Plus Program provides a competitive 30 year fixed rate mortgage with a down payment assistance grant up to 3% of the loan amount on a home purchased in Arizona except Pima & Maricopa counties. Income limitations are county specific and debt to income ratio limitations apply. You do not need to be a First-Time Home Buyer, however you must meet minimum FICO score requirements and FHA guidelines.

 

Home Plus Program: Loan Program Details

  • No first-time homebuyer requirement.
  • 30-year fixed rate loans are eligible including FHA, VA and USDA.  
  • May be used with MCC, Mortgage Credit Certificate Program to provide a maximum $2,000 federal income tax credit
  • Minimum 660 FICO score
  • Maximum 45% debt-to-income (DTI) ratio
  • Maximum Credit Qualifying Income $92,984.
  • Maximum Home Purchase Price varies by county with a maximum of $371,936.
  • Home buyers are required to complete an approved home buyer education course.  

 

 

Arizona HFA Preferred (Maricopa County)

The HFA Preferred program offers up to 5% of the loan amount towards your down payment in any county except for Pima. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score and conventional guideline requirements. Maximum purchase price cannot exceed $371,936.

 

HFA Preferred Program Details

The HFA has created this program for individuals or families that want down payment assistance but can qualify for a conventional mortgage. The 5% assistance is a grant that is combined with a 95% first loan on a 30 year fixed rate mortgage. Financing for these loans are available on new or existing homes, condos, or townhouses.

 

Homebuyer Eligibility

  • Buyers must have a minimum fico score of 640 and a maximum debt ratio of 45% debt-to-income (DTI) ratio.
  • Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
  • All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.
  • • You cannot own another home to qualify for this program (but do not need to be a first time homebuyer)

 

Program Eligibility

  • Homebuyers may purchase a home anywhere in Arizona except for Pima County.
  • Buyers must occupy the home as their principal residence within 60 days of closing.
  • The program may only be used to purchase a home (i.e., no refinancing).

 

Income Limits for Eligible Borrowers:

  • Maximum credit qualifying income may not exceed $92,984 for ALL borrowers.

 

Purchase Price Limit

  • Maximum purchase price limit of $371,936.

 

Down Payment Assistance

  • All homebuyers qualifying for down payment assistance will receive 4% of the original loan amount to be used for down payment and closing cost assistance.
  • THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.

 

 

HOME IN FIVE PROGRAM (Maricopa County)

Home Loan Down Payment Assistance

The Home in 5 Program offers up to 4.5% of the loan amount towards your down payment in Maricopa County only. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Home buyer but must meet minimum 640 FICO score requirements and FHA guidelines. Maximum purchase price shall not to exceed $300,000.

 

Home In 5 Advantage Loan Program Details

The Industrial Development Authority of the County of Maricopa and The Industrial Development Authority of the City of Phoenix, Arizona have joined together to help homebuyers obtain FHA, VA, or USDA-RD loan financing to purchase a home anywhere in Maricopa County, including the city of Phoenix. Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable 4.5% down payment/closing cost assistance grant, with special incentives for qualified United States military personnel.
Financing for these loans is available on new or existing homes, condominiums,
townhouses or manufactured homes on a first-come, first-served basis.

Homebuyer Eligibility

  • Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
  • Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
  • All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.

 

Program Eligibility

  • Homebuyers may purchase a home anywhere in Maricopa County, including in the city of Phoenix.
  • Buyers must occupy the home as their principal residence within 60 days of closing.
  • The program may only be used to purchase a home (i.e., no refinancing).

 

Income Limits for Eligible Borrowers:

  • Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.

 

Purchase Price Limit

  • Maximum purchase price limit of $300,000.

 

Special Incentives for Qualified United States Military Personnel, First Responders and Teachers. 

  • Down payment/closing cost assistance of an additional 1% for a total of 4.5%.

“Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard. A “Qualified Veteran” is a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable (as provided in 38 U.S.C.Section 101). 

Also first responders and teachers are eligible for the 5% assistance.

Down Payment Assistance

  • All homebuyers qualifying for down payment assistance will receive 4% of the original loan amount to be used for down payment and closing cost assistance.
  • Qualified United States Military Personnel will receive 5% of the original loan amount.
  • THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.

 

100% FINANCING LOAN PROGRAMS

VA Home Loans: 0 Down Payments

The VA Home Loan was designed to offer long-term financing to eligible American Veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties. This loan is 100% financing or no money down and has no monthly mortgage insurance. There may be a VA funding fee financed into your loan if you are not considered at least 10% disabled by Veterans Affairs. Additional requirements not common to other government loans such as residual income requirements apply. If you are eligible for this loan, this should be your first option over any down payment assistance program.

 100% Financing Home Loans for Veterans

  • Competitive rates
  • No private mortgage insurance requirement
  • No money down at closing
  • Easy to qualify
  • VA home loans are a great option for first-time homebuyers

 

 USDA Logo

USDA Home Loans

The U.S. Department of Agriculture Rural Housing loan is 100% financing or no down payment loan. Property eligibility and income limits apply. Currently, much of Pinal County and very few areas in Maricopa County apply. See this link to determine if the property is eligible: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do;jsessionid=45E0A4C11660583CF17964890AA85B79 . Word as to what will happen to these eligible areas continues to be cryptic at best. For now we anticipate that these eligible areas will continue to be available for this program.

The Continuing Resolution will be in place allowing USDA to offer funding under the previously approved budget without any additional increases if the Farm Bill (Senate or Congress version) is not passed.  The Senate’s Farm Bill has language in it that would keep all existing areas eligible until 2020.  However, right now, the passing of either Farm Bill is not expected until next year and additional detail will be provided if anything changes.


RELOCATION


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