Home Plus Arizona | Home Buyer Down Payment Assistance Program

Introduction

• Home Plus Arizona offers down payment assistance for first-time homebuyers.
• Aims to help creditworthy renters who can qualify for a mortgage but lack funds for down payment and/or closing costs.

Programs Offered

Arizona Is Home Mortgage Assistance Program

• Launch Date: April 1, 2024
• Features:
  • Below-market 30-year fixed interest rates.
  • Up to 4% down payment and/or closing cost assistance.
• Eligibility:
  • Available in most Arizona counties except Pima and Maricopa.
  • Annual incomes must be 80% or below the Area Median Income (AMI).
• Max Income Limit: Raised to $122,100 effective July 1, 2022.

HOME+Plus Down Payment Assistance Program

• Features:
  • Provides a 30-year fixed-rate mortgage.
  • Offers up to 4% down payment assistance.
• Availability:
  • Statewide, covering all Arizona counties, cities, and zip codes.
• Income Limit: Borrower's annual income cannot exceed $136,609.
• Requirements:
  • One borrower must complete a home buyer education course before closing.
  • Reduced mortgage insurance premiums on conventional mortgages.

Additional Information

HomeBuyer Pre-Purchase Education Course

• Certification is required to qualify for the programs.

Program Benefits

• Assists in overcoming the initial down payment hurdle.
• Creates pathways to homeownership.
• Supports self-reliance through homeownership.

Resources and Support

• For Lenders:
  • Lender training documents and support available.
  • Marketing support and access to the Lender Portal.
• For Realtors:
  • Realtor support, information, and training provided.
• Training Opportunities:
  • In-person training, Zoom meetings for realtors and lenders.
  • Video information and training available online.

Marketing and Contact

• Marketing Support: Logos and marketing sheets available for lenders.
• Contact: Options available for potential homebuyers and lenders to get more information.

Conclusion

The Home Plus Arizona program is dedicated to assisting first-time homebuyers in Arizona, offering financial assistance and education to facilitate homeownership.