AZ Home Plus Home Loan Program

AZ Home Plus Home Loan Program | Down Payment Assistance Program

AZ Down Payment Assistance Program - 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 to qualifying homebuyers purchasing a primary residence, which they intend to occupy. The DPA is provided as a non-­repayable grant that can be used for the down payment and closing costs, equal to 4% of the initial principal balance of the mortgage loan.

Qualified U.S. military personnel and veterans may receive an additional one percent of DPA for a total of 5% of the mortgage amount. The DPA is only available in conjunction with a Home Plus loan and is funded by AzHFA at the mortgage loan closing. Home Plus borrowers do not need to be first-­time buyers.

Program Highlights

  • Mortgage for the purchase of an Owner occupied, Primary Residences only
  • Borrower(s) Income not to exceed $88,340
  • Purchase Price limit not to exceed $353,360
  • All homebuyers are required to complete a pre purchase homebuyer education course either online or in person through HUD-approved homebuyer education provider

Conforming – Fannie Mae HFA Preferred | 30-year fixed rate

  • LTV’s 95.01% – 97% – Minimum 680 FICO
  • LTV’s 95.0% or less – Minimum 640 FICO

FHA, VA or USDA mortgages | 30-year fixed rate

  • Minimum 640 FICO score (660 for manufactured housing)

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