The new program is calledHome Plus. It's also being called theHome in 4 Program, although this is not an official name for the program. What is it? It's a grant (no repayment, free money!) of 4% of the purchase price that you use for your down payment and closing costs.
PROGRAM BENEFITS FOR HOME PLUS:
It will have a competitive 30 year fixed rate mortgage
It includes a Down Payment Assistance (DPA)Grantequal to4%of the mortgage amount
Available to low and moderate income homebuyer families throughout the state of Arizona
DOWN PAYMENT ASSISTANCE GRANT FOR HOME PLUS:
Grant can be used for down payment and closing costs
Grant is equal to 4% of the loan amount
Down payment assistance is funded by AZHFA at loan closing
PROGRAM SIZE FOR HOME PLUS:
There is $15 million available for the program (don't wait!!)
PROGRAM PERIOD FOR HOME PLUS:
Program rolled out in March 2013
AZHFA anticipates an initial two year term subject to extensions by AZHFA
ELIGIBLE BUYERS FOR HOME PLUS:
No First Time Homebuyer Requirement
Maximum credit qualifying income used for HOME PLUScalculations
MAXIMUM QUALIFYING INCOME FOR HOME PLUS:
Pinal County 2 persons in home $66,400 for 3 or more persons $76,360
MAXIMUM PURCHASE PRICE LIMITS FOR HOME PLUS:
Pinal County $315,569
ELIGIBLE LOANS AND MINIMUM CREDIT SCORE FOR HOME PLUS:
FHA, VA OR USDA-RD loans are eligible for this program
Minimum 640 FICO score required
ELIGIBLE OCCUPANCY AND PROPERTY TYPE FOR HOME PLUS:
ADDITIONAL REQUIREMENTS FOR HOME PLUS:
HOME PLUSis available through approved participating lenders only
Completion of HUD approved Homebuyer education, MGIC online course is acceptable
Buyer must acknowledge receipt of third party home inspection report
Author:Terry Dunshie Phone: 480-678-7460 Dated: October 26th 2015 Views: 1,087 About Terry: ...
Solutions Real Estate has the Solution to all of your Arizona Real Estate needs. Veteran owned company based in Gilbert, Arizona with several offices throughout the Phoenix Metropolitan area. Currently expanding in southern California in the San Diego market.
"My wife and I worked with Alan and other members of The Valley Solutions Team about a year ago when we were moving to Arizona to buy our first home. We searched website after website, but kept coming back to his team website. Thank goodness we did. Alan was awesome to work with, and was very flexible and dependable. While we had to fly in from out of town he was available to us when we needed him. The searching and buying process went very smoothly and we couldn't have been happier. Then, a just a few months ago, we had the pleasure of working with Alan again. We ended up buying our second home here in Scottsdale. Our situation was a bit more difficult as my husband was away more often then not for work. Alan was more then willing to meet with me when our schedule allowed us to do so, and did everything he could to help us purchase our second home while my husband was away. The second time around went just as smooth as the first and we couldn't be more pleased with our new home. Alan was very easy to work with. He responded to e-mails, and phone calls right away and have a vast knowledge about Arizona and the real estate market. They are the best of the best and we wouldn't buy from anyone else, or recommend anyone else to work with. They are just that good!!!"