Buy A Home With Zero Down

Buy A Home With Zero Down




The new program is called Home Plus.  It's also being called the Home 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) Grant equal to 4% 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 PLUS calculations

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:

  • Primary residence

ADDITIONAL REQUIREMENTS FOR HOME PLUS:

  • HOME PLUS is 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



Terry Dunshie Headshot
Author:
Phone: 480-678-7460
Dated: October 26th 2015
Views: 1,087
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