HOME+PLUS Program: Financial Aid for Arizona Home Down Payments
The HOME+PLUS Home Buyer Down Payment Assistance Program is a significant initiative in Arizona, designed to help overcome one of the biggest obstacles to homeownership: the need for a substantial down payment. This program is particularly beneficial for creditworthy renters who are eligible for a mortgage but find the down payment and closing costs to be prohibitive. By providing the necessary funds, HOME+PLUS offers these individuals a viable path to owning a home.
Available Assistance: The program offers a 30-year fixed-rate mortgage along with down payment assistance (DPA), which varies from 0% to 5% based on the new underlying first mortgage. This DPA can be applied towards the down payment, closing costs, or a combination of both, providing significant financial relief to homebuyers. It’s important to note that the DPA is exclusively available in conjunction with a HOME+PLUS mortgage, ensuring that the assistance is used in a manner that aligns with the program’s objectives.
Eligibility Requirements: The HOME+PLUS program is available to residents throughout Arizona, encompassing all counties and cities within the state. To qualify for this program, the borrower(s) must have an annual income that does not exceed $112,785.00. Additionally, at least one borrower is required to complete a homebuyer education course before closing, which is an essential step in preparing for the responsibilities of homeownership.
The program also offers reduced mortgage insurance premiums for conventional mortgages (Fannie Mae/Freddie Mac), making it more affordable for borrowers to maintain their mortgage payments. Furthermore, all borrowers listed on the mortgage must have a minimum credit score of 640 or higher. This credit score requirement ensures that the program assists individuals who have demonstrated a level of financial responsibility and creditworthiness.
In summary, the HOME+PLUS Home Buyer Down Payment Assistance Program is a vital resource for potential homeowners in Arizona. By providing down payment assistance along with a fixed-rate mortgage, the program addresses the financial barriers that often prevent creditworthy individuals from purchasing a home. With its statewide availability, income and credit score requirements, and the necessity of completing a homebuyer education course, HOME+PLUS is tailored to support responsible and sustainable homeownership across Arizona. This program represents a crucial step in helping more Arizonans achieve the dream of owning their own home.
