AZ is Home down payment and closing cost assistance (DPA) is now part of the Home in Five Advantage program. Eligible homebuyers obtain 30-year, fixed rate FHA, VA and either Fannie Mae HFA Preferred or Freddie Mac HFA Advantage conventional loan financing and can choose DPA options of 3%, 4%, 5%, or 6% with a 7-year forgivable second loan.
Homebuyer Requirements
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Maximum credit qualifying income cannot exceed $131,520 for all borrowers.
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Must be a first-time homebuyer (buyers who have not owned a residential property in the last three years).
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Must be residents of Arizona and have been for a minimum of six (6) months.
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Buyers must have a minimum FICO credit score of 640.
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Standard loan guidelines for qualification must be met (i.e., adequate income, acceptable credit and down payment requirement).
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Payment of a 1% origination fee, plus customary closing costs, is due at loan closing.
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Buyers must occupy the home as their principal residence within 60 days of closing.
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All homebuyers must attend an 8-hour homebuyer education course through an approved housing counseling agency located within Arizona and obtain a certificate of completion. The homebuyer education course may be in-person or on-line. Upon completion of an online class, homebuyers must provide their lender with a co-branded certificate with the local agency’s name and/or logo. The following agencies have provided us with links to their approved online course offerings:
- If multiple borrowers are participating in the same online education course, both borrower names should appear on the completion certificate. To prompt this formatting, please enter the names as shown below in the name fields when enrolling.
- First Name: Owen & Olivia
- Last Name: Anderson
Program Requirements
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Home must be located in Maricopa county.
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New purchases only (no refinancing).
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New or existing houses, condominiums, PUDs or townhouses.
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No purchase price limit.
Additional Details
Down payment assistance is provided as an interest-free, forgivable second mortgage. No payments are required unless the home is sold, transferred, or refinanced before the 84th month.
Connect with and apply for a home loan through a Participating Lender to see if you are eligible for the program. Participating lenders will provide homebuyers with details for applying and the Annual Percentage Rate (APR).
The second loan cannot be subordinated or assumed.