2680 South Val Vista Drive Suite 101 Gilbert AZ 85295
The HOME Plus Home Loan Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance (DPA) grant ranging from 2% – 5% depending upon the underlying mortgage type. The DPA assistance is a true grant, with no repayment terms or conditions.
The social and economic benefits of home ownership are many. A home creates an asset that provides the ability to create wealth, borrow and achieve self-reliance. Plus, renters may actually realize monthly savings on buying vs. renting. Yet with increasing rents, stagnant wages and high levels of student loan debt, it can be VERY difficult for first-time or boomerang home-buyers to save enough money for a down payment.
The very popular HOME Plus Home Loan Program seeks to eliminate this hurdle, offering a pathway to home-ownership by giving creditworthy renters who can qualify for a mortgage, but cannot afford the down payment and or closing costs, the funds to move forward.
Administered by the Arizona Finance Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant ranging from 2% – 5% depending upon the new underlying mortgage. The DPA is equal to a percentage of the initial principal balance of the mortgage loan. DPA is only available in conjunction with a HOME Plus mortgage. Qualified U.S. Military Personnel may receive an additional 1% on ANY mortgage type.
Program Highlights:
- Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
- Borrower(s) Income not to exceed $92,984.
- Purchase Price limit not to exceed $371,936.
- Each borrower must complete a home-buyer education course before closing.
- All borrowers on the mortgage must meet the minimum credit scores reflected below as well as the new underlying mortgage agency/insure guidelines.
| Mortgage Type | Down Payment Assistance |
Minimum Credit Score |
Maximum Loan-to-Value |
Geographical Restrictions: NOT available in… |
| Fannie Mae HFA Preferred | 5% | 640 | 97% | Pima County |
| Fannie Mae HFA Preferred | 4% | 640 | 97% | Pima County |
| Fannie Mae HFA Preferred | 3% | 640 | 97% | Pima County |
| Freddy Mac HFA Advantage | 4% | 640 | 97% | Pima County |
| FHA | 4% | 660 | 96.5% | Maricopa & Pima County |
| FHA | 3% | 660 | 96.5% | Maricopa & Pima County |
| USDA-RD | 2% | 640 | 100% | Maricopa & Pima County |
| VA | 2% | 640 | 100% | Maricopa & Pima County |
First Step:
We do not require a direct application from the home-buyer. Selecting you lender is the first step in the process; your lender will be your point of contact throughout the mortgage process. They will work with you to obtain a program qualifying mortgage and register you for HOME Plus assistance and the new underlying first mortgage you’ll need to meet with an approved, participating lender.
The Pathway to Purchase Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a down payment assistance second mortgage equal to 10% of the purchase price, up to a maximum of $20,000. The down payment assistance is provided in 17 specifically targeted Arizona Cities.
The Arizona Department of Housing (ADOH), acting jointly with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC) and the Arizona Housing Finance Authority (AzHFA), to provide down payment assistance to qualified home-buyers purchasing a primary residence in 17 targeted municipalities in Arizona. The assistance is an incentive to purchase in targeted housing markets that have been hardest-hit by foreclosures.
Funding for the Pathway to Purchase Down Payment Assistance Second Mortgage Program is provided by the U.S. Department of Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The Pathway to Purchase Program has a $71-million-dollar commitment and is available on a first come first serve basis.
Potential home-buyers looking for down payment and or closing cost assistance can access the HOME Plus down payment assistance program. Click here to be redirected to the HOME Plus information site.
The AHFPFC / ADOH “Pathway to Purchase” P2P Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to * 10% of the purchase price. The DPA second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. The down payment assistance (DPA) can be used toward the down payment and / or closing costs. DPA is only available in conjunction with a P2P first mortgage and is funded by AHFPFC / ADOH at the mortgage loan closing.
Additional Pathway to Purchase Program Highlights:
- Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
- Borrower(s) Income not to exceed $92,984.00
- Purchase Price limit not to exceed $371,936.00
- Existing, previously occupied properties only, new construction, including spec homes are not allowed.
- The DPA provided is 10% of the purchase price * up to a maximum of $20,000.
- Fannie Mae HFA Preferred mortgages only.
- The P2P Program is strictly limited to the following 17 Cities:
- Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Yuma.
- Each borrower must complete a home-buyer education course before closing. The home-buyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies through another HUD-approved home-buyer education provider. For more details, see the last page of the Pathway to Purchase Participating Lender List.
