AzIDA and our HOME Plus DPA program is open for business.

AzIDA, as well as our primary program partners, Hilltop Securities (capital markets) and US Bank (master service) have already implemented business continuity plans to include cross department coverage and remote, work from home operations. We don’t anticipate, nor have we had any, delays in service, disruptions on purchases or funding issues.

Up to the minute market challenges.

With the unprecedented COVID-19 situation we did experience some instability within the capital markets during the month of March. We are back to a more normalized market and all HOME Plus DPA options are available.

The new challenge mortgage lenders are faced with relates to the forbearance policy within the federal government’s new Coronavirus Aid, Relief, and Economic Security Act (CARES Act). As lenders analyze the effect this will have on their total business operation, they are making difficult choices on the programs they are offering. Some lenders are placing a temporary hold on Fannie & Freddie mortgages, manufactured home lending, and or down payment assistance programs. This is an internal decision they have made and does not reflect upon the strength and stability of AzIDA and the HOME Plus program. We will welcome them back when they decide to return.

Be informed!

Please feel free to reach out to AzIDA HOME Plus if you have questions or concerns and let us provide you with the correct information directly. With so much uncertainty during this global health crisis, we want to ensure our partners are accurately informed about our operations.

Thank you,

Be safe. Together we’ll get through this.
Dirk Swift

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Arizona Home Buyer Down Payment Assistance

offering home buyer down payment and closing costs assistance

HomePlus - Arizona - Family - New Home Owners

5 Myths Keeping YOU (or someone you know) From Becoming a Homeowner

On multiple occasions we have heard and read bad information regarding what it takes to buy a home. Most often we hear the following…
  1. You need 20% down before you should consider talking to a realtor.
  2. You need a credit score of 800 in order to qualify.
  3. You need $50,000 before you can buy. With so much bad information swirling around, we understand why it can be discouraging to even attempt to buy a home.
Here are 5 myths that could be keeping you, or someone you know, from becoming a homeowner. 
Click question to view answer...

Answer: FALSE

Good credit, yes.  Perfect credit, not necessarily.  If you have some credit blemishes you still have options to buy a home.  Most first-time homebuyer mortgages have a minimum credit score around 640.  If you don’t know your credit score go to https://www.annualcreditreport.com/index.action to view your credit score once per year, for free.  If your credit score is below 640, you can check out CreditSmart  https://www.freddiemac.com/creditsmart/ Freddie Mac’s 12 module curriculum to help consumers understand, build and maintain better credit.

Answer: b. 3% (yes, only 3%)

While many “experts” tout putting 20% down to avoid paying mortgage insurance (MI), it may be worth it to pay the MI now and buyer sooner.  With ever increasing rents and stagnant wages, it becomes difficult to save that 20%, keeping you perpetually on the sidelines, all while home prices and interest rate are subject to increase.   https://downpaymentresource.com/dont-need-20-buy-next-home/

Answer: d. A down payment assistance program (DPA)

A recent study notes one in seven first-time homebuyers tap into their retirement funds to help with a down payment.  Not a wise decision.  Yet, only 3% of first-time homebuyers are turning to sources like down payment assistance.  One such program is HOME+PLUS which provides up to 6% assistance to be used for the down payment and/or closing costs. 

Answer: FALSE

While you might not need help searching and viewing potential homes, you will need help executing contracts between you and the seller, negotiating a fair purchase price and setting up important things like a home inspection.  Plus your Realtor’s commission is paid by the seller, so you don’t have an out of pocket expense.  For additional guidance see https://www.bankrate.com/finance/real-estate/7-tips-for-picking-a-real-estate-agent-1.aspx

Answer: FALSE

While many of the underlying mortgage types, Fannie Mae, Freddie Mac, FHA have guidelines and requirements that are the same regardless of the mortgage lender you use, each mortgage lender will have different levels of experience in navigating these mortgages.  Plus, certain lenders are much better with first-time homebuyers 

The home buying process is complicated.  If you are not armed with enough knowledge it can lead to costly mistakes and added stress.  Homeownership education courses can help you prepare for the home buying journey and are typically required when using a down payment assistance program.  You’ll learn about the home buying process, improving your credit, mortgage terms, planning a budget and more.   One local provider of home buying counseling can be found at:  https://housinghelp.takechargeamerica.org/buy-a-home/

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