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

Stucco Home

A top Arizona lender shares her thoughts about the Home Plus DPA program.

There are two reasons why lenders would want to participate in the Home Plus Homebuyer Down Payment Assistance Program.  The Urban Institute’s Housing Finance Policy Center’s research explains both.  The first is that over 68% of renters cite that saving for a down payment is an obstacle to homeownership and the second is the fact that thirty-nine percent of renters believe that twenty percent is needed as their down payment.

The Home Plus Homebuyer Down Payment Assistance Program provided by the Arizona Industrial Development Authority allows lenders to utilize typical first mortgage programs already available with very few additional requirements.  At closing, the AzIDA provides a zero-interest, zero payment second lien that the borrower can use for down payment and/or eligible closing costs which will be fully forgiven at the end of 36 months if minimal criteria are met.

This program offers solutions to borrowers.  The rates are not tied to credit score, so you might use it to offset higher rates due to credit.  The assistance can be used to help pay closing costs so the borrower can keep cash in their pocket for reserves or emergencies after closing.  It can also help in the negotiations of a purchase so not to ask for assistance from the seller. 

Home Plus defeats the down payment obstacle that prevents so many from homeownership.  It is now our job as lenders to provide the accurate education about programs like Home Plus to correct the perception of loan requirements so we can turn shelter expense into future wealth.

Amy Swaney, CMB - CityWide Home Loans

Amy Swaney, CMB
NMLS#209752
Producing Branch Manager
Citywide Home Loans
www.citywidehomeloans.com/amy-swaney
480.822.6262

Amy holds the highest designation by the Mortgage Bankers Association, the Certified Mortgage Banker (CMB). She is recognized as a leader by her clients and peers for raising the bar through education and advocacy. With a market in constant evolution, she knows her clients deserve someone who is at the forefront of the change. Her mantra? “For a Decision this Important…Consult a Professional!” – bio on the CityWide Home Loans webpage.

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