LENDER TRAINING AND INFORMATION
The Arizona Is Home Mortgage Assistance Program is a first-time homebuyer program that provides below market 30-year fixed interest rates combined with 4% of down payment assistance / closing cost assistance. The Program is available in the following Arizona Counties: Apache, Cochise, Coconino, Gila, Graham, Greenlee, La Paz, Mohave, Navajo, Pinal, Santa Cruz, Yavapai, and Yuma. Eligible homebuyers must have annual incomes at or below 80% of the Area Median Income (AMI). The Arizona IDA offers the Arizona Is Home Program in all Arizona Counties except for Pima and Maricopa.
How To Become An Approved
Arizona Is Home Lender
All existing, approved HOME PLUS mortgage lenders are eligible to participate in the ARIZONA IS HOME program. Since mortgage revenue bonds are used for the financing of the Arizona Is Home program, an additional addendum to the existing mortgage origination agreement applies. By participating in the Arizona Is Home program, the lender acknowledges the terms and conditions of this addendum. Furthermore, any future DPA offerings financing via mortgage revenue bonds will also be subject to the terms and condition of the addendum. Click below for a copy of the addendum (v040124c).
What Arizona Is Home Program “IS”
- Offering a below market 30-year fixed interest rate combined with 4% down payment assistance.
- Available only in the 13 rural Arizona Counties.
- Eligible borrower must be first-time homebuyers making less than 80% AMI.
What Arizona Is Home Program “IS NOT”
- Manual underwrite and NOCB are not allowed.
- Properties located in Maricopa & Pima counties are not allowed.
How The Arizona Is Home Program Works
- Existing HOME PLUS approved lenders can access the program through the HOME PLUS DPA online platform.
- Except for a pre-closing review by the Arizona IDA, the process is similar to the HOME PLUS down payment assistance program.
- The DPA is forgiven after 60-months.
- Lender compensation is 1.50% SRP and 1% origination.
- The program has a $50MM funding allocation.
- Normal mortgage revenue bond rules apply.
Full Program Guidelines at HTS/Emphasys
The full program guidelines as well as other program supporting documents can be found under the Program Documents tab on our HTS/Emphasys-Lender Online system.
Arizona Is Home Training Documents
A.I.H. – program overview (PDF)
A.I.H. – Borrower Income (PDF)
A.I.H. – Borrower Income worksheet (Excel – xlsx)
A.I.H. – how to upload docs into the Lender Online System (PDF)
A.I.H. – TAX-EXEMPT FINANCE Rider (PDF)
A.I.H. – Pre-Closing Review (PDF)
A.I.H. – recapture tax deck (PDF)
FOR MORE TRAINING AND INFORMATION FOR LENDERS, CLICK BELOW
CLICK FOR VIDEO INFORMATION & TRAINING
HOMEBUYER INFORMATION
Arizona Is Home Homebuyers, please click below for program information.
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