- IMPORTANT NOTICE -
THE "ARIZONA IS HOME" PROGRAM
Effective July 19th, 2024, we have exhausted our allotted $50MM Mortgage Revenue Bond (MRB) funding used for the Arizona IDA’s Arizona is Home Mortgage Assistance Program. The Arizona IDA is currently not accepting new reservations for this program.
Currently, Arizona Is Home funding is still available for first time home buyers through Chicanos Por La Causa (CPLC) and Trellis Lending.
Information on the Arizona is Home Mortgage Assistance Program offered through these entities can be found at: https://housing.az.gov/general-public/programs-for-homebuyers
- IMPORTANT NOTICE -
THE "ARIZONA IS HOME" PROGRAM AMI LIMIT INCREASE
The Arizona IDA is pleased to announce, that for a limited time, the Arizona Is Home DPA program will raise the AMI up to 100%.
Starting on or around, October 1, 2024, eligible homebuyers must have annual incomes at or below 100% of the AMI*. 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. The Arizona IDA offers the Arizona Is Home Program in all Arizona Counties except for Pima and Maricopa.
Effective October 1, we have $19MM in remaining MRB funds for the Arizona is Home program. An accounting for remaining funds will be available via our HTS/Emphasys-Lender Online system, under the “Available Funds” tab.
*The 100% AMI limit is a temporary increase from the normal “80% AMI limit”. This will take effect on or around October 1, 2024, and run until the availability of program funds is exhausted or we reach the date of December 31, 2024, whichever occurs first.
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 100% of the Area Median Income (temporarily up from 80% AMI). The Arizona IDA offers the Arizona Is Home Program in all Arizona Counties except for Pima and Maricopa.
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.
- 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 100% AMI (temporarily up from 80%).
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.
- 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.
- 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)
HOMEBUYER PROGRAMS HIGHLIGHTS / COMPARISON GUIDE (PDF)
ARIZONA IS HOME VS HOME+PLUS
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)
VIDEO INFORMATION / TRAINING
We have created some informative videos regarding the Arizona Is Home Program
HOMEBUYER INFORMATION
Arizona Is Home Homebuyers, please click below for program information.
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