Support and Materials for
Real Estate Professionals
Real Estate Professionals
Support and Materials for Real Estate Professionals
Information for Real Estate Professionals
Down Payment Assistance (DPA) programs are often misunderstood. There is an incorrect perception in the marketplace that DPA buyers are somehow less creditworthy or that the process to obtain down payment assistance is burdensome, but neither case is true.
Home buyers / borrowers in the HOME PLUS DPA program have good credit, income, job stability and fully qualify for the new underlying FHA, Fannie, Freddie, VA or USDA mortgage, they simply lack the resources for the down payment and/or closing cost.
Furthermore, the process to obtain HOME PLUS assistance follows the normal timeline for any mortgage and can be as quick as the home buyer, agent, and lender make it.
Homeownership makes a direct and meaningful impact on a first-time buyer, creating a tangible asset that provides the ability to borrow, build wealth and achieve independence. Additionally, a healthy and active first-time homebuyer market creates move-up opportunities for existing homeowners and generates a positive economic ripple effect throughout the community.
Resources like the HOME PLUS Home Buyer Down Payment Assistance program should be viewed as a favorable vehicle to move more renters into homeownership.
– Program Highlights:
The HOME PLUS program is available Statewide: all Counties, all Cities, all zip codes.
The HOME PLUS program is administered by the Arizona Industrial Development Authority (AzIDA), a political subdivision of the Arizona Finance Authority and the State of Arizona.
NO taxpayer funds are used for the HOME PLUS program. The program is self-funded from money raised in the national capital markets and income generated from our program operation.
The HOME PLUS program is continually funded without a sunset date.
500 new home buyers a month access the program receiving on average $9,000 of HOME PLUS down payment assistance.
Program participants must work with an approved HOME PLUS mortgage lender. There is NOT a direct application from the home buyer. To find a lender nearest you, CLICK HERE.
There are three specific HOME PLUS program requirements:
Annual borrower income under $105,291
A minimum credit score of 640
Completion of a pre-purchase home buyer education program
For Program Information & First Steps, CLICK HERE.
An asset test is not part of program qualifications. If the home buyer has existing funds, they can use the HOME PLUS assistance and either:
Keep their current funds in savings or
Combine their current funds with the HOME PLUS assistance. Here’s a good article: “What’s Better… A Large Down Payment or More Money in the Bank?” CLICK HERE.
– Interest Rates:
The interest rates for the respective underlying first mortgage are set by AzIDA and are the same for each program approved participating lender. Our interest rates follow the market and are subject to the same daily fluctuations as mortgage interest rates outside the DPA program.
The interest rates for the respective underlying mortgages could be slightly higher than the interest rate if a buyer uses their own funds for the down payment and closing costs. Furthermore, there is a different interest rate for each of the 22 different down payment assistance options.
A program approved lender will able to provide interest rate and PITI payment (including mortgage insurance) comparisons between the different HOME PLUS program options and a straight mortgage in which the home buyer provides the down payment and closing costs. The home buyer can then determine their best course of action.
– Terms & Conditions of the Home Plus DPA: