AZIDA FHA Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
FHA program for Arizona residents seeking down payment assistance, offered by The Arizona Industrial Development Authority (AZIDA).
This loan program is not available in USA
Program Description
This 30-year fixed FHA program can be combined with the HOME+PLUS Down Payment Assistance Program which provides additional funds ranging from 0% to 5% of the loan amount. The assistance can be used towards the down payment, closing costs, or both.
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AZIDA FHA Purchase Loan
Min. Credit Score
640
Min. Down Payment
3.5%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Assistance available, between 0% and 5% of the first loan amount
- Available in all of Arizona
- Allows up to 50% DTI (Debt-to-Income)
- Also available for manufactured homes
- No purchase price limits
- Must be repaid if home is sold before 36 months
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan
- Income limits apply
Program Availability
AZIDA FHA Purchase Loans are available in 1 state.
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“The FHA AZIDA option is easier to qualify than other AZIDA 1st mortgage options, but has a significant funding fee and lifetime mortgage insurance."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$122,100
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- FHA loan program option from AZIDA; easier qualification than other options
- Lower credit scores allowed
- Can be combined with "HOME+PLUS" down payment assistance
Additional Conditions
- HOME+PLUS down payment assistance comes in the form of a 3 year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the loan.
- Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the income limits.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: CreditSmart® Homebuyer U or Other
To qualify for the AZIDA HOME+PLUS program, at least one borrower must complete a pre-purchase home buyer education course from an approved provider and provide a Completion Certificate. The education can be taken online or in-person, but must be completed before closing. The certificate has no expiration date, and providers may charge a small fee for the course.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this AZIDA FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
AZIDA HOME+PLUS 5% Assistance
|AZIDA FHAThe HOME+PLUS program provides up to 5% down payment and closing cost assistance for your Arizona home purchase.
Max. Loan Amount
$472,030
Min. Credit Score
640
Min. Down Payment:
0%
AZIDA HOME+PLUS 4% Assistance
|AZIDA FHAThe HOME+PLUS program provides up to 4% down payment and closing cost assistance for your Arizona home purchase.
Max. Loan Amount
$472,030
Min. Credit Score
640
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Arizona Mortgage Credit Certificate (MCC)
CIC Tucson's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce your federal income tax responsibility each year. It is specifically for first time homebuyers and veterans and can be paired with most Arizona down payment assistance programs.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
AZIDA Conventional Purchase - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for low income Arizona residents seeking down payment assistance, offered by The Arizona Industrial Development Authority (AZIDA).
AZIDA VA Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
VA program for AZ Veterans seeking down payment assistance, offered by The Arizona Industrial Development Authority (AZIDA).
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
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A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
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Mortgage Insurance Premium – MIP – Explained
Are you scratching your head, wondering what mortgage insurance is and why it's adding to your expenses? It's confusing, to be sure. If you're taking out a Federal Housing Administration (FHA) loan, chances are you'll need a mortgage insurance premium (MIP) to be set up. Also known as FHA mortgage insurance, it works to protect the lender from these higher-risk loans. As you learn how to buy a house, you may encounter these home loans, which typically have a lower interest rate and easier qualifications. Even with the requirement for MIP, FHA loans could still benefit you.
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High Balance FHA Loans Explained
Explore high balance FHA loans: low down payment, relaxed credit guidelines, and higher loan limits in high-cost areas. Ideal for first-time homebuyers.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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