AZIDA HOME+PLUS 3% Assistance
Best For: First Time Homebuyers, Zero Down
The HOME+PLUS program provides up to 3% down payment and closing cost assistance for your Arizona home purchase.
This loan program is not available in USA
Program Description
The 3% HOME+PLUS Down Payment Assistance Program provides a variety of 30-year fixed-rate mortgage options combined with down payment assistance (DPA) of up to 3% of the loan amount. It is the only state housing program available all throughout Arizona, including every county, city and zip code. The assistance can be used for single-family, townhomes, condos, 2-unit properties and manufactured homes and is forgiven over the course of 3 years.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
AZIDA HOME+PLUS 3% Assistance
Min. Credit Score
640
Min. Down Payment
0%
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.
Program Benefits
Benefit type: Up to 3.00% of 1st Loan Amount
Type: Bond Deferred Payment Program - Forgivable
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.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- AZIDA FHA Purchase Loan
- AZIDA Conventional Purchase - Low Income
- AZIDA Conventional Purchase - Median Income
- AZIDA VA Purchase Loan
Pros & Cons
- Arizona homebuyers can get over the hurdle of saving for a down payment
- Allows up to 50% DTI (Debt-to-Income) with credit scores above 680
- No first time homebuyer requirement
- Must be repaid if home is sold before 36 months
- Subject to income limits
Program Availability
AZIDA HOME+PLUS 3% Assistances are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“The very popular HOME+PLUS Down Payment Assistance Program seeks to eliminate eliminate the hurdle of upfront costs; offering a pathway to homeownership by providing the funds needed to move forward."
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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Down payment and closing cost assistance up to 3% of the first loan amount
- Credit scores as low as 640
- Available in all of Arizona
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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: HOME+PLUS Compliance and Servicer Fees
These fees include a Compliance Review Fee, a Tax Service Fee, and a Funding Fee from the loan servicer.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 2%
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.
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 HOME+PLUS 4% Assistance
Best For: First Time Homebuyers, Zero Down
The HOME+PLUS program provides up to 4% down payment and closing cost assistance for your Arizona home purchase.
AZIDA HOME+PLUS 5% Assistance
Best For: First Time Homebuyers, Zero Down
The HOME+PLUS program provides up to 5% down payment and closing cost assistance for your Arizona home purchase.
Related Resources
2023 Credit Score Guide and Tips for Improvement
Many borrowers often misunderstand what all goes into calculating a consumer’s credit score, focusing on the negatives such as delinquent payments and collection accounts. Let’s dive in and look at factors that impact your FICO credit score, how lenders factor your credit score into your mortgage rate, and ways to improve your credit score before you submit your mortgage application.
Read More
2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
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
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch