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AZIDA Conventional Purchase - Median Income

Best For: First Time Homebuyers, Low Down Payments

Conventional option for median income Arizona residents seeking down payment help, offered by The Arizona Industrial Development Authority (AZIDA).

AZIDA Conventional Purchase - Median Income

  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Grant, Bond & Other Add-On Programs
  • Special Offers
  • Similar Loan Programs
  • Related Resources

Program Description

This 30-year fixed Conventional loan program can be combined with the HOME+PLUS Down Payment Assistance Program which provides additional funds ranging from 3% to 4% of the loan amount. The assistance can be used towards the down payment, closing costs, or both.

Tags
Manufactured Home OptionsState Housing Loan Program
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AZIDA Conventional Purchase - Median Income

Min. Credit Score

640

Min. Down Payment

3%

Max Loan Amount

$726,200

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 3% and 4% 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
  • Must meet program guidelines
  • Higher mortgage insurance cost than the low income conventional option
Program Availability

AZIDA Conventional Purchase - Median Incomes are available in 1 state.

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“This conventional option can come in handy when using AZIDA's HOME+PLUS down payment assistance program."

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
  • Conventional loan program option from AZIDA with higher income limits
  • Credit scores as low as 640
  • 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.

Mortgage Insurance
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)

This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.

Funding Fee
Type: No Funding Fee

This program does not have a funding fee.

Annual Fee
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 Conventional MI 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 Conventional MI

The HOME+PLUS program provides up to 5% down payment and closing cost assistance for your Arizona home purchase.

Max. Loan Amount

$726,200

Min. Credit Score

640

Min. Down Payment:

0%

Details
AZIDA HOME+PLUS 4% Assistance
|AZIDA Conventional MI

The HOME+PLUS program provides up to 4% down payment and closing cost assistance for your Arizona home purchase.

Max. Loan Amount

$726,200

Min. Credit Score

640

Min. Down Payment:

0%

Details
AZIDA HOME+PLUS 3% Assistance
|AZIDA Conventional MI

The HOME+PLUS program provides up to 3% down payment and closing cost assistance for your Arizona home purchase.

Max. Loan Amount

$726,200

Min. Credit Score

640

Min. Down Payment:

0%

Details
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.

Details
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 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).


Details
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).


Details
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).


Details
Mannie 100 USDA Down Payment Assistance

Best For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification

Mann Mortgage LLC is now offering down payment assistance funds for those who may make over the county limits for traditional down payment funds.


Details
Virginia Housing VA Loan

Best For: First Time Homebuyers, Low Credit Scores, Zero Down

VA program for Virginia first time homebuyers with competitive interest rates and up to 2% in forgivable closing cost assistance.


Details
IHFA Tax-Exempt FHA Targeted

Best For: First Time Homebuyers, Lowest Rates

Tax-exempt FHA program for Idaho homebuyers in targeted Idaho Counties with below market interest rates and down payment assistance options.


Details
Mannie 100 FHA Down Payment Assistance

Best For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification

Mann Mortgage LLC is now offering down payment assistance funds for those who may make over the county limits for traditional down payment funds.


Details
OHCS Flex Lending Conventional - Low Income

Best For: First Time Homebuyers, Large Down Payments, Low Credit Scores

Oregon Housing Conventional Loan for Low Income Oregon Residents that can be paired with OHSC's Flex Lending Down Payment Assistance (DPA).


Details
Virginia Housing FHA Loan

Best For: First Time Homebuyers, Low Credit Scores, Easy Qualification

FHA program for Virginia residents with competitive interest rates and down payment assistance options.


Details
GSFA Platinum® FHA Loan

Best For: First Time Homebuyers, Easy Qualification

FHA program from GSFA for California residents with competitive interest rates and down payment and closing cost assistance options.


Details
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.

Read More
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.

Read More
Knowing Your Mortgage Insurance Options (Conventional Loan PMI)

PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.

Read More

Visit 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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