UP TO $16,926 IN HOME LOAN DOWN PAYMENT ASSISTANCE
The HFA Preferred program offers up to 5% of the loan amount towards your down payment in any county except for Pima. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score and conventional guideline requirements. Maximum purchase price cannot exceed $371,936.
HFA Preferred PROGRAM DETAILS
The HFA has created this program for individuals or families that want down payment assistance but can qualify for a conventional mortgage. The 5% assistance is a grant that is combined with a 95% first loan on a 30 year fixed rate mortgage. Financing for these loans are available on new or existing homes, condos, or townhouses.
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Buyers must have a minimum FICO score of 640 and a maximum 45% debt-to-income (DTI) ratio.
Standard loan guidelines exist for qualification (i.e.: adequate income, acceptable credit, and down payment requirement).
All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.
You cannot own another home to qualify for this program (but do not need to be a first time homebuyer)
Homebuyers may purchase a home anywhere in Arizona except for Pima County.
Buyers must occupy the home as their principal residence within 60 days of closing.
The program may only be used to purchase a home (i.e.: no refinancing).
INCOME LIMITS FOR ELIGIBLE BORROWER
Maximum credit qualifying income may not exceed $92,984 for ALL borrowers.
PURCHASE PRICE LIMIT
Maximum purchase price limit of $371,936.
DOWN PAYMENT ASSISTANCE
All homebuyers qualifying for down payment assistance will receive 4% of the original loan amount to be used for down payment and closing cost assistance.
THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.