Arizona Home Plus
Created by the Arizona Industrial Development Authority (a non-profit organization dedicated to helping Arizona borrowers), Arizona Home Plus is a unique mortgage option that provides eligible homebuyers with both a traditional home loan and a separate down payment/closing cost assistance loan at the same time.
Available in every county in Arizona, the AZ Home Plus program is a great option for credit-worthy borrowers who want to achieve homeownership but are struggling to afford the extra costs.
The Arizona Home Plus Program at Veritas Funding:
- Provides home financing in the form of a Conventional or FHA mortgage loan:
- 30-year loan term
- Fixed interest rate
- Provides down payment and/or closing cost assistance in the form of a second lien loan:
- Total loan amount = 1-5% of the first mortgage loan (dependent on the program)
- No interest or payments for the first 3 years
- May be forgivable after 36 months (if certain terms are met)
- Has several qualification restrictions:
- Home location (must be in Arizona)
- Home type (no vacation or rental properties, no manufactured homes, etc.)
- Maximum home purchase price (dependent on loan type and location)
- Borrower income (must be less than $110,000 a year)
- Borrower credit score (must be 640 or above)
- Borrower debt-to-income ratio (must be 50% or below)
- May require mortgage insurance (dependent on the loan type & down payment amount)
- Requires borrowers to take homebuyer education classes
- Does not have any early payment penalties
- May not allow a co-signer (dependent on the program)
If you’re a responsible Arizona resident who needs help purchasing a house, we strongly suggest you take advantage of the Arizona Home Plus program and submit an application today. In the meantime, if you have any questions about Home Plus down payment assistance, AZ Home Plus guidelines, or the AZ Home Plus Loan in general, you can chat with our digital assistant, Lydia, or contact one of our Loan Officers today.