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A Mortgage program for the new or challenged borrower

December 5th, 2017 8:27 AM by Scott Fenner




The social and economic benefits of home ownership are many.  A home creates an asset that provides the ability to create wealth, borrow and achieve self-reliance.  Plus, renters may actually realize monthly savings on buying vs. renting.  Yet with increasing rents, stagnant wages and high levels of student loan debt, it can be VERY difficult for first-time or boomerang homebuyers to save enough money for a down payment.
 
The very popular HOME Plus Home Loan Program seeks to eliminate this hurdle, offering a pathway to home ownership by giving creditworthy renters who can qualify for a mortgage, but cannot afford the down payment and or closing costs, the funds to move forward.
 
Administered by the Arizona Industrial Development Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant ranging from 0% - 5% depending upon the new underlying mortgage. The DPA is equal to a percentage of the initial principal balance of the mortgage loan.  DPA is only available in conjunction with a HOME Plus mortgage.
 
Program Highlights:
 
Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
Borrower(s) annual income not to exceed $92,984.
Purchase Price limit not to exceed $371,936.
One borrower must complete a home buyer education course before closing.
Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages.
All borrowers on the mortgage must meet the minimum credit scores reflected below as well as the new underlying mortgage agency/insure guidelines.

New revisions for 2018 make this program even better! Call with any questions and to see if you qualify!



                    


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Posted by Scott Fenner on December 5th, 2017 8:27 AM

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