- 30-year fixed rate mortgage
- Multiple Home Plus down payment assistance options
- Additional 1% down payment assistance for qualified U.S. active military and Veterans
- There are NO first-time home buyer requirements under the Home Plus Program
- AZ Home Plus loans do not have prepayment penalties.
- There is no Mortgage Subsidy Recapture Tax under the Home Plus Program.
- The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership. The lien is completely forgiven after you stay in the home for three years without refinancing. The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona.
- The assistance money comes from a revolving pool of funds to assure continuous funding.
- It is your option to obtain a home inspection, but you do not need to be provided it to the lender. Furthermore, the fee for this inspection can be covered by the DPA funds.
General Homebuyer Eligibility Requirements:
- Mortgage for the purchase of a owner occupied, primary residence only
- Maximum debt-to-income of 50%
- All homebuyers are required to complete a pre-purchase home buyer education course
- Non-occupant co-signors are allowed on certain Home Plus loan programs
General Property Eligibility Requirements:
- Manufactured Homes are not permitted on ANY underlying mortgage type
- Single-family homes, duplexes, condos and town homes are allowed depending on the Home Plus loan program that you choose
- Construction-to-Perm Loans are not permitted
Arizona Home Plus Conventional Loan ProgramsConventional loans with down payment assistance can be a great option because there is more flexibility related to mortgage insurance. Conventional loans require mortgage insurance if your down payment is less than 20%; however, you have the option of removing it in the future.
Home Plus Fannie Mae HFA Preferred Loan ProgramThis program is derived from the Fannie Mae HomeReady program and is one of the Arizona conventional Home Plus loan programs offered. It is offered anywhere in Arizona. Program Highlights:
- Down payment assistance options up to 5%. You can choose what is best for you based on your loan scenario.
- Minimum FICO score is 640.
Home Plus Freddie Mac HFA Advantage Loan ProgramThis program is derived from the Freddie Mac Home Possible Advantage program and one of the other Arizona conventional Home Plus loan programs offered anywhere in Arizona. Program Highlights:
- Down payment assistance funds up offered up to 5%
- Minimum FICO score is 640
Arizona Home Plus Government Loan ProgramsGovernment loan programs with down payment assistance can be a great option because they usually have easier qualifying requirements. The three common government loan programs are FHA, USDA and VA.
Home Plus VA & USDA Loan ProgramsVA and USDA loans are two popular government loan programs that offer 100% financing. The money from the Home Plus program is instead used to cover closing costs. As such, there is no down payment required. They are great Arizona zero down loan programs. The Home Plus VA and USDA Loan Programs are offered anywhere in Arizona, including Maricopa and Pima Counties. Program Highlights:
- Down payment assistance offered up to 2% for USDA loans
- Down payment assistance offered up to 3% for VA loans
- Minimum FICO score for both programs is 640
Home Plus FHA Loan ProgramFHA loans with down payment assistance in Arizona has been popular for the past few years because they offered lower minimum credit score requirements and were easier to qualify for than conventional mortgages. They still have many advantages that make them attractive to Arizona first-time home buyers. The Home Plus VA and USDA Loan Programs are offered anywhere in Arizona, including Maricopa and Pima Counties. Program Highlights:
- Down payment assistance options of 3%, 4% and 5%. You can choose what is best for you based on your loan scenario
- If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county
- Minimum FICO score for the Home Plus FHA loan program is 640
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Starboard Financial, 4145 E Baseline Rd, Gilbert, AZ 85234
NMLS ID #156931
© 2017 Starboard Financial is not a government agency and is not affiliated with HUD, FHA, VA, USDA, FNMA, FHLMC or GNMA.