Arizona HOME Plus Down Payment Assistance Program Guide

Guide to the Arizona HOME Plus Down Payment Assistance Program

The Arizona HOME Plus Down Payment Assistance Program is designed to assist eligible homebuyers in Arizona by providing financial support for down payments and closing costs. For 2025, this program offers up to $15,000 in down payment assistance to help make homeownership more accessible. Below is a guide detailing the eligibility criteria, application process, and benefits of the program.

1. Program Overview:

• Purpose: The Arizona HOME Plus Down Payment Assistance Program aims to assist qualified first-time homebuyers and repeat buyers by providing funds to cover down payments and closing costs associated with purchasing a home.
• Assistance Amount: Eligible buyers can receive up to $15,000 in down payment and closing cost assistance. The amount provided depends on the buyer’s financial situation and the cost of the home.
• Loan Structure: The assistance is provided as a 0% interest, deferred loan. In most cases, repayment is required only if the home is sold or refinanced within a set period, typically 5 years.

2. Eligibility Requirements for 2025:

To qualify for the Arizona HOME Plus Down Payment Assistance Program, applicants must meet the following criteria:

• Income Limits: Your household income must be below a certain threshold, which is determined based on the area median income (AMI) for your county or parish. These limits are updated annually to reflect local economic conditions.
• First-Time Homebuyer: The program is primarily available to first-time homebuyers, defined as individuals who have not owned a home in the last three years. Some exceptions may apply depending on your location and circumstances.
• Credit Score: A minimum credit score of 640 is typically required, though specific requirements may vary depending on the lender and other factors.
• Property Requirements: The property being purchased must be located in Arizona and must serve as your primary residence. The home must meet the program’s price limits and other quality standards.
• Homebuyer Education: Applicants must complete an approved homebuyer education course to ensure they are prepared for the responsibilities of homeownership.

3. How to Apply:

Applying for the Arizona HOME Plus Down Payment Assistance Program is simple. Follow these steps to get started:

• Assigned Loan Officer: Once you begin the application, a dedicated loan officer will assist you throughout the process, from confirming your eligibility to gathering the necessary documentation.
• Required Documentation: Be ready to provide key documents, including proof of income, tax returns, a credit report, and a certificate of completion from the homebuyer education course.
• Submit Your Application: After collecting all the required documents, submit your completed application. Your loan officer will process your information and guide you through the next steps.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course as part of the application process.
• Course Availability: The course is available both online and in person. Upon completion, you will receive a certificate, which is required for your loan application.

5. Down Payment Assistance and Loan Terms:

• Down Payment Assistance: The program provides up to $15,000 to assist with down payment and closing costs. This financial assistance is in the form of a 0% interest, deferred loan, and repayment is required only if the property is sold, refinanced, or no longer serves as your primary residence within five years.
• Other Benefits: In addition to the down payment assistance, the program provides access to a competitive mortgage loan with favorable interest rates, making homeownership more affordable.

6. Finalizing the Loan:

• Approval Process: Once your application is approved, your loan officer will guide you through the final steps, including reviewing and signing the loan documents and preparing for closing.
• Closing Costs: You may need to cover any closing costs that are not covered by the program’s assistance. Your loan officer will explain which costs are included and which may be your responsibility.

Our experienced loan officers are here to assist you every step of the way. From confirming eligibility to completing the loan process, they will guide you through each step and ensure you understand the program’s benefits. With their support, you can confidently move forward with the Arizona HOME Plus Down Payment Assistance Program and achieve your homeownership goals.