Home Plus Program

  • Availability:
    • Available statewide, all Counties, all Cities, within Arizona.
  • Income Limitations:
    • Borrower(s) annual income not to exceed $122,100.00
  • Credit Score:
    • All borrowers on the mortgage must have a minimum credit score of 640 or better.
  • Benefits:
    • Borrower can borrow up to 103% with the 3% going towards closing costs
  • Other Hightlights:
    • One borrower must complete a home buyer education course before closing.
    • Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages.

Terms and Conditions:

The DPA assistance under the HOME PLUS program is provided in the form of a second mortgage with the following terms/conditions:

  1. Three-year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien.

  2. The DPA second mortgage is fully forgiven after the 36th month (3-years).

  3. The homeowner can choose to refinance or sell their HOME PLUS first mortgage at any time, however, if a refinance or sale occurs in the first 36 months, the DPA 2nd lien would need to be paid (note amount less the number of forgiven months from closing date).

  4. AzIDA does not subordinate or provide exceptions to the DPA repayment terms.