Arizona HFA Preferred

Arizona Home Buyers

Up to $16,926 in Home Loan Down Payment Assistance

The HFA Preferred program offers up to 5% of the loan amount towards your down payment in any county except for Pima. Income limitations and debt ration limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score and conventional guideline requirements. Maximum purchase price cannot exceed $356,352.

 

HFA Preferred Program Details

The HFA has created this program for individuals or families that want down payment assistance but can qualify for a conventional mortgage. The 5% assistance is a grant that is combined with a 95% first loan on a 30 year fixed rate mortgage. Financing for these loans are available on new or existing homes, condos, or townhouses.

 

Homebuyer Eligibility

  • Buyers must have a minimum fico score of 640 and a maximum debt ratio of 45% debt-to-income (DTI) ratio.
  • Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
  • All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.
  •  You cannot own another home to qualify for this program (but do not need to be a first time homebuyer)

 

Program Eligibility

  • Homebuyers may purchase a home anywhere in Arizona except for Pima County.
  • Buyers must occupy the home as their principal residence within 60 days of closing.
  • The program may only be used to purchase a home (i.e., no refinancing).

 

Income Limits for Eligible Borrowers:

  • Maximum credit qualifying income may not exceed $89,088 for ALL borrowers.

 

Purchase Price Limit

  • Maximum purchase price limit of $356,352.

 

Down Payment Assistance

  • All homebuyers qualifying for down payment assistance will receive 4% of the original loan amount to be used for down payment and closing cost assistance.
  • THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.

 

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