The world of renting is for the most part, a money sucking pit with no return on your investment, you’re in a space the size of your parents garage and you make due because there is no way you could afford a home right? Arizona Home Plus DPA Grant Program makes escaping renting easier than ever.
If you’re renting, you’ve probably wished for more space or a place to call your own. Who hasn’t? But the chances of obtaining a mortgage loan while renting feels a bit frightening and for the most part, unobtainable. Especially when you need to be saving for a down payment just to qualify to borrow the money. Well, No More! The Arizona Housing Finance Authority (AzHFA), with the Arizona Department of Housing, have recently announced a down payment program called the “Home Plus” Mortgage Loan. The AzHFA Homeownership Programs Administrator, Dirk Swift stated the program is meant to assist in finding “…qualified renters a path
way to homeownership.” This state program coincides nicely with the Wells Realty & Law Groups recent efforts to assist renters with the VIP Buyer Path to Homeownership Program started about a year ago.
What Makes This Loan Special for Renters Versus a Regular Mortgage Loan?
The AzHFA Home Plus Mortgage Loan comes with a 30 year fixed-rate mortgage with a down payment assistance (DPA) grant to qualifying homebuyers looking into purchasing a primary residence of up to 4 percent which can be used as part of a down payment or for closing costs. Those eligible for a VA loan may qualify for an additional 1 percent on top of the aforementioned 4 percent. Nifty right?! The dpa grant program is through the Home Plus loan and it is funded by the AzHFA as long as the funds are available.
How Do I Know If I Qualify?
The Home Plus loan program is available to homebuyers with an annual household income less than $88,000, the purchasing homes must be under $353,000. The program is not limited to first time home buyers either. All Homebuyers must work through an AzHFA-approved and participating lenders to obtain a Fannie Mae HFA Preferred, 30-year fixed mortgage.
Does Location Matter?
The program is available Statewide except in Pima County. Sorry…
No trick. Just a great opportunity for renters who want more out of their living situation and to have their piece of the American dream. Not some apartment but a fine piece of actual real estate that is theirs. A place to call Home that is a Home.
For more information, or if you’re interested to get going with this program and find your new home, our team at Wells Realty & Law Groups is more than happy to answer your questions and work with you as your real estate agent. Worried that the new program may have some legal loopholes that might get in the way, we also have licensed attorneys who’ll make sure that your concerns are put to rest. Our Arizona office number is (480) 428-3290 and also don’t forget our VIP Buyer Path to Homeownership Program which is just a couple more ways we prove We Do What Agents Can’t!