| PROGRAM FUNDS |
$25,000,000 – Issued in Commitment Lots |
| ELIGIBLE AREAS |
Statewide Arizona; Exception: Counties of Maricopa & Pima |
| ELIGIBILITY CRITERIA |
- First-time Homebuyers
- Borrower(s) & Spouses, occupant or non-occupant
- Must be able to permanently reside in the U.S.
- Principal residence
- Borrower(s) must occupy property within 60 days of closing
- IRS filed returns for past 3 yrs – all borrower(s) & spouses |
| ELIGIBLE LOAN TYPES |
FHA, VA, USDA-RHS |
| AVAILABLE DOWN PAYMENT ASSISTANCE |
Downpayment assistance will be in an amount up to 5% of the sales price of the home. |
| INCOME LIMIT CRITERIA |
Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older. |
| HOME ACQUISITION LIMITS |
For acquisition limits, See Program Guidelines. |
| HOME BUYER EDUCATION |
Homebuyers and ALL on the mortgage/deed must take homebuyer education from a HUD Approved Counseling Agency. |
| FICOSCOR E REQUIREMENT |
- Mid score must be 620 or higher
- Debt-to income ratios considered for credit qualification. Cannot exceed 31% / 43% ratio.
- No Exceptions! |
| CO-SIGNERS |
Co-Signers are not permitted for this program. |
| LOAN TIME LINE REQUIREMENTS |
- Reservation to UW Cert: 30 days
- Reservation to Close and Delivery: 50 days
- Reservation to Loan Purchase: 80 days |
| LENDER PARTICIPATION |
If you are interested in becoming a participating lender, contact an eHousingPlus representative or access the AZHFA MRB PLUS Program page. |
| FORMS AND DOCUMENTATION |
View Forms and Documentation. |
| OTHER |
For additional information, please See Program Guidelines. |
