Home Plus Arizona
The Arizona Industrial Development Authority (Arizona IDA) offers the Home Plus program, which provides up to 4% of the initial balance on your new mortgage. The amount you might get will depend on the type of mortgage you choose.
Funds can be applied to both down payment and closing costs
You’ll need a minimum credit score of 640 to qualify for the program
To be eligible, your annual income must not exceed $136,609
You’ll also need to complete a homebuyer education course prior to the loan closing
Home Plus is a 3-year deferred second mortgage. That means there is no interest and no monthly payments, provided you do not sell or refinance the property within the first 36 months of homeownership. Find out more at the Home Plus homepage.