The HFA Advantage program offers up to 7% of the loan amount towards your down payment in any Arizona county except for Pima. Income limitations and debt ratio 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 $371,936.
The HFA has created this program for individuals or families that want down payment assistance but can qualify for a conventional mortgage. The 3-5% assistance is a grant that is combined with a minimum 3% down first loan on a 30 year fixed rate mortgage. Financing for these loans is available on new or existing homes, condos, or townhouses. An additional 2% grant is an affordable homebuyer subsidy to the 5% grant option. The borrower(s) income must be below 50% AMI – (not household income).