PHOENIX - Potential home buyers across Arizona may be able to apply for money to go toward down payments and closing costs.
The Home Plus Program is run by the Arizona Industrial Development Authority.
"The objective of the program is to assist credit worthy renters who can qualify for a mortgage but simply don't have the down payment," says program director Dirk Swift.
Homebuyers can get anywhere from 3 to 5 percent of the purchase price of the home depending on the type of mortgage.
Other requirements include:
640 to 680 credit score (depending on the loan type)
Make less than $92,000 per year
Buy a house for less than 371,000 dollars
Complete a home buyer education course
"On average we pay out about 8,800 dollars in down payment assistance," Swift says.
He also says the program is "self-funded" by selling the mortgages on the open market and uses no tax payer dollars.
"So there's no sunset date, there's no specific defined amount of money and there's no chance that it will end in the near future," he says. The state has a list of lenders that participate in the program. You can find them here.
Maricopa County also has a down payment assistance program called Home in Five. Find out how to qualify here.
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