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What is Arizona Homebuyer Solutions®?
Family Housing Resources has made available a mortgage loan program for
homebuyers in all cities and counties in Arizona. Arizona Homebuyer Solutions® (AHS)
offers a mortgage loan that allows a homebuyer to borrow funds –
up to 7% of the sales price– in the form of a second mortgage loan.
The second loan can finance all or a portion of the required downpayment,
closing costs and/or prepaid costs associated with the purchase of a home.
Eligible
Borrowers
The
AHS program is available to homebuyers who
meet the income guidelines in the chart below. Participants do not have
to be first-time homebuyers.
|
Income
Limits
|
||
|
County
in Arizona
|
Income
Limit
for FHA Loans |
Income Limit
for Conventional Loans |
|
Apache
|
$34,615
|
$76,160
|
|
Cochise
|
$51,635 | No Limit |
|
Coconino
|
$61,525
|
$76,160 |
|
Gila
|
$48,645
|
$76,160 |
|
Graham
|
$47,035
|
No Limit |
|
Greenlee
|
$57,960
|
No Limit |
|
La
Paz
|
$38,525
|
No Limit |
Maricopa |
$67,965 | No Limit |
Mohave |
$50,715 | $76,160 |
Navajo |
$42,550 | $76,160 |
Pima |
$60,260 | No Limit |
Pinal |
$67,965 | No Limit |
Santa Cruz |
$42,665 | No Limit |
Yavapai |
$56,465 | $76,160 |
Yuma |
$46,805 | No Limit |
Features
of Arizona Homebuyer Solutions®
AHS is a partnership between Family Housing Resources and CitiMortgage, Inc. to offer up to $300 million in first and second mortgages. To apply for this loan, contact
us at 1-866-FHR-CASA (347-2272). Other features include:
| :: | Up to 7% of the sales price can be borrowed for downpayment and closing costs |
| :: | The interest rate on the mortgage loan is competitive with the market rate (priced daily) |
| :: | 30-year fixed rate OR adjustable rate mortgages (5/1) & (7/1) available |
| :: | Eligible loan types: Fannie Mae’s MyCommunityMortgage® Products |
| :: | Lender fees are reasonable and customary |
| :: | Borrowers are required to make a minimum contribution of $500. |
| :: | First and second loan payments combined into a single payment |
| :: |
Downpayment
Assistance
Arizona Homebuyer Solutions®
allows a homebuyer to borrow up to 7% of
the sales price in the form of a second mortgage loan. The interest
rate of the second mortgage loan is fixed at 7% (subject to change) and is amortized over 20 years.
How
Do I Apply?
Interested borrowers should contact FHR at 1-866-FHR-CASA (347-2272).
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