Arizona HFA Bond Program
If you’ve ever dreamed of owning your own home but felt that buying a home was a little beyond your reach, the
Arizona Housing Finance Authority may make your dream easier to achieve with their ownership program. This program offers a 30-year fixed rate mortgage and a second mortgage available for down payment and closing cost assistance.
This program is available in all counties in the State of Arizona EXCEPT Maricopa and Pima.
To qualify for an Arizona HFA Bond Program loan you must meet the program the program requirements listed below.
Any of the following listed below qualify as a first-time buyer:
*A person who has not owned and occupied their principal residence in the last 3 years.
*A person who has never owned their principal residence.
*A qualified military veteran.
*A person purchasing a home in a Targeted Area.
And you must also:
*Be credit worthy, there are minimum credit scores in this program.
*Have a fully executed sales contract for a specific property.
Properties must also be able to qualify in the program. What qualifies - New or existing, one or two unit, detached or attached, condo and manufactured homes.
What homes do not qualify? Mobile, recreational, seasonal or other type of vacation or non-permanent homes are not permitted in the program.
Additional Program Requirements
*Property must be undamaged by fire, windstorm or other hazard
*Property must be inspected by a licensed, qualified, third party home inspection company. Inspection must be acceptable to buyer.
*A one year home warranty provided by a licensed home warranty company must be provided for all previously occupied homes
*For newly constructed homes, a one year Builder’s warranty along with a 2-10 warranty will be required.
Fees in the program
Lenders may charge 1.00% as origination or discount but not both. And they may not charge additional points.
There is a $225 Bond Application Fee payable at closing by the buyer or seller.
Income Limits
There are income limits in this program. You must include the income of everyone who will reside in the property who is 18 years of age or older (even if they will not be party to the mortgage).
Area |
Non Targeted Area |
 |
Targeted Area |
|
|
1-2 persons |
3 or more persons |
1-2 persons |
3 or more persons |
Coconino County |
$63,900 |
$73,485 |
$76,680 |
$88,097 |
Pinal County |
$66,600 |
$76,590 |
$79,920 |
$88,097 |
All Other Counties |
$61,500 |
$70,725 |
$73,800 |
$86,100 |
Purchase Price Limits
Qualified properties in the program have purchase price limits.
Area |
1 Family Unit |
|
2 Family Unit |
|
|
Non Target Area |
Targeted Area |
Non-Targeted Areas |
Targeted Areas |
Apache County |
$256,329 |
$313,921 |
$328,147 |
$401,068 |
Coconino County |
$410,126 |
$501,265 |
$525,007 |
$641,676 |
Gila County |
$296,202 |
$362,025 |
$379,184 |
$463,447 |
Mohave County |
$293,923 |
$359,240 |
$376,268 |
$459,883 |
Navajo County |
$281,392 |
$343,923 |
$360,227 |
$440,278 |
Pinal County |
$315,569 |
$385,696 |
$403,974 |
$493,747 |
Yavapai County |
$355,443 |
$434,430 |
$455,013 |
$556,127 |
All Other Counties |
$247,032 |
$301,929 |
$316,252 |
$386,531 |
Participating Lenders
Listed below are the loan officers who’ve been actively participating in this bond program. This list is updated on a monthly basis.
(3-23-12)
Institution |
Name |
Phone Number |
|
Castle & Cooke Mortgage LLC |
Deborah Wilson |
520-459-7198 |
|
Chase |
Celebrian McMurray |
|
|
Chase |
Debra Sherwood |
928-757-3913 |
|
Chase |
Jodi Grossell |
928-771-6220 |
|
Chase |
Mary Schulz |
|
|
Chase |
Trenton Baxter |
|
|
Evergreen Mortgage |
Julie Dedmon |
928-213-3220 |
|
Guild Mortgage |
Jenny Santana |
|
|
Guild Mortgage |
Jessica Rico |
|
|
Guild Mortgage |
Kelley Sanders |
928-532-7270 |
|
National Bank of AZ |
Farrell Balentine |
|
|
National Bank of AZ |
Patty Attebery |
|
|
National Bank of AZ |
Ramona Tovar |
|
|
Nova Home Loans |
Glen Warner |
520-803-0309 |
|
Nova Home Loans |
Gloria Grab |
|
|
Nova Home Loans |
Jarrod Holiman |
|
|
Nova Home Loans |
Jill Davis |
520-747-6764 |
|
PHH Mortgage |
Edward Arvizo |
|
|
Sunstreet Mortgage |
Cindy Subia |
|
|
Sunstreet Mortgage |
Lucy Gonzales |
|
|
Sunstreet Mortgage |
Tracey Boudreau |
|
|
Wallick & Volk |
Christy Guerin |
928-775-2425 |
|
Wallick & Volk |
Nikki Groff |
928-556-0600 |
|
Wells Fargo |
Jessica Sanson |
|
|
Wells Fargo |
Lucy Johannsen |
|
|