Hugh changes coming to Arizona Down Payment Assistance Program – January 2, 2018
Huge changes coming to Arizona Down Payment Assistance Program – Home in 5 and Home Plus down payment assistance program starting in January 2, 2018. Currently the Arizona Down Payment Assistance Program offer 5% grant of total loan amount to home buyer. This 5% grant basically a gift and home buyers don’t need to pay back.
Starting January 2, 2018, it will be changed to forgivable 0% interest second mortgage. It will take 36 months to get the second mortgage forgivable. Basically home buyer with go with Arizona down payment assistance program (DPA) program have to keep the mortgage for at least 36 months. If home buyer sell or refinance their home during this 36 months, they will have to pay it back.
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