The Arrive Home Fund is a nation-wide program designed to help families create generational wealth through homeownership. With more relaxed guidelines vs many other down payment assistance programs on the market today, Arrive Home helps turn renters into homeowners much sooner.
This program does not require you to be a first-time buyer, allows for non-occupying co-signers and other features that help make homeownership a reality!
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No! Arrive Home does not require that you are a first-time home buyer.
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Arrive Home requires a 600 FICO for FHA financing.
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You can purchase a Single Family home, a 2-unit home, a Condo or even a Manufactured home (on permanent foundation).
** A 620+ FICO score is required for manufactured housing.
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The debt-to-income allowed is per FHA. This means you can go up to 55.00% DTI.
Arrive Home also has a “payment shock” limit on the new payment of 225%. This means that your new home payment cannot be greater than 225% of your current rent payment.
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A Verification of current rent is only required when the FICO score is 620 or lower.
They do this to confirm the payment shock (see previous question on “payment shock”).
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The amount of money given is as either 3.5% or 5%.
The 3.50% assistance option is a 30-year term with a fixed 0% interest rate. No monthly payments are required and fully forgiven after 3 years of on-time payments.
The 5% assistance option is repayable as a 10-year amortized second loan. The fixed rate is 2% above the first mortgage interest rate. This payment is factored in for qualifying.
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No! Only one borrower must move into the home as their pimary residence.
This means you can have a non-occupying co-signer help with qualifying when needed.
** It’s important to note that a non-occupying co-signer must be a family member or a 15% down payment would be required.
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