Affordable Housing Options Through OneAZ
OneAZ Credit Union assists homebuyers by offering low down payment options and down payment assistance through the WISH Program.
What We'll Cover
- How to qualify for down payment assistance through the WISH Program
- Details around $0 and 1% down payment options
- How to apply for affordable housing options
- Perks of a OneAZ home loan
For many people, the biggest obstacle to homeownership is coming up with the funds for a down payment. At OneAZ, we want to help all our members achieve their financial dreams. That’s why we offer low down payment options and down payment assistance programs, so homeownership can become a reality for all Arizonans.
Down Payment Assistance through the WISH Program
Buying your first home can seem out of reach when you're trying to save up for a down payment. That's where the WISH Program comes in. WISH stands for "Workforce Initiative Subsidy for Homeownership," and it allows OneAZ to provide matching funds to eligible homebuyers.
How does the WISH Program work?
For every dollar a qualified homebuyer saves towards their down payment, the WISH program will match it with $4, up to a maximum of $29,172*. That can make a big difference when it comes to making homeownership more affordable and accessible.
How do you qualify for the WISH Program?
To be eligible for WISH down payment assistance, you must be a first-time homebuyer and successfully complete a homebuyer counseling program. Applicants must also meet income eligibility guidelines as determined by the WISH Program at the time of enrollment and must be at or below 80 percent of the Housing and Urban Development area median income.
How do you apply for the WISH Program?
OneAZ Credit Union is accepting applications for the WISH Program. Schedule an appointment with one of our loan officers at your local branch or apply via phone.
$0 Down Payment1
If you have an excellent credit history but little in savings, the $0 down payment option may make it easier to achieve your dream of owning a home. This affordable housing option is available on 7-year ARM, 10-year ARM and 30-year fixed-rate mortgages at OneAZ.
How do you qualify for the $0 down payment option?
Homebuyers with a FICO score of 720+ are eligible for the $0 down payment option. Other than credit score, there are no requirements around being a first-time homebuyer, homebuyer education, or maximum income limitations.
How do you apply for the $0 down payment option?
Schedule an appointment with one of our loan officers at your local branch or apply via phone.
1% Down Payment
Another affordable housing option through OneAZ is the 1% down payment opportunity. This affordable housing option is available on 7-year ARM, 10-year ARM and 30-year fixed-rate mortgages at OneAZ.
Like with the $0 down payment option, your credit history will need to be fairly strong. However, there are more restrictions around the 1% down payment option.
How do you qualify for the 1% down payment option?
Homebuyers with a FICO score of 680+ are eligible for the 1% down payment option. The following restrictions also apply:
- Maximum 100% Area Median Income for Property Location
- No other real estate can be owned by occupying borrower
- First Time Homebuyer Education Course Completion Required
How do you apply for the 1% down payment option?
Schedule an appointment with one of our loan officers at your local branch or apply via phone.
Benefits of a OneAZ Home Loan
In addition to affordable housing options, homebuyers get access to discounts on interest rates and closing costs when choosing OneAZ for their home loans.
- 0.25% discount3 – OneAZ members get a discount on their home loan interest rate
- 24-day closing guarantee4 – OneAZ loans close in 24 days, or the credit union will give you $1,000
- Low fees at closing – OneAZ has some of the lowest fees in Arizona.
Keep these benefits and down payment options in mind when considering where to finance your home purchase.
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Key Takeaways
- First-time homebuyers who meet eligibility requirements can get down payment assistance through the WISH Program.
- For every dollar the homebuyer saves toward their down payment, the credit union matches it with four dollars, up to a maximum of $29,172.
- Homebuyers may qualify for a $0 down payment option with a FICO score of 720+.
- Homebuyers may qualify for a 1% down payment option with a FICO score of 680+, plus other requirements.
- Homebuyers can also get discounts, low closing costs, and a 24-day closing guarantee when they choose OneAZ for their home loan.
These affordable housing options can help make purchasing a home more accessible and affordable. Speak with a loan officer to learn more about these and other programs that may be available to you.
APR = Annual Percentage Rate
All loans are subject to credit approval and program eligibility. Click here for the Nationwide Mortgage Licensing System Associate List.
* Must be a first-time homebuyer (not owning a primary residence in the last three years), enrolled in WISH Homeownership Program (participation does not guarantee funding); funds are limited and must meet eligibility guidelines predetermined by program including at or below 80% of the HUD area median income at time of enrollment in Wish Program. Other terms and conditions apply.
1 0% Down Payment is for purchase transactions only. Minimum FICO score and Maximum debt to income (DTI) ratios are applicable; strong financial profile and excellent credit are required on this program. Additional terms and conditions may be applicable, not all individuals will qualify. Inquire about other alternative financing options.
2 1% Down Payment is for purchase transactions only. Minimum FICO score and Maximum Debt to Income (DTI) ratios are applicable. Must meet all applicable ARCH AMGC AHP EqualAccess Homeownership Program Requirements regarding maximum income, Homeownership Restrictions and extra Homeownership Education. Additional terms and conditions may be applicable. Not all individuals will qualify.
3 Conditions apply. Rates and terms subject to change at any time. Discounted interest rate is available on purchase and refinance loans.
To qualify for .25% discount, you will need to agree to the following or have already established the following: Establish membership, Open a OneAZ checking account, Set up a monthly direct deposit of $1,000 or more and set up an auto pay for the new loan. The offer does not apply to FHA, VA or USDA mortgages.
4 24-Day Close Guarantee-Conditions apply. Terms and Conditions must be signed and acknowledged by both parties. For full details, refer to the Mortgage Closing Agreement.
