Common questions

Yes. A minimum 3.5% down payment has to be documented. If your file has no exceptions, that 3.5% is the only amount verified before closing. If there is an exception in the file, all cash to close and reserves get verified in your account, plus a letter explaining where the funds came from. Gift funds are acceptable for closing but not for reserves, and a gift of equity is not permitted.

The published standard is 580 or higher, using the middle of three or the lower of two from a tri-merged bureau, with at least two tradelines showing 24 months of history. Below 580, or with no score at all, the file goes to an exception with strong compensating factors. That is a real path and people do get through it, but it is not automatic and nobody should promise you it is.

Yes. You can qualify with an ITIN and documented proof that you can make the payments. If you are a W2 employee with an ITIN and a third-party Social Security number appears on your W2 or pay stubs, three months of bank statements are required, and net income deposits for ITIN wage earners may be grossed up. There is also a separate EEP EAD program for Employment Authorization Document holders.

Yes. DACA recipients are eligible for the program, with the same credit, income, and down payment standards as everyone else.

You may be able to write off the mortgage interest you pay. You generally cannot deduct property taxes, because the deed is not in your name until you take title. Every tax situation is different, so confirm with a tax professional.

The FHA first mortgage is a 30-year fixed rate with full amortization. Your total monthly payment can still change, because property taxes and homeowners insurance change and your payment moves with them, the same as any escrowed mortgage.

This is an owner-occupied program and the home you live in has to be your primary residence. There is one real exception: if the home has more than one unit, the vacant unit can be rented, and that rent even counts toward qualifying income at 75% of the market value assessed by the FHA appraiser. Any transfer, sale, or assignment of the agreement needs written consent.

The title becomes yours when you refinance into your own loan, take over the agency's FHA loan, or pay it off. Until then the agency holds title and you hold an equitable interest in the property.

Yes, with the agency's written consent. You can sell the home, pay off the balance, and keep your equity. Talk to the agency before you list it.

You do. There is no shared appreciation and no shared equity in this program. Your price was locked when the contract was signed, so as the home gains value, the increase belongs to you and your equity grows. Home values can also go down, and that is a risk like in any purchase.

Arrive Home requests and selects the homeowner's insurance policy for the property, and TRHEEA is listed as the named insured, not you. Your own renter's insurance is optional. If you take it, the deductible cannot exceed $1,000 and it has to be proven paid before closing. If you decline it, you sign a Renter's Insurance Coverage Waiver Disclosure.

The contract is subject to you qualifying for and signing the homeownership agreement. If your circumstances change and you no longer qualify, the purchase agreement is void. What happens to your earnest money depends on your purchase contract with the seller, so review it with your agent.

One to two units, as your primary residence. Single family, PUD, townhome, attached, detached, modular, and double-wide manufactured homes on a permanent foundation, following FHA guidelines, all work. Condos work with FHA approval, and spot approval is allowed. Not eligible: three or more units, second homes, investment properties, co-ops, single-wide manufactured (mobile) homes, homes in mobile home parks, and any community that restricts by age, race, gender, or leasing terms, which includes 55 and older communities.

No. Only lenders approved by Arrive Home can originate it. Make sure you work with a loan officer who is certified in the Earned Equity Program and knows it well.

No. Today the program requires the home inspection, and it cannot be waived as part of the purchase contract. Major defects must be repaired before closing. Order the inspection the day the offer is accepted.

Set the closing at least 45 days out, and tell the seller about the agency addendum before you write the offer. That leaves room for the home inspection, the contract assignment, and the appraisal, and it makes the experience smoother for everyone.