Arizona Down Payment Programs

The following chart is provided as a summary of the basic qualifying features of the most popular Arizona down payment assistance programs.  More detail of each program is provided in the content below.  * Recently Updated for 2017 *

 

 


AZ Home Plus Mortgage

* New Updates *

The Arizona Home Plus mortgage program has been updated to offer a greater variety of opportunities to Arizona home buyers who need down payment assistance. These expanded options include different down payment amounts, higher maximum loan amounts and income limits, different loan programs and different qualifying criteria.

The Arizona Home Plus home loan program is very popular because each home buyer family will receive a non‐repayable housing grant that can be used for down payment and/or closing costs equal to as much as 5% of the mortgage loan.

Program Highlights:

  • No first time home buyer requirement for most programs.
  • No requirement to pay back the housing grant and it is not a 2nd mortgage.
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • The money is available.
  • Funds for the grants are raised by the Arizona Housing Finance Authority and do not use taxpayer funds.

How to Qualify:

  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum income of $92,984.
  • Maximum debt-to-income of 45%
  • See various loan program requirements below.

ARIZONA HOME PLUS CONVENTIONAL LOAN PROGRAMS

Conventional loans with down payment assistance can be a great option because unlike some other loan programs, conventional loans allow you to remove the private mortgage insurance (typically on loans with less than 20% down) down the road.

Home Plus Fannie Mae HFA Preferred Loan Program

This program is derived from the Fannie Mae HomeReady program and is one of the Arizona conventional Home Plus loan programs offered. It is offered anywhere in Arizona other than Pima County.

Program Highlights:

  • Down payment assistance options at 3%, 4% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 640 with 5% down
  • Minimum FICO score is 680 with 3% down
  • Maximum purchase price of $371,936
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984

Home Plus Freddie Mac HFA Advantage Loan Program

This program is derived from the Freddie Mac Home Possible Advantage program and is the other Arizona conventional Home Plus loan programs offered. It is offered anywhere in Arizona other than Pima County.

Program Highlights:

  • Down payment assistance grant of 4%
  • Minimum FICO score is 640 with 5% down
  • Minimum FICO score is 680 with 3% down
  • Maximum purchase price of $371,936
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984

ARIZONA HOME PLUS GOVERNMENT LOAN PROGRAMS

Government loan programs with down payment assistance can be a great option because they usually have easier qualifying requirements. The three common government loan programs are FHA, USDA and VA.

Home Plus VA & USDA Loan Programs

VA and USDA loans are two popular government loan programs that offer 100% financing. The grant money from the Home Plus program is instead used to cover closing costs. As such, there is no down payment required. They are a great Arizona zero down loan programs. Home Plus VA and USDA Loan Programs are offered anywhere in Arizona other than Maricopa and Pima Counties.

Program Highlights:

  • Down payment assistance offered up to 2%.
  • Minimum FICO score is 640.
  • Maximum purchase price of $371,936.
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984

Home Plus FHA Loan Program

FHA loans with down payment assistance in Arizona have been popular for the past few years because they had lower minimum credit score requirements and were easier to qualify for than conventional mortgages. They still have many advantages that make them attractive to Arizona first time homebuyers. The Home Plus FHA loan program is offered anywhere in Arizona other than Maricopa and Pima Counties.

Program Highlights:

  • Down payment assistance options of 3% and 4%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 660.
  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984

Get Qualified


Home in Five Arizona
HOME IN FIVE ADVANTAGE

If you are buying a house in Maricopa County and you need help with your down payment and closing costs, you should consider the Home In Five Advantage program.  This program has been very popular for the past couple of years that it has been available for the right reasons.

Simply put, this is a great down payment assistance program.

Program Highlights:

  • Assistance for down payment and/or closing costs up to 3.5% of the mortgage balance.  get extra 1% more for qualified Veterans, active duty Military, active Reservists and active National Guard, Teachers and First responders.
  • The assistance money is actually available.  Many down payment assistance programs run out of funds within a short period of time.
  • True down payment assistance money… no strings attached.  Many down payment programs come in the form of a 2nd mortgage that is paid back over time or when you sell your home.  Many prevent you from refinancing.
  • You do not have to be a first time home buyer.

How to Qualify:

  • Buy a house anywhere in Maricopa County, including in the City of Phoenix up to $300,000.
  • New or existing single family homes, 2 to 4 unit homes, condos, town homes, and manufactured homes.
  • Qualify for a FHA, VA or USDA loan with a maximum debt-to-income ratio of 45%.
  • Minimum FICO score is 640.
  • Income from all borrowers may not exceed $88,340.
  • Take an easy online homebuyer education course.

Get Qualified


Pathway to Purchase Program Arizona
PATHWAY TO PURCHASE P2P 


* 5/1/17 program is over, no more new reservations *
The Pathway to Purchase Down Payment Assistance Program provides assistance up to $20,000 (10% of the purchase price of the subject property) in the form of a 0% interest second mortgage with no monthly payments that is forgiven after five years. The down payment can be used for your down payment and / or closing costs.

The 20,000 P2P Down Payment Assistance is available for homes located in Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson and Yuma. It is intended to provide an incentive to purchase homes located in targeted housing markets that have been hardest-hit by foreclosures. Funds available on a first come first serve basis. 

Program Highlights:

  • Assistance up to $20,000 (10% of the purchase price of the subject property).  
  • 0% interest second mortgage with no monthly payments that is forgiven after five years.
  • The down payment can be used for your down payment and/or closing costs.

How to Qualify:

  • Qualify for a conventional Fannie Mae HFA Preferred mortgage.
  • Minimum FICO score is 640.
  • Maximum borrower(s) income of $92,984.
  • Maximum purchase price of $371,936.
  • Maximum LTV of 95.0%
  • Owner occupied, Primary Residences only.
  • Take an easy online homebuyer education course.

Get Qualified


AFI 100
AFI 100 Program

The AFI 100 program is the solution to your home buying problems in Arizona.  The benefits are similar to those offered by the programs listed above and are offered in all of Arizona.

The purchase price is limited FHA loan amounts for each county, The program allows up to 150% of the area median income. 

Second mortgage 
0% interest 10yr term 
5% interest 30yr term 

Program Highlights:

  • Down payment assistance 3.5%
  • There is no first-time homebuyer requirement.
  • Program has 2nd mortgage  2nd mortgage forgiveness If Area Median Income <= 115%

How to Qualify:

  • Qualify for a FHA loan with a maximum debt-to-income ratio.
  • Minimum FICO score is 620.  
  • No homebuyer education course.

Get Qualified




WISH Program

The Buyer can earn a 3 to 1 match on the money they save toward the purchase of a home. For example: Save $5,000 and Wish will match your savings $3 for every $1 you save - up to a maximum of $15,000. Wish funds can be used for down payment and closing cost. 

Program Highlights:

  • Minimum buyer contribution is $1,000
  • Obtain a 30 year fixed rate loan from AFI
  • Home Buyer education required
  • Must be a first-time homebuyer

How to Qualify:

  • Minimum FICO score is 620
  • Maximum housing payment ratio is 35%/ Total debt ratio maximum is 45%
  • No unpaid collection

Get Qualified

 

NEIGHBORHOOD STABILIZATION PROGRAM

OPEN DOOR Program

This program is designed to assist eligible first-time homebuyers with the purchase of an afforable home in the city of Phoenix. Based on need, the program provides a deferred payment loan up to $15,000 to assist with down payment and closing cost. Buyers must complete eight(8) hours of Homebuyer Education from a U.S. Department of Housing and Urban Development(HUD) certified housing counseling agency. The down payment assistance program is administered by CHRA, CPLC and Desert Mission Neighborhood Renewal. Down payment assistance funds are offered as a deferred payment loan: 

Program Highlights:

  • Minimum buyer contribution is $1,000
  • Is Forgiven after 15 years
  • Home Buyer education required
  • Must be a first-time homebuyer

How to Qualify:

  • Minimum FICO score is 620
  • Minimum housing payment ratio is 25%/ Total debt ratio maximum is 41%
  • Property must be located in Phoenix

Arizona Neighborhood Stabilization Program Information

OTHER ASSISTANCE RESOURCES

Chicanos Por La Causa (CPLC)
Community Housing Resources of Arizona Family Housing Resources(CHRA)
Desert Mission Neighborhood Renewal
NewTown CDC




 


Apply Now

Return to Loan Options

 

Quick Quote

Quick Quote Image

 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
secure

Trusted. Experienced. Secure.

 
 
 

Real Estate Marketplace

Home SearchView Featured HomesDream Home RequestHome Value Wizard