Need help with ANY AZ Mortgage or Down Payment Assistance Programs in AZ?

We can help you get qualified for ANY AZ mortgage so you can buy a home including the several Down Payment Assistance Programs in AZ!   There are a few First Time Home Buyer Programs in AZ as well!! Which mortgage program is best for you?  What program will get you the best payment?  Are you looking for an FHA Loan, VA Loan, USDA Loan, Jumbo Loan or a Conventional Loan?  We're here to help get you the most up to date mortgage rates in Arizona with the best payment that fits your situation!

Also get access to our Realtor MLS UPDATED EVERY 5 Minutes!  That means EVERY home from EVERY Real Estate Company that is currently for Sale and FASTER THAN ZILLOW!

Questions or need help to get started with the mortgage process?
Call/text us at (480) 442-2502 or click the LIVE CHAT below.

HOME PLUS MORTGAGE PROGRAM

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 the funds have been consistently available over the past few years. As such, many people in Arizona have been able to achieve the pride, stability, freedom and wealth that accompanies home ownership. The assistance program is structured as a three-year, no interest, no payment, soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien. Once again, the lien is completely forgiven after you stay in the home for three years without refinancing. This type of lien is sometimes referred to as a silent second because you do not have to pay interest or make payments. Money from the Home Plus assistance is combined with government-sponsored mortgage programs and can be used for down payment and/or closing costs equal to as much as 5% of the mortgage loan.

Program Highlights:

  • There isn’t a minimum amount that you have to provide to close. The down payment assistance can potentially cover all of your down payment and closing costs.
  • No first time home buyer requirement for most programs.
  • The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership. The lien is completely forgiven after you stay in the home for three years without refinancing. The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona.
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • The money continues to be consistently available.

How to Qualify:

  • Maximum income of $105,291 for most programs. Click here for maximum income information for conventional HFA loans under 80% AMI
  • Maximum debt-to-income of 50%
  • 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.

Program Highlights:

  • Down payment assistance options between 3% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 640
  • Maximum debt-to-income of 50%
  • Maximum income of $105,291 if over 80% AMI. Click here for maxium income is below 80%AMI

Home Plus Freddie Mac FHA 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.

Program Highlights:

  • Down payment assistance options between 3% and 5% Minimum FICO score is 640
  • Maximum debt-to-income of 50%
  • Maximum income of $105,291

ARIZONA HOME PLUS GOVERNMENT LOAN PROGRAMS

Government loan programs with Home Plus 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. Since there is no down payment requirement, the assistance money from the Home Plus program is instead used to cover closing costs. As such, you can buy your home with little to no money out of pocket. Home Plus VA and USDA Loan Programs are great Arizona zero down loan programs They are offered anywhere in Arizona.

Program Highlights:

  • Down payment assistance of 2% is available when used with a USDA loan.
  • Down payment assistance of 3% is available when used with a VA loan.
  • Minimum FICO score is 640.
  • Maximum debt-to-income of 45%
  • Maximum income, per program guidelines, of $105,291.
  • You must also meet the guidelines required to be approved for the VA or USDA loan.

Home Plus FHA Loan Program

FHA loans with down payment assistance in Arizona are popular because of their flexibility and other benefits. 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.

Program Highlights:

  • Down payment assistance options of 3%, 4% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 640.
  • 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 50%
  • Maximum income of $105,291

Arizona Home Plus Program

The Arizona Home Plus Program is one of the best home buyer assistance programs in AZ. It is offered through the Arizona Housing Finance Authority and provides down payment assistance in AZ up to $19,200.

The Home Plus Program has grown in popularity over the past few years as it has expanded its benefits, program options and coverage areas. Currently, you can use the Home Plus Program to buy a home anywhere in Arizona.

All Arizona home buyers who use the Home Plus Program will receive a 30-year fixed Home Plus Loan and Home Plus down payment assistance with different options of 1% through 5% based on which specific loan program you choose. The Home Plus down payment assistance program can cover both your down payment and/or your closing costs and is calculated based on the amount of your loan. So, for example, if your loan amount is $384,000 and you chose the 5% assistance option, you would receive $19,200 to be applied towards your down payment and closing costs.

"You can receive up to $19,200 to be applied towards your down payment and closing costs.

As of now, there are various different Home Plus loan program options. To get started, you must make contact with an approved lender who will help you know if you meet the requirements of the Home Plus loan and the Arizona DPA assistance program guidelines. This free visit will help you because you can find out which loan program is best for your personal scenario. Depending on your needs – including the location of the home – you can pick from a FHA, VA, USDA, Fannie Mae or Freddie Mac home loan. Again, it depends on which best fits your needs and how you meet the differing qualifying criteria for each program.

At this point, once you are prequalified by the lender for the Arizona Home Plus Program, you can start searching for your new home. Your real estate agent can negotiate the price of the home and other options that are typical when you are buying a home in Arizona. Finally, when you have a fully-executed sales contract, your lender will reserve your Home Plus assistance funds.

Home Plus Program Highlights:

  • 30-year fixed rate mortgage
  • Multiple Home Plus down payment assistance options
  • Additional 1% down payment assistance for qualified U.S. active military and Veterans
  • There are NO first-time home buyer requirements under the Home Plus Program
  • AZ Home Plus loans do not have prepayment penalties.
  • There is no Mortgage Subsidy Recapture Tax under the Home Plus Program.
  • The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership. The lien is completely forgiven after you stay in the home for three years without refinancing. The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona.
  • The assistance money comes from a revolving pool of funds to assure continuous funding.
  • It is your option to obtain a home inspection, but you do not need to be provided it to the lender. Furthermore, the fee for this inspection can be covered by the DPA funds.

General Homebuyer Eligibility Requirements:

  • Mortgage for the purchase of a owner occupied, primary residence only.
  • Borrower(s) Income not to exceed $105,291.
  • Maximum debt-to-income of 50%
  • All homebuyers are required to complete a pre-purchase homebuyer education course.
  • Non-occupant co-signors are allowed on certain Home Plus loan programs.

General Property Eligibility Requirements:

  • Manufactured Homes are not permitted on ANY underlying mortgage type.
  • Single-family homes, duplexes, condos and town homes are allowed depending on the Home Plus loan program that you choose.
  • Construction-to-Perm Loans are not permitted.

Arizona Home Plus Conventional Loan Programs

Conventional loans with down payment assistance can be a great option because there is more flexibility related to mortgage insurance. Conventional loans require mortgage insurance if your down payment is less than 20%; however, you have the option of removing it in the future.

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.

Program Highlights:

  • Down payment assistance options at between 1% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 640.

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.

Program Highlights:

  • Down payment assistance funds up offered between 3% and 5%.
  • Minimum FICO score is 640.

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 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. As of May 21, 2018, the Home Plus VA and USDA Loan Programs are offered anywhere in Arizona including than Maricopa and Pima Counties.

Program Highlights:

  • Down payment assistance offered up to 2% for USDA loans.
  • Down payment assistance offered up to 3% for VA loans.
  • Minimum FICO score for both programs is 640.

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. As of May 21, 2018, the Home Plus VA and USDA Loan Programs are offered anywhere in Arizona including than Maricopa and Pima Counties.

Program Highlights:

  • Down payment assistance options of 3%, 4% and 5%. You can choose what is best for you based on your loan scenario.
  • If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Minimum FICO score for the Home Plus FHA loan program is 640.

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 and used by home buyers in Phoenix and other parts of Maricopa County for more than six years.

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

Program Highlights:

  • Assistance for down payment and/or closing offered between 3 and 5%. An additional 1% is available to qualified Veterans, active duty Military, active Reservists and active National Guard.
  • The assistance money is actually available. Many down payment assistance programs run out of funds within a short period of time.
  • The Home in Five assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership. The lien is completely forgiven after you stay in the home for three years without refinancing. The purpose of the silent second is to provide stability and ensure the ongoing success of the Home in Five down payment assistance program in Arizona.
  • 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 with no limit to purchase price outside of guidelines for the mortgage program you choose.
  • New or existing single family homes, 2 to 4 unit homes, condos, and town homes.
  • Qualify for a FHA, VA or USDA loan with a maximum debt-to-income ratio of 50%.
  • Minimum FICO score is 640.
  • Income from all borrowers may not exceed $105,000.
  • Take a convenient homebuyer education course.

Which of the Arizona Mortgage Programs is Best for You?

Below you will find links to information for low down Arizona mortgage programs that work best with down payment assistance programs.

FHA Home Loans

FHA home loans are often used with down payment assistance and first time home buyer programs because they have flexible qualifying criteria and great interest rates. FHA loans are intended to help people overcome the barriers to home ownership and finance their first home.

VA Home Loans

VA home loans are a popular option for those who served. They are guaranteed by federal government through the Veterans Benefits Administration. Arizona VA mortgages help meet the housing needs of eligible veterans and have some of the best benefits of any mortgage program.

USDA Home Loans

USDA loans are offered through a government loan program that is designed to help potential low- to moderate-income homeowners in rural communities. This includes the outskirts of some of Arizona’s larger cities where many of the most affordable homes are located.

Conventional Home Loans

A conventional loan is any mortgage loan that is not insured by any government agency (i.e. FHA, VA or USDA). Today, conventional loans are written to the guidelines set by Fannie Mae or Freddie Mac.

Arizona Mortgage Company

Working with an Arizona mortgage company can save you money and give you peace of mind.

When financing a new home, knowing which is the right loan program to choose can seem challenging. There are many financing options available and sometimes the terms and verbiage can be difficult to understand. We understand that while one type of loan will work for a particular person, it’s not the best for another.

"Every family or individual has different needs, and we will work together to help you find the best financing options for your particular situation.

We are an Arizona-based mortgage lender that is authorized to offer low down mortgage programs that accept down payment assistance and we will fully explain your financing options and advise you as to what will be the most satisfactory and affordable choice … for the short-term and the long-term.

Work With a Reputable Licensed Arizona Mortgage Lender

Simply put, not all loan officers are alike. When shopping for a low down mortgage program that works best with Arizona down payment assistance programs, it is important that you work with a reputable licensed loan officer who is knowledgeable about the various loan programs that accept down payment assistance.

Get a quote from a licensed lender who is approved to offer the low down mortgage programs that work best with Arizona down payment assistance. Getting a quote involves speaking with a loan officer, finding out how much you can buy and what your payment will be and providing any requested information. This way you can get a prequalification letter that you can provide to a real estate agent and down payment assistance plan administrator.

Starting the process to get prequalified is not hard. We can help you rest easy knowing you qualify for the best of the Arizona mortgage programs and down payment assistance options for your personal needs.

PIMA TUCSON HOMEBUYER’S SOLUTION

The Pima Tucson Homebuyer’s Solution helps overcome barriers so you can buy a home in Tucson, Arizona.  The benefits are similar to those offered by the programs listed above and are offered in all of Pima County including the City of Tucson.

There is no purchase price limit to this program other than the maximum amounts of the loan program that you choose.  For example, in 2020, the maximum FHA loan amount in Pima County is $331,760.  Household income cannot exceed $99,169.

A Pima Tucson Homebuyer’s Solution conventional loan program is now offered through the both the Fannie Mae FHA Preferred loan program and the Freddie Mac FHA Advantage loan program.

Program Highlights:

Down payment assistance options available between 2.5% and 6%.  You can choose what is best for you based on your loan scenario.

There is no first time homebuyer requirement.

Asssistance money received through the Pima Tucson Homebuyer’s Solution is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the down payment assistance program in Tucson and all of Pima County.

The assistance money offered to help you buy a home in Tucson or other parts of Pima County has been consistently available and has continuous funding.

How to Qualify:

Qualify for a FHA, VA, USDA or conventional loan with a maximum debt-to-income ratio of 50%.

Minimum FICO score is 640.  Some of the different mortgage programs and down payment amount scenarios may require a higher score.

Household income cannot exceed $105,291.

Take a convenient homebuyer education course.

Which of the Arizona Mortgage Programs is Best for You?

Below you will find links to information for low down Arizona mortgage programs that work best with down payment assistance programs.

FHA Home Loans

FHA home loans are often used with down payment assistance and first time home buyer programs because they have flexible qualifying criteria and great interest rates. FHA loans are intended to help people overcome the barriers to home ownership and finance their first home.

VA Home Loans

VA home loans are a popular option for those who served.  They are guaranteed by federal government through the Veterans Benefits Administration.  Arizona VA mortgages help meet the housing needs of eligible veterans and have some of the best benefits of any mortgage program.

USDA Home Loans

USDA loans are offered through a government loan program that is designed to help potential low- to moderate-income homeowners in rural communities. This includes the outskirts of some of Arizona’s larger cities where many of the most affordable homes are located.

Conventional Home Loans

A conventional loan is any mortgage loan that is not insured by any government agency (i.e. FHA, VA or USDA). Today, conventional loans are written to the guidelines set by Fannie Mae or Freddie Mac.

Arizona Mortgage Company

Working with an Arizona mortgage company can save you money and give you peace of mind.

Arizona Mortgage Programs When financing a new home, knowing which is the right loan program to choose can seem challenging. There are many financing options available and sometimes the terms and verbiage can be difficult to understand.  We understand that while one type of loan will work for a particular person, it’s not the best for another.

"Every family or individual has different needs, and we will work together to help you find the best financing options for your particular situation.

We are an Arizona-based mortgage lender that is authorized to offer low down mortgage programs that accept down payment assistance and we will fully explain your financing options and advise you as to what will be the most satisfactory and affordable choice … for the short-term and the long-term.

Work With a Reputable Licensed Arizona Mortgage Lender

Simply put, not all loan officers are alike. When shopping for a low down mortgage program that works best with Arizona down payment assistance programs, it is important that you work with a reputable licensed loan officer who is knowledgeable about the various loan programs that accept down payment assistance.

Get a quote from a licensed lender who is approved to offer the low down mortgage programs that work best with Arizona down payment assistance. Getting a quote involves speaking with a loan officer, finding out how much you can buy and what your payment will be and providing any requested information.  This way you can get a prequalification letter that you can provide to a real estate agent and down payment assistance plan administrator.

Starting the process to get prequalified is not hard. We can help you rest easy knowing you qualify for the best of the Arizona mortgage programs and down payment assistance options for your personal needs.

NEIGHBORHOOD STABILIZATION PROGRAM

In the wake of the 2008 mortgage crisis, the federal government took action to help bolster the weakened economy and help fix the housing market.  This included the creation of the Neighborhood Stabilization Program.  As the name suggests, this program was formed to stabilizing areas that had suffered from foreclosures.

This program includes grant money that has been offered to states, local governments and select non-profit entities.

It was originally created in 2008 as part of the Housing and Economic Recovery Act.

It was then continued through a second round of funding provided in 2009 under the American Recovery and Reinvestment Act.

Next, additional funds were authorized under the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010.

Arizona Neighborhood Stabilization Program Information

What Are AZ Home Buyer Grants?

Many home buyers search for home loan grants Arizona. How do they work?  Grants are given by the federal, state or local governments and, when available, are great to help with down payment assistance and closing costs.

Unlike some types of assistance, grants are not expected to be repaid.

There are a variety of different down payment assistance programs available in Arizona. They are offered through the state, county and city governments and state housing agencies and are made available to serve low to average income earning Arizona families.  They also help revitalize areas that have been hit hard by foreclosures to help boost and stabilize home values.

At times, instead of a true grant program, many of the down payment assistance programs will provide the assistance funds in the form of a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.

List of Arizona Down Payment Assistance Programs

Home Buyer Grants Available in Arizona Offered by the Federal Government

Programs offered by the federal government are typically administered through the Department of Housing and Urban Development (HUD).  Please note that arizonadownpaymentassistance.com is not a government agency and is not affiliated with HUD.

Programs including home loan grants in Arizona that HUD offers include (but are not limited to) the following:

  • Good Neighbor Next Door provides substantial discounts on homes in key revitalization areas to teachers, law enforcement officers, firefighters and EMTs.
  • Homeownership Voucher Program provides assistance in the form of home buying subsidies to first time homebuyer low-income families.
  • Homeownership for public housing residents provides assistance for public housing residents in becoming homeowners.
  • Neighborhood Stabilization Program help revitalize Arizona communities that have been hit hard by foreclosures and abandonment to help boost and stabilize home values. The program aims for the purchase and redevelopment of foreclosed and abandoned homes and residential properties.

Assistance for Existing Homeowners

In addition, the government offers affordable housing help to existing homeowners that are struggling to maintain their higher mortgage payments through various refinance, modification, short sale or deed-in-lieu programs.

Two of the most popular recent government affordable housing mortgage programs include the Making Home Affordable Program and the Home Affordable Foreclosure Alternatives Program.

AMERICAN DREAM DOWNPAYMENT INITIATIVE (ADDI)

ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater.  To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.

For more information on ADDI, please refer to Title I of the American Dream Downpayment Act (Public Law 108-186, approved December 16, 2003) and the ADDI interim rule at 24 CFR §92.600.

What is ADDI?

The American Dream Downpayment Initiative (ADDI) was signed into law by President Bush on December 16, 2003 under the American Dream Downpayment Act (Public Law 108-186) (ADDI statute). Funds made available under the ADDI statute will be allocated to eligible HOME program participating jurisdictions (PJ) to assist low-income families become first-time homebuyers.

How can Arizona First Time Home Buyers apply for ADDI funds?

ADDI will be administered as part of the HOME Investment Partnerships Program (HOME) by state and local participating jurisdictions. For more information on ADDI or the HOME program, contact your state or local participating jurisdiction by searching the contact information found here.

You can contact the local participating jurisdiction to confirm available funds and time required to close.

Local Participating Jurisdictions

Maricopa County | City of Phoenix | Pima County / Tucson

City Housing Departments

Avondale | Chandler | Gilbert | Glendale | Mesa | Peoria | Scottsdale | Tempe

What Are AZ Home Buyer Grants?

Many home buyers search for home loan grants Arizona. How do they work?  Grants are given by the federal, state or local governments and, when available, are great to help with down payment assistance and closing costs.

Unlike some types of assistance, grants are not expected to be repaid.

There are a variety of different down payment assistance programs available in Arizona. They are offered through the state, county and city governments and state housing agencies and are made available to serve low to average income earning Arizona families.  They also help revitalize areas that have been hit hard by foreclosures to help boost and stabilize home values.

At times, instead of a true grant program, many of the down payment assistance programs will provide the assistance funds in the form of a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.

List of Arizona Down Payment Assistance Programs

Home Buyer Grants Available in Arizona Offered by the Federal Government

Programs offered by the federal government are typically administered through the Department of Housing and Urban Development (HUD).  Please note that arizonadownpaymentassistance.com is not a government agency and is not affiliated with HUD.

Programs including home loan grants in Arizona that HUD offers include (but are not limited to) the following:

  • Good Neighbor Next Door provides substantial discounts on homes in key revitalization areas to teachers, law enforcement officers, firefighters and EMTs.
  • Homeownership Voucher Program provides assistance in the form of home buying subsidies to first time homebuyer low-income families.
  • Homeownership for public housing residents provides assistance for public housing residents in becoming homeowners.
  • Neighborhood Stabilization Program help revitalize Arizona communities that have been hit hard by foreclosures and abandonment to help boost and stabilize home values. The program aims for the purchase and redevelopment of foreclosed and abandoned homes and residential properties.

Assistance for Existing Homeowners

In addition, the government offers affordable housing help to existing homeowners that are struggling to maintain their higher mortgage payments through various refinance, modification, short sale or deed-in-lieu programs.

Two of the most popular recent government affordable housing mortgage programs include the Making Home Affordable Program and the Home Affordable Foreclosure Alternatives Program.

HOMES WE CAN HELP YOU FINANCE

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved.