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Arizona Down Payment Assistance

Government loans

The social and economic benefits of home ownership are many. A home creates an asset that provides the ability to create wealth, borrow and achieve self-reliance. Plus, renters may actually realize monthly savings on buying vs. renting. Yet with increasing rents, stagnant wages and high levels of student loan debt, it can be VERY difficult for first-time or boomerang homebuyers to save enough money for a down payment.

The very popular HOME Plus Home Loan Program seeks to eliminate this hurdle, offering a pathway to homeownership by giving creditworthy renters who can qualify for a mortgage, but cannot afford the down payment and or closing costs, the funds to move forward.

Administered by the Arizona Industrial Development Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant ranging from 0% - 5% depending upon the new underlying mortgage. The DPA is equal to a percentage of the initial principal balance of the mortgage loan. DPA is only available in conjunction with a HOME Plus mortgage.

Program Highlights:

  • Mortgage for the purchase of an Owner occupied, Primary Residences in Arizona.
  • Borrower(s) annual income not to exceed $92,984.
  • Purchase Price limit not to exceed $371,936.
  • One borrower must complete a homebuyer education course before closing.
  • Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages.
  • All borrowers on the mortgage must meet the minimum credit scores reflected below as well as the new underlying mortgage agency/insure guidelines.
Mortgage Type Down
Payment
Assistance
Minimum
Credit
Score
Maximum
Loan-to-Value
Geographical Restrictions:
NOT available in...
Fannie Mae HFA Preferred 5% 640 97% Pima County
Fannie Mae HFA Preferred 4% 640 97% Pima County
Fannie Mae HFA Preferred 3% 640 97% Pima County
Fannie Mae HFA Preferred 2% 640 97% Pima County
Fannie Mae HFA Preferred 1% 640 97% Pima County
Fannie Mae HFA Preferred 0% 640 97% Pima County
Freddy Mac HFA Advantage 5% 640 97% Pima County
Freddy Mac HFA Advantage 4% 640 97% Pima County
Freddy Mac HFA Advantage 3% 640 97% Pima County
FHA 5% 660 96.5% Maricopa & Pima County
FHA 4% 660 96.5% Maricopa & Pima County
FHA 3% 660 96.5% Maricopa & Pima County
VA 3% 660 100% Maricopa & Pima County
USDA-RD 2% 660 100% Maricopa & Pima County