Family Housing Resources of Arizona offers the HOME Down Payment Assistance Program for low to moderate income borrowers. The program assists homebuyers with 3.5% of the purchase price on a property in Pima County of Tucson, but only up to the sum of $3,700.

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HOME Down Payment Assistance Program

Financial Assistance for Homebuyers in Arizona

Family Housing Resources (FHR) of Arizona offers individuals a way of making the home buying process more affordable, via the HOME Down Payment Assistance Program. Upfront costs associated with a mortgage transaction can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters’ trap. This program aims to help individuals out of it.

Available Assistance:
The program assists homebuyers with 3.5 percent of the purchase price on a property in Pima County of Tucson, but only up to the sum of $3,700. This amount can be put toward covering the down payment, closing costs, or prepaid items.

Eligibility Requirements:
The FHR has a number of requirements that borrowers must meet to qualify for the program. All applicants must have a debt-to-income ratio no higher than 45 percent, and their liquid assets must not exceed $10,000 after contribution to the home purchase. They are responsible for contributing a minimum of $1,000 from their own funds toward the down payment and are required to complete, disclosing their annual household income, and completing FHR’s Homebuyer Education Class. Homebuyers must not owe any money to the City of Tucson for Section 8 or Public Housing and are required to show that they have at least one month’s mortgage payment at closing.

Property Guidelines
Any property being purchased must be owner-occupied or vacant and serve as the applicant’s primary residence. The purchase price must not be higher than the appraised value, and the homebuyer has to ensure and pay for a home inspection done by one of the approved inspection companies. The property must meet HUD and Local Code standards. 

There are other terms and conditions applied to the program that can be found on the Family Housing Resources website.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in Arizona

Family Housing Resources of Arizona offers the HOME Down Payment Assistance Program for low to moderate income borrowers. The program assists homebuyers with 3.5% of the purchase price on a property in Pima County of Tucson, but only up to the sum of $3,700.

The Arizona Housing Finance Authority's HOME Plus program offers creditworthy homebuyers a 30-year, fixed-rate mortgage, as well as assistance funds that can be applied towards the down payment on the home, or its closing costs.

The Pathway to Purchase Down Payment Assistance program offers a 30-year fixed-rate mortgage, with a second-mortgage as down payment assistance , which is a five-year lien against the property at 0% interest. The program is strictly limited to 17 Arizona municipalities.

The Pima Tucson Homebuyer’s Solution Program offers down payment assistance to homebuyers. This can go a long a way toward helping to cover out-of-pocket expenses associated with a mortgage transaction that many first-time homebuyers could not afford otherwise.

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