Arizona Homebuyer Down Payment Assistance: HOME+PLUS

Financial Assistance for Homebuyers in Arizona

The HOME+PLUS Home Buyer Down Payment Assistance Program seeks to eliminate the hurdle of saving for a down payment, 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. 

Available Assistance 

HOME+PLUS Home Buyer Down Payment Assistance Program provides a 30-year fixed-rate mortgage combined with down payment assistance (DPA) ranging from 0% – 5% depending upon the new underlying first mortgage. The DPA can be used toward the down payment, closing costs, or a combination of the two.  The DPA is only available in conjunction with a HOME+PLUS mortgage. 

 

Eligibility Requirements 

• Available statewide, all Counties, all Cities, within Arizona. 
• Borrower(s) annual income not to exceed $112,785.00 
• One borrower must complete a home buyer education course before closing. 
• Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages. 
• All borrowers on the mortgage must have a minimum credit score of 640 or better. 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State 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.           


Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information 

 

 

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in Arizona

Arizona Homebuyer Down Payment Assistance: HOME+PLUS

The HOME+PLUS Home Buyer Down Payment Assistance Program offers creditworthy renters who cannot afford the down payment and or closing costs the funds to move forward.

Family Housing Resources Down Payment Assistance

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.

HOME Plus Program

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.

Maricopa County Home in Five Advantage Program

Maricopa County offers eligible applicants the Home in Five Advantage program. This program helps low- and moderate-income individuals and families buy a home with down payment and closing cost assistance.

Pathway to Purchase Down Payment Assistance

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.

Pima Tucson Homebuyer’s Solution Program

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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