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Aaron Richardson
Aaron Richardson

Home Buying Assistance In Arizona

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.

home buying assistance in arizona

The Arizona Home Plus home loan program is 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 mortgage 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.

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

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.

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.

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.

ADDI will provide down payment, 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.

In order to assist these hardworking members of our community, the City of Flagstaff partners with Housing Solutions of Northern Arizona. Housing Solutions works to educate potential homeowners on the process and requirements of buying a home and, in addition, offers no interest/no payment loans for the down payment and closing costs of the purchase.

The City of Flagstaff will provide up to $10,000 per household to eligible employees to be used for down payment and/or closing cost on the purchase of a home. EAH funds are matching: assistance will match buyer contribution on a dollar-for-dollar basis up to a benefit of $10,000 per household. To learn more, download the flyer (PDF).

The Home in Five Advantage program helps low and moderate-income individuals and families buy a home in Maricopa County.Qualified homebuyers receive up to 5 percent assistance for down payment and closing costs, plus a loan with a competitive interest rate.

An additional 1% assistance is available to K-12 teachers, first responders, U.S. military personnel,veterans, and income qualified individuals who earn up to $39,500 annually. To increase homeownership in low-income neighborhoods, homebuyers in qualified neighborhoods will receive an additional 0.5% assistance through a new product called BOOST. Ask you lender if you qualify.

What are the disadvantages to renting versus owning? How do I build and maintain good credit What should I expect at closing? FHR offers Free Homebuyer Education Classes in English for anyone who has questions about the homebuying process.

Family Housing Resources (FHR) offers down payment and closing costs assistance programs designed to educate and counsel first-time* low and moderate income homebuyers in purchasing an affordable home. The availability of assistance depends upon funding opportunities at the time.

Maricopa County Home in Five Advantage ProgramThe Home in Five Advantage Program aims to provide financial assistance to the Arizona first-time homebuyer. Qualified homebuyers can receive up to 5% of assistance to use toward down payments and closings costs. The program offers an additional 1% of aid to K-12 teachers, U.S. Military, veterans, first responders, and other individuals who make up to $36,450 per year. With the help of this program, it is possible to get into a home of your own with very little money out of pocket. That way, you'll be able to start building equity more quickly and do something else with the money you've been trying to save for a home.

  • Who Is Eligible?To meet the qualification requirements for this program, the homeowner must have the following:640 minimum FICO score

  • An annual income of $108,920 or less

  • A debt-to-income ratio of 50% or less

  • Complete a homebuyer education course before closing

Where Can This Assistance Be Used?Homeowners who receive assistance under this program can purchase a new or existing home, condo, or townhome in Maricopa County. They must live in the property within 60 days of closing, and it must be their primary residence.

HOME Plus ProgramThis program is funded by the Arizona Housing Finance Authority and offers a fixed-rate mortgage and additional funds that can be contributed to the down payment or closing costs. The assistance comes to you in the form of a zero-interest, 3-year, deferred second mortgage. The loan amount can be up to 5% of the home's purchase price. Qualified military personnel and veterans may be eligible for an additional 1% of down payment assistance.

Trellis has funds for down payment assistance (DPA). Qualified borrowers can get up to $7.500 to significantly reduce the amount of out-of-pocket money needed to purchase a home. Depending on the price of the home and closing costs, some borrowers can use these DPA funds to move in with little to no money down. The DPA is not a loan. It is money that Trellis has to grant to qualified borrowers.

To qualify for the down payment assistance, borrowers must be purchasing an owner-occupied home. Additionally, recipients must first complete a Trellis Home Buyer Education class offered by Trellis and meet one-on-one with a Trellis counselor. Click below to create your Trellis profile:

First time home buyers should know the difference between financial assistance and loan programs. Financial assistance mean there is some monetary gain or relief given to the buyer. This can come in the form of down payment assistance, tax credits, below-market rate housing (special housing units sold below normal costs of a specific area), as well as special programs for critical community jobs like teachers and firefighters. Many of the financial assistance programs come with stipulations: you may have to buy in certain neighborhoods or live in your house for five years.

Before you buy, be sure to read the VA Home Loan Buyer's Guide. This guide can help you under the homebuying process and how to make the most of your VA loan benefit. Download the Buyer's Guide here.

David had never really thought about buying a home, figuring that such dreams were impossible for someone getting Social Security Disability Insurance (SSDI). This all changed on the day when he attended a home-buying workshop at a local blindness organization.

Hoping to buy a house but need some assistance with the down payment? There are a number of Arizona down payment assistance (DPA) programs that might be able to help! DPA programs provide grants or low-interest loans to help first-time home owners cover the cost of a down payment. Home ownership might be closer than you think! Check out the programs available specifically in Arizona. Got questions? Let us know!

If you are saving to purchase your first home, Newtown can help your money go further. Depending on your income and where you want to buy, you might be eligible for one of our down-payment assistance programs.

Buying a house is an uphill battle, and if there are ways to give you an edge, you should take it! Native Americans can benefit from a number of special government assistance programs that are specially set up for them. Some of these initiatives can help when it comes to buying a house, including the part that includes coming up with the down payment.

Just like the different tribes with their varying membership requirements, each down payment assistance program is different. Many are limited to first-time homebuyers or buyers with limited incomes. Others may target specific groups, such as teachers, firefighters and, in some cases, Native American homebuyers. The best way to identify these hyper-local highly specialized down payment assistance initiatives is to check with the local tribal office.

Many Tribally Designated Housing Entities (TDHEs) have a variety of ways of helping Native American home buyers afford homeownership. The assistance may take the form of special financing calling for a low down payment or no down payment at all. You can find a local TDHE using the online directory provided by the Department of Housing and Urban Development (HUD). 041b061a72


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