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For most programs offered in Arizona, like elsewhere in the country, applicants are considered first-time homebuyers if they haven’t owned a principal home for at least the past three years. Qualified homebuyers in Tucson and Pima County can receive down payment assistance through the Community Investment Corporation’s HOME Down Payment Assistance Program . Homebuyers in designated low-income neighborhoods may receive an additional 0.5% in assistance through the Home in Five Advantage BOOST program. Your lender can help you check your eligibility for this extra support.
LendingTree does not include all lenders, savings products, or loan options available in the marketplace. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site . Down payment assistance options available between 2.5% and 6%. You can choose what is best for you based on your loan scenario.
Available in Every County, City, Zip Code in Arizona!
So make sure you check out local down payment assistance programs in case one of those suits you better. The down payment assistance programs that are listed here are a sample of what is available for homebuyers in Arizona. This can be your starting point as you search for the right program for your family.
That means you can’t use these loans for a vacation home or investment property. 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. It’s important to know the median income limits for the area you’re buying in to ensure you don’t earn more than the program allows.
First Time Home Buyer Programs in Arizona
This is not an offer to lend and we are not affiliated with your current mortgage servicer. Upon the completion of your inquiry, we will work hard to assist you with an official loan application and provide loan product eligibility requirements for your individual situation. Down payment assistance is aimed at providing lower to moderate income families with the means to buy a home. There can be many barriers to entry when buying a first home. Whether that be from a faulty credit or trouble saving for a down payment, with the right program and the right people, buying a home can be simple, convenient, and secure. Looking to live on the south side of the state’s most populated city?
The WISH first-time homebuyer program offers eligible low and moderate-income households 4-to-1 matching grants of up to $22,000 for the purchase of a home. This money may be used towards the down payment or closing costs. This program is being offered throughout Arizona and is not constrained to any one county.
Hardest Hit Fund Down Payment Assistance
This program is derived from the Fannie Mae HomeReady program and is one of the Arizona conventional Home Plus loan programs offered. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past three years a first-time homebuyer.
This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years. Buyers may feel as if the keys to their first home are dangling further out of reach, but fortunately, they may be able to get financial help through programs offered by the state and some counties.
Pathway to Purchase Down Payment Assistance
The WISH Down Payment Program Offers eligible low and moderate-income households 4-to-1 matching grants up to $22,000 for the purchase of a home. Home prices in Arizona rose, with some counties experiencing double-digit price gains in 2021. Pima County median prices shot up to $252,849, a 13.2% increase versus 2020, with an $87 per month bump in mortgage payment.
The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes. Borrowers can use a mortgage credit certificate to claim a portion of their annual mortgage interest, dollar for dollar, up to $2,000, as a federal tax credit every year for the life of their loan. Eligible K-12 teachers, first responders, military personnel and veterans, and individuals who earn up to $39,500 annually may receive an additional 1% in assistance. It is not to be construed as legal, financial, personal or other advice. Information and opinions offered are those of independent sources and may not be endorsed by American Mortgage Service Company and/or AmericanMortgage.com.
So for the cost of lunch at Mc D’s, $5 I moved into my home. There are multiple down payment programs available, giving us more ways to get you approved. There are grant programs available with no income restrictions. Estimate your monthly mortgage payments using our free Arizona mortgage calculator.
South Phoenix participates in a Neighborhood Stabilization Program that supports homebuyers in the area. Eligible shoppers received $15,000 toward closing and down payment costs; visit Phoenix’s official website for more details. Like the Home Plus Program, it also combines 30-year, fixed-rate mortgages with upfront assistance. In most cases, you won’t need to pay any down payment to get a USDA mortgage.
Everything went so smooth, and they kept me informed the whole way. I closed on my home in May and the fees were exactly what they told me they were. I really got a great deal on my house because of my realtor Scott. All my friend ask me how I got the money for the down payment, I just let them know these guys are “Home Pros” and have all the answers. Many people are eligible and just don’t know how to take advantage of “First Time Home Buyer” discounts. Of course, few first-time buyers have saved enough for 20% down.
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