First Time Homebuyer Programs

Congratulations!  You’ve decided you’re tired of renting and you’d like to look into purchasing your first home.  If you’re an Arizona resident, Arizona has some great programs to assist you with this process, specifically with the down payment portion of your home purchase.  The Arizona Department of Housing offers two different programs to assist you with your down payment, dependent on your own personal and financial circumstances.

First, the HOME PLUS Home Loan Program features a 30-year fixed-rate mortgage with a down payment assistance grant that can be used toward the down payment and / or closing costs.  This grant and mortgage are applicable to the purchase of a primary residence here in Arizona, and your income cannot exceed $92,984.  The purchase price of the home is limited to $371,936 with this program.  Finally, you’d be required to complete a homebuyer education course before closing.  This course can be completed through an approved Internet-based program.

Second, the Pathway to Purchase down payment assistance program offers a 30-year fixed rate mortgage with a down payment assistance second mortgage equal to 10% of the purchase price. The second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments.  This program applies to homes purchased in targeted areas in 17 specified cities.  The income and purchase price limit are the same as the HOME PLUS home loan program.  This program also applies only to existing, previously occupied properties only, so new construction and spec homes are not permitted to be purchased under the parameters of this program.  Finally, this program applies to Fannie Mae HFA Preferred mortgages only.  As with the HOME PLUS program, the homebuyer must complete a homebuyer education course before closing.

We hope these resources offer a good starting point for you to explore the home buying process.  We’d be happy to walk you through any specific questions you may have, and would be happy to show you homes that meet the qualification parameters.

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