Down Payment Assistance Programs in Arizona


If you don’t have the down payment money to buy your home, you can use a down payment assistance program. These programs are designed to help homebuyers to pay for the down payment without spending so much money from their pockets. Let’s look at some of the best programs for down payment assistance in Arizona.  

Pima/Tucson Homebuyers Solution 

If you want to buy a home in Tucson, Arizona, you can benefit from this program. It offers between 2.5%- 6% down payment options. So you can choose one that’s suitable for your loan scenario. Also, you don’t have to be buying a home for the first time to qualify for this program.  Additionally, like most programs, it features a silent second to ensure that it is stable and continues running. There are no interests or payments added. And those who stay in the home without refinancing for three years get their lien forgiven.  You, however, must have a minimum FICO credit score of 640, and your debt to income ratio should be 50% or less. Also, your income shouldn’t exceed $105291. Buyers must also agree to attend an education course for homebuyers and get a completion certificate.   

Maricopa County / Home in Five Program 

It offers a down payment of up to 5% of your loan in Maricopa county. It remains a popular Arizona down payment assistance program among homebuyers in Phoenix and other parts of Maricopa County. While an individual mustn’t be a first-time homebuyer to qualify for this program, they must meet the minimum FICO credit score of 640 and FHA requirements. Also, your loan shouldn’t be more than FHA $368,000 and Conventional $548,250. The money offered is a silent second. It doesn’t include any interest or payment. Plus, those who stay in the home without refinancing for three years are forgiven completely. The silent second offers stability and keeps this program running. To qualify, you must have a minimum FICO score of 640, an income of not more than $110,600, and must be buying a house in Maricopa County. You must also agree to take a convenient education course for homebuyers.   

Home Plus Mortgage Program 

This program was recently updated to offer great home buying opportunities for Arizona residents. The updates include an increase in the maximum loan amount to $548,250, different down payment amounts, and several loan programs.  The Home Plus Down Payment Assistance Program has been offering consistent funds for individuals over the past few years. It has helped many homeowners to achieve stability and freedom. The down payment assistance is in the form of a “silent second mortgage” that does not require payment and will be forgiven after you have owned the home for 36 months. The program can cover all your down payment and or closing costs. Plus, it can also be suitable for those who’ve bought houses before. If you own the home for more than three years without refinancing, the lien will be forgiven completely. But note that your debt to income ratio should be 50% or less, and your maximum combined household income is $112,785 to qualify for this program. 

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of AmeriFirst Financial Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.

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Disclaimer


Spire Financial, a division of AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 303-595-0110. © 2022. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. Not intended for legal or financial advice. Visit https://amerifirstloan.com/pages/state-licensing for all state licenses information. Visit NMLS Consumer Access at https://www.nmlsconsumeraccess.org/

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