First-Time Homebuyer Assistance Programs To Consider in Arizona

April 25, 2024

First-Time Homebuyer Assistance Programs To Consider in Arizona

By Published On: April 25th, 2024Categories: Arizona, Home Loans

If you are a first-time homebuyer looking for home loans in Arizona, there are plenty of assistance programs you may want to consider taking advantage of. They can help make your applications for home loans a lot easier. Here are some of them:

HOME+PLUS by the Arizona IDA

The Arizona IDA is a nonprofit corporation and political subdivision of the State of Arizona, providing down payment assistance, particularly for a 30-year fixed-rate mortgage combined with down payment assistance ranging from 0%-5%. You can use the DPA toward the down payment, closing costs, or both. It is open to applicants statewide, in all counties, and in all cities within Arizona. (For more details, visit: https://arizonaida.com/homeplusdpa/)

Home in Five Advantage Program

You may qualify for the Home in Five Advantage Program by the Maricopa County Industrial Development Authority (MCIDA) and Phoenix IDA if you plan to buy a home in Maricopa County. With this program, you can obtain a 30-year fixed-rate conventional, FHA, or VA loan and a three-year forgivable second loan that you can utilize for a down payment and closing costs. (You can learn more about this program here: https://homein5advantage.com/)

Tucson and Pima County down payment assistance

If you are buying a home in the City of Tucson and Pima County, you may want to apply for this down payment assistance program. You may avail up to 20% of the contract sale price. There is no monthly payment required. However, if the home purchased is sold or transferred during the “period of affordability,” you must pay the down payment assistance principal amount loaned. (To learn more about the program and eligibility requirements, visit: https://www.tucsonaz.gov/Departments/Housing-and-Community-Development/Advancing-Affordable-Housing/Down-Payment-Assistance-Program)

Apart from assistance programs for home loans in Arizona, you may also consider any of the nationally available first-time homebuyer loan programs, such as:

  • VA loans – If you are a veteran, a member of the military, or a spouse of a qualified uniformed personnel, you could qualify for a VA loan, which doesn’t require a down payment.
  • USDA loans – USDA loans don’t have a down payment requirement but are only available to borrowers buying in a USDA-eligible rural area (You can check if your location is eligible here).
  • FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available throughout the country.

Are you looking for a mortgage professional to help with home loans in Arizona? Look no further than Homeplus Mortgage. Call us today at 800-810-PLUS (7587) for inquiries.