Home Plus and Arizona Is Home… Discover the Leading Down Payment Assistance Programs Available in Arizona.
Down payment assistance (DPA) refers to programs that offer financial aid to help homebuyers, especially first-time buyers, manage the upfront costs of purchasing a home. These programs aim to make homeownership more accessible by alleviating the burden of the down payment, a significant barrier for many prospective buyers.
The Arizona IDA offers two Down Payment Assistance programs within the State of Arizona. Home Plus and the Arizona IDA’s Arizona Is Home.
Both Arizona IDA Down Payment Assistance programs offer great paths to homeownership, yet they come with distinct qualifications, requirements, and options. Here are a few key points of each program.
Available statewide, all Counties, all Cities, and Zip Codes, within Arizona.
Receive up to 4% down Payment and Closing Cost Assistance.
Borrower(s) annual income is not to exceed $146,503.00.
One borrower must complete a home buyer education course before closing.
Reduced mortgage insurance premiums on conventional (Fannie/Freddie) mortgages.
Home Plus DPA funding is available throughout the year and is never exhausted. Home Plus also has no sunset date.
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The Arizona IDA’s Arizona Is Home Is Not Available in Pima or Maricopa Counties.
Receive a below-market 30-year fixed-rate mortgage combined with 4% DPA.
Eligible homebuyers must have annual incomes at or below 100% of the AMI.
The borrower must complete a home buyer education course before closing.
The second mortgage is fully forgiven after 60 months.
Funding is subject to availability. Once the funds for the year are exhausted, the program is paused until the following year.
Here is a series of informative videos designed to help you better understand the differences and similarities between the two programs. These videos may contain information used by lenders and or real estate agents.
*NOTE: The content is updated as able. Please view the video content as an overview. Your lender will have the most current information, including amounts, rates, and processes.
*NOTE: The content is updated as able. Please view the video content as an overview. Your lender will have the most current information, including amounts, rates, and processes.
*NOTE: The content is updated as able. Please view the video content as an overview. Your lender will have the most current information, including amounts, rates, and processes.
*NOTE: The content is updated as able. Please view the video content as an overview. Your lender will have the most current information, including amounts, rates, and processes.
*NOTE: The content is updated as able. Please view the video content as an overview. Your lender will have the most current information, including amounts, rates, and processes.
Now that you’ve learned some key points and notable similarities of the various Arizona Down Payment Assistance Programs, it’s time to dive deeper and explore in greater detail to better understand each option and its specific benefits. This will help you make a more informed decision that aligns with your financial goals.
