I often get asked if there’s any programs out there that can help when it comes to having a down payment to buy a home.  Good news! For all of us living here in Arizona, there are many programs out there that provide down payment assistance.  And even better news; down payment assistance programs are not limited to just first time home buyers.

Each program is different in its own way, and will look at a variety of factors to determine eligibility. Some of these factors include, home purchase price, income level, and credit score.

Here are three of the more popular down payment assistance programs currently available in Arizona:

Home Plus

  • There isn’t a minimum amount that you have to provide to close.  The down payment assistance can potentially cover all of your down payment and closing costs.
  • No first time home buyer requirement for most down payment assistance programs.
  • The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona.
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • The money continues to be consistently available.

Home in Five

  • Assistance for down payment and/or closing up to 3%.  An additional 1% is available to qualified Veterans, active duty Military, active Reservists and active National Guard.
  • The assistance money is actually available.  Many down payment assistance programs run out of funds within a short period of time.
  • The Home in Five assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the continued success of the Home in Five down payment assistance program in Arizona.
  • You do not have to be a first time home buyer.

Pima Tucson Homebuyer’s Solution

  • Down payment assistance options are available at 3%, 4% and 5%.  You can choose what is best for you based on your loan scenario.
  • There is no first time home buyer requirement.
  • Assistance money received through the Pima Tucson Homebuyer’s Solution is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the continued success of the down payment assistance program in Tucson and all of Pima County.
  • The assistance money offered to help you buy a home in Tucson or other parts of Pima County has been consistently available and has continuous funding.

Your local lender is a great resource to answer any questions you may have on down payment assistance programs. For some reputable lenders click here.