Arizona's Best Downpayment assistance can be found here
The Arizona Home Plus mortgage program has been updated to offer a greater variety of opportunities to Arizona home buyers who need down payment assistance. These expanded options include different down payment amounts, higher maximum loan amounts and income limits, different loan programs and different qualifying criteria.
The Arizona Home Plus home loan program is very popular because each home buyer family will receive a non?repayable housing grant that can be used for down payment and/or closing costs equal to as much as 5% of the mortgage loan.
How to Qualify:
Conventional loans with down payment assistance can be a great option because unlike some other loan programs, conventional loans allow you to remove the private mortgage insurance (typically on loans with less than 20% down) down the road.
This program is derived from the Fannie Mae HomeReady program and is one of the Arizona conventional Home Plus loan programs offered. It is offered anywhere in Arizona other than Pima County.
This program is derived from the Freddie Mac Home Possible Advantage program and is the other Arizona conventional Home Plus loan programs offered. It is offered anywhere in Arizona other than Pima County.
Government loan programs with down payment assistance can be a great option because they usually have easier qualifying requirements. The three common government loan programs are FHA, USDA and VA.
VA and USDA loans are two popular government loan programs that offer 100% financing. The grant money from the Home Plus program is instead used to cover closing costs. As such, there is no down payment required. They are a great Arizona zero down loan programs. Home Plus VA and USDA Loan Programs are offered anywhere in Arizona other than Maricopa and Pima Counties.
FHA loans with down payment assistance in Arizona have been popular for the past few years because they had lower minimum credit score requirements and were easier to qualify for than conventional mortgages. They still have many advantages that make them attractive to Arizona first time homebuyers. The Home Plus FHA loan program is offered anywhere in Arizona other than Maricopa and Pima Counties.