Down Payment Assistance - Arizona
Down Payment Assistance Options for Arizona
Home in 5
Home in 5 programs are designed to assist low and moderate-income homebuyers to secure a home in Maricopa County. Get up to 6% of the purchase price for down payment and closing costs in a loan with a competitive interest rate.
Requirements:
- Minimum FICO credit score of 640
- Annual income up to $153,440
- Debt to Income ratio up to 50%
- Occupy the home as principal residence within 60 days of closing
- Complete Homebuyer education
- Home must be located in Maricopa County
- New or existing houses, condominiums, or townhouses (no refinancing)
- Purchase price is not limited
Home Plus
State-sponsored down payment assistance programs designed to help homebuyers achieve the benefits of being homeowners. Covers up to 15 counties and up to 4% in down payment and closing cost assistance.
Requirements:
- FICO score 640, 660 for manufactured home
- Annual gross within country limits
- DTI of 50%
- Must qualify for Fannie Mae, Freddie Mac, FHA, VA, or USDA-RD
- Must be primary residence
- At least 1 borrower must complete pre-purchase homebuyer education course.