Down Payment Path

Down Payment Assistance Programs in Arizona

Arizona provides a variety of down payment assistance programs aimed at helping buyers overcome financial barriers to homeownership. These programs are available to both first-time and repeat buyers, making it easier for more individuals to purchase a home in the Grand Canyon State.

Home Plus Program

The Home Plus Program, offered by the Arizona Industrial Development Authority (AzIDA), provides significant financial assistance for down payments and closing costs.

  • Offers up to 5% of the loan amount as a non-repayable grant.
  • Available to buyers with a credit score of 640 or higher.
  • Pairs with 30-year fixed-rate FHA, VA, USDA, or conventional loans.
  • Income limits and purchase price caps apply, but they are designed to cover a broad range of buyers.

Home in Five Advantage Program

The Home in Five Advantage Program, available in Maricopa County and Phoenix, assists homebuyers with upfront costs.

  • Provides up to 3% of the loan amount for down payment or closing cost assistance.
  • Additional incentives for teachers, first responders, and veterans, offering up to 5% assistance.
  • Available to buyers with a minimum credit score of 640.
  • Income limits and loan caps apply, but eligibility extends to many buyers.

Pima Tucson Homebuyer’s Solution

The Pima Tucson Homebuyer’s Solution program is available to buyers in Pima County, including Tucson, and offers flexible assistance options.

  • Provides up to 4% of the loan amount as a grant for down payment and closing costs.
  • No repayment required.
  • Eligible for 30-year fixed-rate FHA, VA, USDA, or conventional loans.
  • Open to both first-time and repeat homebuyers meeting income and credit criteria.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate program offers substantial tax benefits to homebuyers, reducing their annual tax liability.

  • Allows buyers to claim a federal tax credit for a portion of their annual mortgage interest.
  • Available to eligible buyers meeting income and purchase price limits.
  • Can be combined with other down payment assistance programs for additional savings.

City and County Assistance Programs

In addition to statewide programs, various cities and counties in Arizona offer additional support for homebuyers.

  • Local programs often provide grants or low-interest loans for down payments and closing costs.
  • Programs are commonly available in areas like Phoenix, Mesa, and Tucson.
  • Eligibility requirements and assistance amounts vary by location.

Arizona’s down payment assistance programs are designed to make homeownership accessible and affordable for a wide range of buyers. By exploring these resources, you can take an important step toward owning your dream home in the beautiful Grand Canyon State.