0% Down Payment Program

HOME PLUS MORTGAGE PROGRAM
​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.
Program Highlights:
  • No first time home buyer requirement for most programs.
  • No requirement to pay back the housing grant and it is not a 2nd mortgage.
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • The money is available.
  • Funds for the grants are raised by the Arizona Housing Finance Authority and do not use taxpayer funds.
How to Qualify:
  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum income of $92,984.
  • Maximum debt-to-income of 45%
  • See various loan program requirements below.
ARIZONA HOME PLUS CONVENTIONAL LOAN PROGRAMSConventional 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.
Home Plus Fannie Mae HFA Preferred Loan ProgramThis 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.
Program Highlights:
  • Down payment assistance options at 3%, 4% and 5%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 640 with 5% down
  • Minimum FICO score is 680 with 3% down
  • Maximum purchase price of $371,936
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984
Home Plus Freddie Mac HFA Advantage Loan ProgramThis 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.
Program Highlights:
  • Down payment assistance grant of 4%
  • Minimum FICO score is 640 with 5% down
  • Minimum FICO score is 680 with 3% down
  • Maximum purchase price of $371,936
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984
ARIZONA HOME PLUS GOVERNMENT LOAN PROGRAMSGovernment 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.
Home Plus VA & USDA Loan ProgramsVA 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.
Program Highlights:
  • Down payment assistance offered up to 2%.
  • Minimum FICO score is 640.
  • Maximum purchase price of $371,936.
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984
Home Plus FHA Loan ProgramFHA 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.
Program Highlights:
  • Down payment assistance options of 3% and 4%. You can choose what is best for you based on your loan scenario.
  • Minimum FICO score is 660.
  • Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
  • Maximum debt-to-income of 45%
  • Maximum income of $92,984
HOME IN FIVE ADVANTAGEIf you are buying a house in Maricopa County and you need help with your down payment and closing costs, you should consider the Home In Five Advantage program.  This program has been very popular for the past couple of years that it has been available for the right reasons.
Simply put, this is a great down payment assistance program.
Program Highlights:
  • Assistance for down payment and/or closing in the form of a 2.5% or 3.5% (depending on your credit) grant that you don’t have to pay back.  Additional assistance provided 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.
  • True down payment assistance money… no strings attached.  Many down payment programs come in the form of a 2nd mortgage that is paid back over time or when you sell your home.  Many prevent you from refinancing.
  • You do not have to be a first time home buyer.
How to Qualify:
  • Buy a house anywhere in Maricopa County, including in the City of Phoenix up to $300,000.
  • New or existing single family homes, 2 to 4 unit homes, condos, town homes, and manufactured homes.
  • Qualify for a FHA, VA or USDA loan with a maximum debt-to-income ratio of 45%.
  • Minimum FICO score is 640.
  • Income from all borrowers may not exceed $88,340.
  • Take an easy online homebuyer education course.