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Once you know what people are looking for, you can start to market toward... A first time home buyer is defined as an individual, who has not had an ownership interest in a home within the last three years. If you fit this definition, you might be eligible for down payment assistance.

These certificates provide federal income tax credits for interest paid on home mortgages, effectively lowering mortgage interest rates by 20%. In most programs, you’re considered a first-time homebuyer if you haven’t owned a home in the past three years. Some programs may have more lenient requirements, so if you aren’t a “true” first-time homebuyer, contact the program administrators to find out if you’re eligible. Income restrictions are common and some programs may have other eligibility requirements. Below is a snapshot of these programs and how much assistance you may be eligible for throughout different parts of Arizona. Some of the different mortgage programs and down payment amount scenarios may require a higher score.
What to know about buying a house in Arizona
Understanding these rules will help you decide which Arizona first-time homebuyer program works best for you. Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage. And in some popular Arizona communities, the numbers were even higher. Phoenix home prices were up 27.7% compared with last year, with a median sale price of $460,000. Mesa home prices were up 27.4%, with a median sale price of $459,000.

But that’s typically counteracted by the lower mortgage insurance premiums on offer. Many people who can afford the monthly mortgage payments and have reasonable credit will qualify. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services.
Mortgage Programs:
In most situations, you need a FICO® credit score of at least 620 to secure a VA loan. You also need to pay a VA fund fee, which ranges anywhere from 1.25% to 2.4% of your home’s value depending on the size of your down payment . When you’re ready to start the home buying process, make sure you get personalized rate quotes from at least three mortgage lenders. But do an internet search " down payment assistance” to make sure you don’t miss any.
Very low- and low-income borrowers may make a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity. The FHA was created by the Federal Government to stimulate affordable housing purchases for qualified borrowers. This site has loan calculators to help you determine whether you can afford a loan, information on the types of loans and the option to apply online for a loan and check its approval status. When inquiring about a loan on this site, this is not a loan application.
No Income Restrictions
The United States Department of Agriculture Rural Development provides single family home direct loan and grant programs. The Pima Tucson Homebuyer's Solution Program provides 3%, 4% or 5% down payment assistance. This program is made possible by the Industrial Development Authorities of the County of Pima and the City of Tucson, Arizona. Department of Veterans Affairs and are available to military veterans, active duty military and eligible surviving spouses. Whether you’re buying or refinancing a home, learn five steps that will help you learn how to choose the best mortgage lender for you. You can contact the local participating jurisdiction to confirm available funds and time required to close.

So make sure you check out local down payment assistance programs in case one of those suits you better. The down payment assistance programs that are listed here are a sample of what is available for homebuyers in Arizona. This can be your starting point as you search for the right program for your family.
Homebuyer Mortgage Program
✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Most programs in Arizona require a score of 580 to 680, but some will accept a lower score. And some programs use criteria other than credit scores to determine a borrower’s eligibility. VA-backed home loans are available nationwide to eligible service members, veterans, and eligible surviving spouses. If you’re a veteran and you and/or your spouse are Native American, you may qualify for a VA direct loan. Arizona’s Home in Five Advantage program also offers special benefits for service members and veterans.
The lender will also explain the income limit for the county in which you are purchasing. The lender will determine your eligibility based on program criteria. I want to thank you so much, without you showing me how to get this loan and Grant money, I would still be renting.
There also are longstanding federal programs that could improve a buyer’s chances of success. First-time homebuyers in Arizona are facing many of the same challenges as buyers across the rest of the country. Thanks to high prices, low Inventory, and fierce competition from outside investors and cash buyers, the mere thought of dipping a toe into this red-hot housing market can be daunting. You spend a lot of time trying to build your real estate business through marketing efforts, referrals, and other resources. Unless you are offering what buyers and sellers are looking for in a real estate agent, however, you will have a lot of trouble finding repeat clients and referrals in the market.
That means you can’t use these loans for a vacation home or investment property. The HOME+PLUS Home Buyer Down Payment Assistance Program offers creditworthy renters who cannot afford the down payment and or closing costs the funds to move forward. It’s important to know the median income limits for the area you’re buying in to ensure you don’t earn more than the program allows.
Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers with FICO® credit scores of 580 or higher. The Pima Tucson Homebuyer’s Solution program is provided by the Tucson Industrial Development Authority and the county of Pima. The program offers qualified homebuyers multiple first mortgage options along with a forgivable second mortgage that can be used for a down payment and closing costs. Down payment assistance programs come from a number of sources including Arizona’s state and local resources, nonprofit organizations, or even lenders like Arizona Central Credit Union. These programs are designed to help would-be homeowners whose barrier to purchasing a home is the down payment or closing costs.
For most programs offered in Arizona, like elsewhere in the country, applicants are considered first-time homebuyers if they haven’t owned a principal home for at least the past three years. Qualified homebuyers in Tucson and Pima County can receive down payment assistance through the Community Investment Corporation’s HOME Down Payment Assistance Program . Homebuyers in designated low-income neighborhoods may receive an additional 0.5% in assistance through the Home in Five Advantage BOOST program. Your lender can help you check your eligibility for this extra support.
Target Area Loan
They rely on the approved lenders for us to qualify people for grants and mortgages under their guidelines. While technically two different entities, they offer very similar benefits suitable for anyone buying a first home. But it does provide down payment assistance in the form of an interest-free, forgivable second mortgage with a three-year loan term. And you can borrow up to 5% of the home’s purchase price, depending on the type of mortgage you choose and your personal circumstances.

We make no representations as to the suitability or validity of information in a blog on this site. We are not liable for any errors or content of blogs or for any losses, injuries or damages arising from its display or use. There is no obligation to update information provided in a blog on this site. To find out if you are eligible to receive First Time Home Buyer financing you must first work with an approved lender.