DOWN PAYMENT PROGRAMS AVAILABLE
✅ Get The Home You’ve Always Wanted
✅ Lower Monthly Payments Than Renting
✅ No Pet Limitations
✅ No Landlords
✅ Must Have At Least 620 Fico Score
Comparing Arizona Down Payment Assistance Programs
Do you want to buy a home in Arizona but need money for a down payment? We list the best sources of available Arizona down payment assistance programs. Many Arizonans looking to buy a new home find the down payment step of the loan process the most difficult only because they don’t have enough money in savings. Fortunately, Arizona offers many down payment assistance programs that you can take advantage of. Don’t let your dream of owning a home stop at the down payment. Check out the amazing down payment options available to you. Be sure to contact us for the most up to date information!
| Home in Five | Home Plus | New Home Advantage | AFI 100 | |
|---|---|---|---|---|
| Down Payment Assistance | Up to 5% of first mortgage amount » Additional 1% for select professions | Up to 5% of first mortgage amount » Additional 1% for U.S. Military | Up to 3.5% of the lesser of the purchase price or acquisition value | Up to 3.5% of the lesser of the purchase price or after improved value |
| Maximum Allowable Income | FHA, VA, $105,000 | FHA, USDA, VA - $109,965 (may vary for lower income) | Up to 115% of household Area Median Income (AMI) | Up to 150% AMI |
| Debt-to-Income Ratio | Up to 50% with automated underwriting system approval | FHA, Conventional - up to 50%, USDA, VA - up to 45% | Per automated underwriting system | Up to 50% dependent on credit score and automated underwriting system |
| Minimum Credit Score | 640 | 640 | 640 | 620 |
| Eligible Areas | Maricopa County only | Statewide | All AmeriFirst licensed states | All AmeriFirst licensed states |
| Eligible Loan Types | Conventional, FHA, VA | Conventional**, FHA, USDA, VA | FHA | FHA |
| Purchase Price/ Acquisition Limits | Dependent on program and Loan-to-Value | Dependent on program and Loan-to-Value | Determined by FHA maximum county limit | Determined by FHA maximum county loan limit |
| Occupancy Requirements | Owner occupied only | Owner occupied only | Owner occupied only | Owner occupied only |
| Homebuyer Education | Yes | Yes | No | Yes, for borrowers with credit scores between 620 and 639 only |
| Assistance Terms | Deferred second mortgage at 0% interest, forgiven over three years | Deferred second mortgage at 0% interest, forgiven over three years | Ten year term, second mortgage at 8% interest | • Deferred second mortgage at 0% interest with ≤ 115% AMI, forgiven after three years of on-time first mortgage payments • Repayable second for income > 115% and ≤ 150% can be repaid over ten years at 0% interest or over life of loan at 5% interest |
John St. Thomas
Loan Officer Assistant
NMLS 1208078 | AZ Lic 0930459
O: 480.339.5561 | M: 480.241.8600
Email: john@amerifirst.us https://rebecca.amerifirstloan.com
AmeriFirst Financial, Inc. NMLS 145368 | AZBK 0013635
11811 N. Tatum Blvd., Ste. 2500 Phoenix, AZ 85028
Richard (Rick) Mauch
Realtor / Associate Broker
Cell 480.221.3149
Email: rickmauch@kw.com
Keller Williams Realty Sonoran Living
5301 N. Pima Road, Suite #130 Scottsdale, AZ 85250