Saving for the upfront costs of buying a home can be one of the biggest challenges for Arizona homebuyers. Even if you are comfortable with a monthly mortgage payment, saving for the down payment and closing costs can take time. Our program helps eligible buyers purchase a home in Maricopa County by providing down payment and closing cost assistance.
Homebuyer Assistance Program
Our homebuyer assistance program is offered through a partnership between the Phoenix and Maricopa County Industrial Development Authorities. It helps eligible low- and moderate-income borrowers purchase a primary residence in Maricopa County, including Phoenix. Qualified buyers may receive assistance toward their down payment and/or closing costs. The amount available and the terms of the assistance depend on the financing option and the buyer’s eligibility.
How Does the Assistance Work?
Depending on the option selected, down payment assistance may be provided as a second mortgage alongside the primary home loan. Some options may be forgivable if the borrower meets the applicable program requirements. Review the terms before choosing an option. Forgiveness periods, repayment conditions, and available assistance amounts can vary.
Conventional Loan Options
- Fannie Mae HFA Preferred
- Freddie Mac HFA Advantage
Who May Qualify?
This program is intended for eligible homebuyers purchasing a primary residence in Maricopa County. Applicants must meet program and mortgage requirements, which may include credit, income, and debt-to-income guidelines. Homebuyer education is also required. Some assistance options may have additional requirements, so it’s helpful to review your situation before making an offer.
Do You Have to Be a First-Time Homebuyer?
Not necessarily. Some options are available to both first-time and repeat homebuyers. Some assistance options require you to be a first-time homebuyer, so confirm eligibility for the option you are considering.
Ready to take the next step?
Contact us to discuss your home purchase and down payment assistance options.