Down Payment Assistance Programs in Arizona

Down Payment Assistance products offered in Arizona include: CHENOA Fund Program, Home in Five Advantage Program, Arizona Housing Finance Authority (HFA) Home Plus Program, and the “Within Reach” Program. To see which program may be right for you, get started on your application today!

CHENOA Fund Program

Availability: Nationwide

Description

The CHENOA Fund Program is available in Arizona.

Features

  • Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

IDA’s City of Phoenix/Maricopa County Home in Five Advantage Program

Availability: City of Phoenix & Maricopa County, AZ

Description

The Home in Five Advantage Program is exclusively available in Maricopa County & The City of Phoenix, Arizona.

Features

  • Up to 3% down payment assistance
  • Up to 4% down payment asssistance for qualified Military, First Responders, and Teachers
  • Conventional, FHA, and USDA loan types available
  • Homebuyer education course required
  • Credit and income restrictions may apply

Arizona Housing Finance Authority (HFA) Home Plus Program

Availability: Arizona

Description

Currently, you can use the Arizona Home Plus Program to buy a home anywhere in Arizona except Pima County.

Features

  • Down payment assistance up to 5% of the loan amount
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional and FHA loan types available
  • Homebuyer education course required
  • Credit and income restrictions may apply

Within Reach Program

Availability: Arizona

Description

The Within Reach Program is available in all of Arizona.

Features

  • Down payment assistance up to 4% of the note amount
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course is required
  • Credit and income restrictions may apply

Some program restrictions and requirements apply. Loan program availability is subject to change without notice. Some programs may have a first-time homebuyer requirement. The type of DPA and lien position will vary for each loan program. OnQ0320180681Y000003gz9C

Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.