Down Payment Assistance

YOUR WAY HOME ARIZONA PROGRAM

Administered by the Arizona Department of Housing, this program offers assistance in the purchase of an eligible foreclosed property in the state of Arizona.

You can get a loan for up to 22% of the value of the home, and if you live there for a certain period of time you will never have to pay that money back.  Additionally, while you're living in the home you don't have to make a monthly payment on the loan.  It's essentially a forgivable 2nd mortgage that doesn't require a monthly payment.

There are a few requirements.  For instance, a family of four in Maricopa County can't make more than $79,000 a year.  You must make a down payment of at least 3% on the home, 1% coming directly from the borrower's own pocket.  You must also take an eight hour course on home ownership, and you must purchase an eligible foreclosed property.

Link to Eligible Property Zip Codes

 

COMMUNITY AND NON-PROFIT PROGRAMS

C = Conventional
F = FHA                                                      

 

 

Maximum Assistance Amount

 

V = VA

Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) - Gift

 

C F V 

 

$15,000

 

Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) - Lien

 

C F V 

 

$40,000

 

Avondale Homebuyer Assistance Program (HAP)

 

C F V 

 

$40,000

 

Avondale Homebuyer Assistance Program (HAP) - Gift

 

C F V 

 

$5,000

 

FHLBSF/National Bank of AZ/Comite de Bien Estar Individual Development & Empowerment Account Program (IDEA)

 

C F 

 

$15,000

 

Flagstaff Community Homebuyer Assistance Program (CHAP)

 

C F V 

 

$33,700

 

Flagstaff FHLBSF/BOTHANDS Inc Individual Development Account (IDA)

 

C F 

 

$15,000

 

Flagstaff FHLBSF/BOTHANDS Inc Workforce Initiative Subsidy for Homeownership Program (WISH)

 

C F 

 

$15,000

 

Maricopa County Federal Home Loan Bank of San Francisco/Alliance Bank of Arizona Individual Development and Empowerment Account IDEA

 

C F 

 

$15,000

 

Mesa Housing Our Communities Inc New Opportunities for Homeownership Program (NOH) Closing Cost Assistance

 

C F 

 

$2,000

 

Mesa Housing Our Communities Inc New Opportunities for Homeownership Program (NOH) Downpayment Assistance

 

C F 

 

$25,000

 

Multi Counties Alliance Bank of Arizona Workforce Initiative Subsidy for Homeownership Program (WISH)

 

C F

 

$15,000

 

Multi Counties Community Housing Resources of Arizona (CHRA) Wells Fargo Mortgage Assistance Program (MAP)

 

C F 

 

$5,000

 

Peoria First Time Homebuyer Down Payment Assistance (FTHB)

 

C F 

 

$15,000

 

Phoenix American Dream Downpayment Initiative Program (ADDI)

 

C F 

 

$10,000

 

Phoenix Neighborhood Stabilization Homebuyer Assistance Program (HAP) - NSP

 

C F V 

 

$15,000

 

Pima County AZ Federal Credit Union/Family Housing Resources Workforce Initiative Subsidy for Homeownership (WISH)

 

C F 

 

$15,000

 

Pima County Down Payment Assistance Program (DAP)

 

F

 

$20,000

 

Pima County Family Housing Resources Homebuyer Assistance Project (HAP)

 

C F 

 

$3,500

 

Pima County Housing Assistance Program

 

C F 

 

$5,000

 

Pima County Primavera Foundation Inc Homeownership Program (HOP)

 

C F 

 

$15,000

 

San Luis Comite de Bien Estar Inc Deferred Payment Loan (DPL)

 

 

$25,000

 

Tempe Community Assisted Mortgage Program

 

C F 

 

$35,000

 

Tucson CDBG Down Payment Assistance Program (DPA)

 

C F V 

 

$2,000

 

Tucson Old Pueblo Community Foundation (OPCF) First Time Homebuyer Project (FTHP)

 

C F 

 

$10,000

 

Questions? Contact Jon Here 

 

HOME IN FIVE MORTGAGE ASSISTANCE FOR FIRST-TIME HOMEBUYERS - THERE ARE CURRENTLY NO FUNDS AVAILABLE IN THIS PROGRAM.
Updates as informaton becomes available
for future programs.

 

HOMEBUYER TAX CREDIT

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers and up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence.  The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by September 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

Link to Additional Information

Link to Tax Credit form

 

 

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