Arizona Homebuyer Assistance Program - Arizona Down Payment Assistance

Arizona Family Gains $51,000 The Day They Buy Their Home

Updated: 2024

This Arizona family recently used a special government-sponsored FHA Loan Program that allowed them to get $20,000 in down payment assistance to buy their home. They also negotiated with the seller to buy the home for $31,000 less than the appraised value.

2024 Down Payment Assistance Programs Are Available For Arizona Home Buyers

There are many different home buyer assistance programs available in Arizona. They are offered through the state, county and city governments and state housing agencies and are made available to serve low-to-average income earning Arizona households.

See If You Qualify For Home Buyer Assistance»

Read here to see how this family gained $51,000 upon moving in to their new home.

Questions & Answers with the new home owner, Butch Bond.

Q: What Can You Tell Us About Your Family?

A: My wife and I are in our mid-20s and we have two young sons. I work as a personal trainer and in sales. My wife is a homemaker.

Q: Why Did You Want to Buy A Home?

A: I wanted to buy a home because it made sense financially. Because of the home buyer assistance that we received and the low rate on our fixed FHA loan, our mortgage payment is less than what we were paying for rent and we were able to build instant equity. My wife wanted to buy because she wanted the comfort of owning her own home. Now she can make it the way she wants. We couldn’t paint and decorate the house we were renting like she wanted.

Q: How Much Did You Pay For The Home?

A: $145,000

Q: How Much Did You Receive in Down Payment Assistance?

A: We got $15,000 from one local home buyer assistance program called MesaCAN Community Assistance Program and $5,000 from another called Home in 5 Advantage. We were able to combine the two and use them to meet the down payment requirement for our FHA loan. Most people don’t know that you can get more than one home buyer assistance program to use for your down payment.

Q: How Much Did The Home Appraise For?

A: The home actually appraised for $176,000, so we moved in with $31,000 in equity on top of the $20,000 we received in down payment assistance. Knowing that we gained so much equity feels great.

Get Money to Buy Your Home Here»

Additional Home Buyer Assistance Programs Available in Arizona Offered by the Federal Government

Programs offered by the federal government are typically administered through the Department of Housing and Urban Development (HUD). Please note that arizonadownpaymentassistance.com is not a government agency and is not affiliated with HUD.

Programs including home loan grants in Arizona that HUD offers include (but are not limited to) the following:

Neighborhood Stabilization Program help revitalize Arizona communities that have been hit hard by foreclosures and abandonment to help boost and stabilize home values. The program aims for the purchase and redevelopment of foreclosed and abandoned homes and residential properties.
Homeownership Voucher Program provides assistance in the form of home buying subsidies to first time home buyer low-income families.
Homeownership for Public Housing Residents provides assistance for public housing residents in becoming homeowners.
Good Neighbor Next Door provides substantial discounts on homes in key revitalization areas to teachers, law enforcement officers, firefighters and EMTs.

A recent survey found that 70% of all adults are unaware that down payment assistance exist and that 87% of all homes qualify for a down payment assistance program.

Find Out If You Are Eligible»

Putting Money Back Into Arizonans’ Pockets

The Mortgage Credit Certificate (MCC) program can make home ownership more affordable for Arizona first time home buyers. It gives qualified home buyers a dollar-for-dollar tax credit for part of the mortgage interest paid each year. It directly reduces a homeowner’s federal income tax liability.

How Do You Qualify?

Like many forms of financial assistance for home buyers, the various down payment assistance programs are offered through approved lenders that are trained to provide home buyer assistance programs.

If you are interested in learning more about what exactly down payment assistance is and whether or not you can qualify, start here. Get matched with a lender who will be able to help you learn more about the programs available in your area and what it takes to qualify for the programs. Getting matched with a lender is free, easy and only takes a few minutes.

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Starboard Financial, 4145 E Baseline Rd, Gilbert, AZ 85234

NMLS ID #156931

IMPORTANT MORTGAGE DISCLOSURE

When applying for a loan, we commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required are unlikely to be approved. Minimum credit ratings vary according to loan product. In the event that you do not qualify based on the required minimum credit rating, we may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that we may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

Licensing | Privacy Policy

Starboard Financial, 4145 E Baseline Rd, Gilbert, AZ 85234

NMLS ID #156931