Down Payment Assistance Arizona Program

[Tatiana Conta]

Hi guys,

Anyone has used the Down Payment Assistance Arizona Program? Pros and Cons?

P.S I have $30k but wondering about this program

[Jana Crum]

Quote from @Michael Durante:

Hi, sorry to dig up an old thread, but I was using the search function to see if I could learn anything about downpayment assistance options in Arizona and was saddened by the incompleteness of this topic, so I thought I might try and revitalize it if possible.

Specific programs I'm interested in are:

1. Home in 5

2. Chenoa Fund

3. Home Plus Arizona

Those are the only ones I have come across so far, otherwise I'm happy to explore other options, so any information about these or others would be greatly appreciated. The few lenders I have asked about these programs all seem to be either unfamiliar with them or reluctant to work with me on them, so information has been hard to come by.

Thanks,
Mike

 Hi @Michael Durante, its great that you are looking to fill this knowledge gap. I have experience with clients using down payment assistance programs in the Valley. Which program you can use is going to be based on which county you are looking to purchase in. You can use either the Home in 5 or HomePlus programs within Maricopa County. Both programs allow you to get an FHA, VA, or Conventional mortgage. Now, most people don't realize loans with these programs STILL HAVE A DOWN PAYMENT! Essentially, if you get an FHA loan 3.5% down, and qualify for 5% Down Payment Assistance (DPA) that 5% DPA will cover the 3.5% down payment and 1.5% of the closing costs. However, I have seen where clients (due to income, debt-to-income, and other restrictions) only qualify for 3% DPA, have an FHA loan, and have to pay out of pocket the remaining 0.5% down payment and the entire closing cost. I hope that helps! Feel free to reach out!