Arizona First-Time Home Buyer Programs of 2024

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Updated · 3 min read
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Written by Phil Metzger
Content Management Specialist
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Assistant Assigning Editor

Arizona boasts stunning views and generally mild winters, making it a place many people want to call home. Taking advantage of a program for first-time home buyers offered through the Arizona Department of Housing, or ADOH, may help you purchase a home in the Grand Canyon State sooner than you think.

Home loan programs offered nationally by a variety of lenders also have features that could help you qualify for a mortgage. Browse loan and assistance options for first-time home buyers below.

ADOH highlights and eligibility requirements

Arizona's Home Plus mortgage program is designed to help people become homeowners. While first-time home buyers may participate in the Home Plus program, owning real estate now or in the past doesn’t necessarily disqualify you.

Highlights

  • Down payment and closing cost assistance.

  • Reduced mortgage insurance premiums on conventional mortgages.

Eligibility

  • Property must be located in Arizona and not exceed purchase price limit.

  • Borrower must meet income and credit score requirements.

  • Allows for properties that include new or existing single-family homes, townhomes, condominiums and manufactured homes.

  • Home buyer education course required.

ADOH first-time home buyer loan programs

Home Plus Loan

Best for:

Mortgage with assistance that might not have to be repaid

What you need to know:

This program combines 30-year fixed-rate mortgages with financial assistance for your down payment or closing costs. Qualified applicants can receive up to 5% of the loan’s principal balance — depending on the mortgage type — in the form of a deferred, no-interest second mortgage. You don’t need to repay this second mortgage unless you sell or refinance the home within the first three years of ownership.

Getting a 30-year fixed-rate loan with less than 20% down typically requires monthly mortgage insurance, but with the Home Plus program, your premiums may be lower than usual. The program works with the government-sponsored enterprises Fannie Mae and Freddie Mac to offer mortgage insurance at a cost that’s lower than what you’ll see outside the Home Plus program.

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Min. down payment 
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NBKC - PURCHASE logo
Check Rate

on NBKC

NBKC

4.5

NerdWallet rating 
NBKC - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on NBKC

New American Funding - PURCHASE logo
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on New American Funding

New American Funding

4.5

NerdWallet rating 
New American Funding - PURCHASE logo

4.5

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Min. credit score 
500

Min. down payment 
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on New American Funding

GO Mortgage - PURCHASE logo
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on GO Mortgage

GO Mortgage

4.0

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4.0

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Min. credit score 
620

Min. down payment 
3%

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on GO Mortgage

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