Arizona First-Time Home Buyer Programs of 2020

NerdWalletJanuary 23, 2020
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Arizona boasts stunning views and generally mild winters, making it a place many people want to call home. Taking advantage of programs for first-time home buyers offered through the Arizona Department of Housing, or ADOH, via the Arizona Industrial Development Authority (AZIDA) may help you purchase a home in the Grand Canyon State sooner than you think.

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

National first-time home buyer programs

First-time home buyers sometimes have trouble finding a mortgage because of credit history issues or because they don't have extra money for a down payment. That's where these national loan programs — available to borrowers in all 50 states — may come in handy.

ADOH highlights and eligibility requirements

Arizona's Home Plus mortgage program is specifically designed to help people become homeowners. Over 90% of participants in the Home Plus program are first-time home buyers, though owning real estate now or in the past doesn’t necessarily disqualify you, Dirk Swift, the program administrator, said in an email.

Highlights

  • Down payment and closing cost assistance.

  • Reduced mortgage insurance premiums.

Eligibility

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

  • Borrower must occupy the home as a primary residence.

  • Borrower must meet income and credit score requirements.

  • Home buyer education course required.

  • Some mortgage types not available in certain counties.

Compare ADOH lenders

ADOH first-time home buyer loan programs

Summary: 2020 ADOH first-time home buyer programs

  • Home Plus loan with down payment and closing cost assistance, and the possibility of discounted mortgage insurance.

Now that you’re familiar with the basics of what an Arizona Home Plus loan is and how it works, it’s time to take the next step.

For full details and eligibility requirements of this loan program, visit the Home Plus AZ website.

If you think a Home Plus mortgage may be right for you, then it’s time to select a lender. Neither AZIDA or ADOH review applications or lend money. Instead, the agencies rely on a network of participating lenders throughout the state. These lenders may have additional rules about income limits, credit scores and the types of property that are eligible for a Home Plus mortgage, so the only way to know for sure whether you qualify is to contact them.

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