Arizona First-Time Home Buyer Programs of 2024

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.

» MORE: Tips for first-time home buyers

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.