❕ Update: Middle Income Down Payment Assistance grant funds have been exhausted for 2024. Please check back next year for Middle Income Grant updates or view information on the WISH Program below.
The Arizona housing market is a beast! With most homes selling over $450K and mortgage interest rates edging over 7%, buying a home in Arizona can feel challenging— especially if it's your first time.
Thankfully, our credit union partners with organizations who can help. The Federal Home Loan Bank of San Francisco is one of the largest private, affordable housing grant providers in the nation. And they're our partner! This allows us to offer special down payment assistance programs to Arizonans looking to buy their first home under the sun - whether that's a single-family home, townhouse, condominium or mobile home. ☀️🙌
Remember, everyone has a unique situation when it comes to buying a house. We all have different credit scores, household incomes, debt payments and more. That's why we provide two unique down payment assistance programs that cater to different levels of household income.
Bonus: Both of our grant programs can be combined with many local, state and federal homeownership programs - making that dream of homeownership even more possible!
WISH stands for Workforce Initiative Subsidy for Homeownership. To be eligible for these funds, first-time homebuyers will need to meet income requirements, complete a home buyer education course and a few other items. Then, grant funds will match your contributions 4-to-1, up to $30,806 toward the down payment and closing costs. 🎉
Example: Sophia has $5,000 to put toward a down payment. The WISH Program is able to quadruple that amount, providing an additional $20,000. Now, Sophia has $25,000 for her home's down payment!
The Middle-Income Grant Program for first-time homebuyers provides qualifying middle-class Arizonans up to $50,000 toward their down payment and closing costs. For this one, eligible home buyers need some skin in the game, so you'll have to provide at least $10,000 of your own funds, whether this comes from your savings or a gift. If you have more savings set aside, you can always contribute more than that to make your mortgage payment even more affordable. Whatever works best for you!
👉 The only catch is that the money is disbursed on a first come, first served basis until grant funds run out. Don't walk, RUN. Talk to a professional today.
⭐ We also recommend playing with a mortgage calculator. Simply plug in the numbers to see what your potential mortgage payment will look like.
Check out our infographic below to see the specific requirements of each Arizona down payment assistance program. As always, don't hesitate to reach out with questions. We want to see you in that new home!
✔️More Helpful Homebuying Resources:
This article is intended to be a general resource only and is not intended to be nor does it constitute legal advice. Any recommendations are based on opinion only. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.
Disclosures
*Additional requirements apply. Grant funds provided in partnership with Federal Home Loan Bank of San Francisco. WISH stands for Workforce Initiative Subsidy for Homeownership. Learn more at https://www.fhlbsf.com/
**In Arizona, California or Nevada. Such property may include (1) single-family homes, such as a condominium, cooperative housing, and manufactured homes, and (2) housing with two to four dwelling units with at least one owner-occupied unit.
***Housing and Urban Development Area Median Income
APR=Annual Percentage Rate. Rates, terms and conditions are subject to change and may vary based on credit worthiness, qualifications and collateral conditions. All loans are subject to approval. For a $250,000 loan with a 20% down payment a 7.34% APR for a 30 year term, the monthly payment would be $1,364 (excluding property tax and insurance); for a $250,000 loan with a 20% down payment at 7.01% APR for a 15 year term, the monthly payment would be $1,784 (excluding property tax and insurance). 1% Origination Fee may apply.