Arizona Home Plus

What is Arizona Home Plus?

Arizona Home Plus is a forgivable loan for homebuyers in Arizona.

• Arizona Home Plus provides down payment and closing cost assistance of up to 5% of the loan amount as a soft second mortgage. The assistance is fully forgiven after 5 years (60 months). Available statewide for purchase of primary residences with FHA, VA, USDA, and conventional loans.
• Up to 5% of the loan amount in down payment and closing cost assistance.
• fully forgiven after 5 years with no monthly payments.
• 0% interest.
• available with FHA, VA, USDA, and conventional loans.
• available statewide in all AZ counties.
• Funding comes from State.

How much assistance does it provide?

Arizona Home Plus provides assistance worth 5% of the purchase price, as set by the program.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Arizona Home Plus is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Arizona Home Plus is open to buyers who will live in the home as their primary residence.

What are the income limits?

Arizona Home Plus limits household income to 115% of the area median income, which varies by county and household size.

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Arizona Home Plus caps the purchase price at $500,000.

• Eligible property types include Manufactured Home, Single Family, Condo, Townhouse, and 2-4 Unit.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Arizona Home Plus serves buyers purchasing anywhere in Arizona.

How do you apply?

Applications for Arizona Home Plus go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.