Pinal County HOME Homeownership / Down Payment Assistance Program

What is Pinal County HOME Homeownership / Down Payment Assistance Program?

Pinal County HOME Homeownership / Down Payment Assistance Program is a forgivable loan for homebuyers in Pinal County, Arizona, administered by Pinal County Office of Budget & Finance (Grants Division).

• Pinal County, a HUD-designated entitlement/urban county since 2019, uses HOME Investment Partnership Program funds for homeownership assistance. Direct assistance to income-eligible buyers can take the form of down payment/closing cost assistance, a subordinate second loan to lower the first mortgage to an affordable payment, or a HOME mortgage provided directly to the buyer; the County also funds developers that build/rehab affordable homes for sale. Direct homebuyer assistance is a non-interest-bearing Forgivable Deferred Payment Loan secured by a recorded deed of trust and forgiven over a 5-, 10-, or 15-year affordability period tied to the subsidy amount. All assisted households must be at or below 80% AMI and occupy the home as their principal residence.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD HOME Investment Partnerships Program (HOME) funds; Pinal County is a HUD Entitlement/Urban County (designated 2019).

Do you have to pay it back?

Pinal County HOME Homeownership / Down Payment Assistance Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Sale of the property, transfer/change of title, or failure to occupy as principal residence during the affordability period. Upon a triggering sale during the affordability period the County recaptures the entire direct subsidy, limited to available net proceeds.
• The assistance is recorded in Second (recorded Deed of Trust + Promissory Note behind the first-position mortgage) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Pinal County HOME Homeownership / Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Pinal County HOME Homeownership / Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Gross annual household income at or below 80% of Area Median Income (AMI). Uses Phoenix-Mesa-Scottsdale MSA HUD income limits, the 24 CFR Part 5 Annual Income definition, and the HUD CPD Income Eligibility Calculator.
• The limit applies to total household income, not only the borrower’s.
• 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?

Pinal County HOME Homeownership / Down Payment Assistance Program caps the purchase price as follows: Purchase price may not exceed 95% of the area median purchase price for the applicable single-family housing type (HUD HOME Homeownership Value Limits, updated annually).

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

Where does it apply?

Pinal County HOME Homeownership / Down Payment Assistance Program is a federal program, so it is not limited to Arizona.

How do you apply?

Applications for Pinal County HOME Homeownership / Down Payment Assistance Program go through Pinal County Office of Budget & Finance (Grants Division), which publishes the current terms and the application steps on its own site.

1. 1

   Contact Pinal County Office of Budget & Finance (Grants Division) to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   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.