HOME LOAN HELP PROGRAMS
Down Payment Assistance and Down Payment/Closing Cost Assistance Programs
Home Plus Program (Not in Pima or Maricopa County)
The Home Plus Program provides a competitive 30 year fixed rate mortgage with a down payment assistance grant up to 3% of the loan amount on a home purchased in Arizona except Pima & Maricopa counties. Income limitations are county specific and debt to income ratio limitations apply. You do not need to be a First-Time Home Buyer, however you must meet minimum FICO score requirements and FHA guidelines.
Arizona HFA Preferred (Maricopa County)
The HFA Preferred program offers up to 5% of the loan amount towards your down payment in any county except for Pima. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score and conventional guideline requirements. Maximum purchase price cannot exceed $371,936.
HFA Preferred Program Details
The HFA has created this program for individuals or families that want down payment assistance but can qualify for a conventional mortgage. The 5% assistance is a grant that is combined with a 95% first loan on a 30 year fixed rate mortgage. Financing for these loans are available on new or existing homes, condos, or townhouses.
HOME IN FIVE PROGRAM (Maricopa County)
The Home in 5 Program offers up to 4.5% of the loan amount towards your down payment in Maricopa County only. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Home buyer but must meet minimum 640 FICO score requirements and FHA guidelines. Maximum purchase price shall not to exceed $300,000.
Home In 5 Advantage Loan Program Details
The Industrial Development Authority of the County of Maricopa and The
Industrial Development Authority of the City of Phoenix, Arizona have joined
together to help homebuyers obtain FHA, VA, or USDA-RD loan financing to
purchase a home anywhere in Maricopa County, including the city of Phoenix.
Through the Home in Five Advantage program, individuals or families who qualify
would be able to obtain a 30-year fixed rate loan, with a non-repayable 4.5% down
payment/closing cost assistance grant, with special incentives for qualified
United States military personnel.
Financing for these loans is available on new or existing homes, condominiums,
townhouses or manufactured homes on a first-come, first-served basis.
“Qualified United States Military Personnel” include Qualified Veterans,
active duty United States military, active United States Reservists, and active
members of the National Guard. A “Qualified Veteran” is a person who served in
the active military, naval, or air service, and who was discharged or released
therefrom under conditions other than dishonorable (as provided in 38
Also first responders and teachers are eligible for the 5% assistance.
100% FINANCING LOAN PROGRAMS
VA Home Loans: 0 Down Payments
The VA Home Loan was designed to offer long-term financing to eligible American Veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties. This loan is 100% financing or no money down and has no monthly mortgage insurance. There may be a VA funding fee financed into your loan if you are not considered at least 10% disabled by Veterans Affairs. Additional requirements not common to other government loans such as residual income requirements apply. If you are eligible for this loan, this should be your first option over any down payment assistance program.
100% Financing Home Loans for Veterans
The U.S. Department of Agriculture Rural Housing loan is 100% financing or no down payment loan. Property eligibility and income limits apply. Currently, much of Pinal County and very few areas in Maricopa County apply. See this link to determine if the property is eligible: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do;jsessionid=45E0A4C11660583CF17964890AA85B79 . Word as to what will happen to these eligible areas continues to be cryptic at best. For now we anticipate that these eligible areas will continue to be available for this program.
The Continuing Resolution will be in place allowing USDA to offer funding under the previously approved budget without any additional increases if the Farm Bill (Senate or Congress version) is not passed. The Senate’s Farm Bill has language in it that would keep all existing areas eligible until 2020. However, right now, the passing of either Farm Bill is not expected until next year and additional detail will be provided if anything changes.
Your Trusted Gilbert, AZ, Area Guide
Situated just southeast of Phoenix, Gilbert is only a short drive away from Phoenix Sky Harbor Airport and the Phoenix-Mesa Gateway Airport. Our charming and vibrant community is widely recognized as being a top place to live.
Discover a world of family fun and lasting memories during your trip to Gilbert, Arizona. From cheering on your favorite team during tournaments at Big League Dreams Sports Complex or Polar Ice rink in Gilbert to exploring the local parks and historical sites, you'll find many fantastic things to do in Gilbert, Arizona. Whether you're an outdoor enthusiast who loves to hike or watch wildlife, an avid golfer or a history buff with an interest in the southwest, our charming town is a great place for you to relax and get away from it all.