How to Buy a House with Low Income in Arizona

Homeownership Opportunities in Arizona for Low-Income Buyers:

1. Low-Income Home Loan Programs!

Arizona presents a variety of programs tailored to assist low-income individuals in achieving their dream of homeownership. The HOME Plus initiative, for instance, seamlessly integrates a 30-year fixed-rate mortgage with a down payment assistance grant. The amount of grant you receive varies depending on the type of mortgage loan you use. This grant, amounting to up to 5 percent of the home’s value, is structured as a second mortgage, forgiven at a rate of 1/36 per month over three years.

2. Down Payment Assistance Programs!

Several organizations in Arizona specialize in providing down payment assistance and comprehensive homebuyer education. Notable entities include the Community Housing Resources of Arizona and the Newton Community Development Cooperation, both offering support in various forms to help individuals navigate the home-buying process. Click here to visit their website and find out how they can help you.

3. Specialized Programs by Communities!

• El Mirage Homebuyer Assistance Program: El Mirage extends a helping hand to potential homebuyers, offering up to $10,000 for down payments and closing costs. Additional funds may be available for foreclosures and home repairs, potentially reaching a total assistance of up to $25,000.
• Mesa Neighborhood Stabilization Program: Mesa’s initiative caters to low-income homebuyers earning 120 percent or less of the area’s median income. Participants stand to gain $5,000 in closing cost assistance and a homebuyer subsidy of $20,000, with even higher subsidies for extremely low-income buyers.
• Phoenix Low-Income Homebuyer Assistance Program: The homebuyer assistance program is Aimed at applicants earning 80% of the area’s median income, Phoenix provides down payment and closing cost assistance, facilitating the path to homeownership for those with limited financial resources.

4. Pima County’s Comprehensive Offerings!

• Pima County Down Payment Assistance Program: This program, applicable throughout Pima Tucson Homebuyer’s Solution Program and Pima County, supports low-income homebuyers who commit to residing in the purchased home for a minimum of five years. The assistance, ranging from 3% to 5%, can be applied to both down payments and closing costs. Other conditions apply.
• Mortgage Credit Certificate (MCC) in Pima County: Buyers may also explore the MCC, providing up to $2,000 in federal income tax credits annually for those occupying the home and paying mortgage interest on the original loan.
• Pima County Community Land Trust:  Pima County Community Land Trust is catering to low-income buyers, this initiative offers remodeled homes, adding another dimension to affordable homeownership opportunities in the region.

In navigating these diverse programs, prospective homebuyers in Arizona can find tailored solutions to make homeownership more accessible, fostering community growth and financial stability.