Top Phoenix First-Time Home Buyer Programs

Phoenix’s first-time home buyer programs are designed to help those who are looking to purchase their first home in Arizona. These programs can provide a variety of benefits including down payment assistance, mortgage preapproval, and even money for closing costs.

Remember, contact professionals such as Chad Piwinski from Geneva Financial in Phoenix, he will give you the most updated information, as to what it’s best suited for you.


Different types of programs offered through the Arizona Housing Finance Authority (AHFA)


The AHFA’s First Time Homebuyer Program consists of two programs – the Low Income Home Energy Assistance Program (LIHEAP) and the Mortgage Credit Certificate Program (MCCP). Both programs provide financial assistance to residents who cannot afford traditional home energy cost payments.


The LIHEAP program provides rebates and discounts on qualifying home heating costs while the MCCP provides a discount on interest rates for qualified borrowers.


Another option for first-time homebuyers is the AHFA’s Ready To Move Down Payment Assistance Program (RDPA). This program helps first-time buyers save money by providing money toward closing costs in exchange for a portion of the buyer’s equity. RDPA participants do not have to own a home at this point; they just need to qualify for AHFA financing.


Finally, the AHFA offers the Home Affordable Refinance Program (HARP). HARP allows homeowners to refinance their mortgages at lower rates and has helped thousands of Arizonans reduce their monthly housing costs. With HARP, eligible homeowners can use funds from their current loans to pay off other debts or use them to improve their credit rating.


Want more affordable finance options to buy your first home?


  1. FHA 203(k) Loan Program:

This program is designed for first-time homebuyers who will purchase their first property. This loan allows borrowers to purchase a property using only 20% down payment money. They can use the remaining 80% equity in the property to finance the balance of the cost of the house. Borrowers may qualify for this program based on: Credit Score (625+), Income (must have an annual income of $50,000 or higher), and Debt Ratio (35%).

  1. VA Loans:

VA loans are government-backed mortgages, which allow veterans to get low-interest rates (5%), and are eligible for 100% financing after active duty service. Veterans may apply for these loans if they have served at least three years of active duty. Eligibility requirements include citizenship, residency, veteran status, and proof of military service.

  1. USDA Rural Development Loans:

These loans are provided to residents in rural areas where banks often do not want to build homes due to the lack of population. With USDA loans, there is no limit to how much funding a borrower can receive. 

The information in this article is for general informational purposes only, contact the professionals!

Chad Piwinski from Geneva Financial offers a full suite of financing solutions that will help you get the loan you need. Whether you’re buying your first house or refinancing an existing mortgage, providing you with the most updated numbers. Their team of experts provides personalized service, ensuring your needs and goals are met throughout the entire lending process. As a direct lender, they offer flexible terms and competitive rates to ensure you receive the best possible deal.

They also offer financial planning services like mortgages, insurance, 401k plans, and annuities. If you need assistance with any other type of financial product, their advisors can assist you with those as well.

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