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Arizona Down Payment Assistance Second Mortgage

In order to help stabilize home values and ensure that the down payment assistance programs continue to be available and affordable to Arizona homebuyers, assistance funds that is made available to help pay for down payment and closing costs can be structured as a down payment assistance second mortgage that is secured as a lien against the new home.

These types of second mortgages that are created can be referred to by different names, but conceptually they are the same. These names include a down payment assistance second mortgage, a silent second mortgage or a soft second mortgage. Fannie Mae refers to second mortgages that are used in connection with a first mortgage that is delivered to them as Community Seconds. Second mortgages that are tied to loans delivered to Freddie Mac are referred to as Affordable Seconds.

The funds for these types of second mortgages can be provided by federal agencies, state and county housing agencies, local municipalities, nonprofit organizations employers. The eligibility requirements for most of them are provided by Fannie Mae or Freddie Mac.

Additional eligibility requirements are generally as follows:

  • The funds will be used for down payment assistance and/or closing costs.
  • The property must be a principal residence. In other words, the person receiving the assistance will live in the property once they buy it.
  • The property must be a residential property. This is to say that it is designed for one to four families to live in the property.
  • The maximum combined loan to value of the first mortgage and the silent second is not to exceed 105%.
  • The source of the funds for the second mortgage is not the seller of the property or another interested party to the transaction.

The reason that these types of second mortgages are referred to as a silent second is because they typically have a zero interest or very low interest requirement (ex. up to 2%) and do not require monthly payments. Also, many times, silent seconds are forgiven over time. If the loan is required to be repaid, the repayment requirement usually doesn’t happen until the home is sold or the mortgage is refinanced.

Know the Details of the Second Mortgage

If you are getting down payment assistance that is structured as a second mortgage, you need to be very careful that you read and understand the details, terms and conditions of the transaction. They can be quite different depending on how the provider of the funds chooses to structure the down payment assistance second mortgage.

Examples of some of these differences include:

  • the lien may or may not accrue interest,
  • the lien may or may not be forgiven over time,
  • the lien may or may not require that you and the provider of the funds share in any appreciation in the value of your home.

This type of down payment assistance should not be confused with a grant that does not require repayment.

Arizona Programs That Create Second Mortgages

As of 2018, the three most popular down payment assistance programs in Arizona – Home Plus, Home in Five and the Pima Tucson Homebuyer’s Solution – have structured their funds as soft second mortgages on the property being purchased. All three have chosen to structure the silent second in the following manner:

  • 0% interest rate
  • no monthly payments
  • three-year term
  • forgiven monthly at a rate of 1/36 over the term of the lien
  • the second mortgage is 100% forgiven after three years.
  • if the home was sold or refinanced before the three years, the non-forgiven amount of the lien will be paid back to the provider of the funds.

As mentioned, the reason that there may be a period of time that the lien is required to be repaid is because one of the main goals of the program is to help stabilize home values and ensure that the down payment assistance programs continue to be available and affordable to Arizona home buyers.

Learn more about the benefits of the down payment assistance programs in Arizona.

HOMES WE CAN HELP YOU FINANCE

$348,500
3 Beds ⋅ 3 Baths ⋅ 7051772 MLS ⋅ 1,466 SqFt.
See this interior lot- 3-bed, 2.5-bath townhome in the Community of Sanctuary on Center. This home comes with tile flooring in all the right places, and a large great room downstairs. Cook your favorite meals in the lovely kitchen, featuring white cabinets, a pantry, SS appliances, and a peninsula with a breakfast bar. New carpet in the upper level and stairs. The primary suite offers a walk-in closet, and a full ensuite with dual sinks. Enjoy the neighborhood's refreshing pool! Excellent location near parks, schools, and freeways for easy commuting to downtown Phoenix or Scottsdale. 2 car garage on the lower level.

1950 N Center Street Unit 110, Mesa
$489,900
2 Beds ⋅ 2 Baths ⋅ 7051712 MLS ⋅ 1,492 SqFt.
This move-in ready 2-bedroom, 2-bath townhome is filled w/natural light & offers an open, spacious floor plan, complete with golf course and mountain views! Welcome to effortless living in the highly sought-after Sunland Springs Village, one of Mesa's premier 55+ active adult golf course communities. Whether you're looking for a full-time residence or the perfect Arizona lock-n-leave, this home delivers. Sunland Springs Village is known for its vibrant lifestyle, featuring a 27-hole executive golf course, pickleball, fitness center, workout classes, arts and crafts, clubs, social events, swimming, and countless activities that make it easy to stay active and connected.

2662 S Springwood Boulevard Unit 356, Mesa
$350,000
2 Beds ⋅ 2 Baths ⋅ 7051582 MLS ⋅ 1,371 SqFt.
Don't miss this beautifully updated Tempe gem! Perfectly located just minutes from ASU, shopping, dining, and freeway access, this home offers the ideal blend of comfort and convenience. Featuring 2 spacious bedrooms, a versatile den, and 2 updated bathrooms, this home also boasts a beautifully remodeled kitchen, gorgeous Spanish tile throughout, and a bright, open floor plan. Step outside to your private backyard oasis with brand-new turf, pavers, plenty of space to entertain, and a large storage room. Whether you're looking for your next home or a fantastic investment opportunity, this move-in-ready property is an absolute must-see!

2170 E Minton Drive, Tempe
$499,000
3 Beds ⋅ 2 Baths ⋅ 7051244 MLS ⋅ 1,773 SqFt.
Enjoy beautiful golf course views from this well updated home in Sunland Springs Village in the heart of Mesa! Thoughtfully maintained and tastefully refreshed, this property features a remodeled kitchen with a stylish backsplash and newer appliances. The spacious primary suite offers a beautifully updated bathroom, while refreshed bathroom countertops and plantation shutters throughout add a modern, upscale touch. A two car garage provides ample storage and convenience. Major system updates--including a newer roof, A/C, and water heater--provide added peace of mind for years to come. Whether you're relaxing with golf course views or entertaining in the updated living spaces, this home offers the perfect blend of comfort, style, and convenience.

11069 E Kilarea Avenue Unit 120, Mesa
$489,000
3 Beds ⋅ 3 Baths ⋅ 7051185 MLS ⋅ 1,978 SqFt.
Looking to live in the HOTTEST AREA IN GILBERT? Welcome to The Lakes at Annecy, just minutes from vibrant SAN TAN VILLAGE's shopping and dining & easy access to Loop 202 freeway, where you will fall in love with this AMAZING home & urban-style living experience (including multiple lakes w/walking paths, swimming pools, playgrounds, basketball courts). This like-brand-new MOVE-IN READY 3 BR 2.5 BA plus OFFICE ~2000sf home w/2 CAR garage in The Lakes at Annecy -- derived from France's Lake Annecy known as the ''Venice of the Alps'' -- ALL FOR UNDER $500k is upgraded to the max. The GATED TREE-LINED community will give you that welcome home feel blended w/safety. As you approach, you'll find the PAVERED PORCH and 8' FRONT DOOR that leads to the QUIET DOWNSTAIRS OFFICE/DEN w/GLASS DOORS & BEAUTIFUL PLANK FLOORS, that extend to the STYLISH OPEN CONCEPT main living space that has an ABUNDANCE OF MUCH DESIRED NATURAL LIGHT. Be the proud owner of this VERY RARE "Annecy" GOURMET KITHEN that provides rich tobacco UPGRADED MAPLE CABINETRY w/42" uppers, beautifully contrasting Silver Falls GRANITE counters, SUBWAY TILE backsplash, COOKTOP w/HOOD, BUILT-IN OVENS, BLANCO QUARTZ SINGLE BOWL SINK, and large ISLAND w/PENDANT lighting. The HUGE WALK-IN PANTRY also provides a bonus storage area. When it's time to wind down, a relaxing OWNER'S SUITE has a FLOOR-TO-CEILING TILE surround w/RAINFALL showerhead, his/hers contemporary sink vanity, PRIVATE WATER CLOSET, and WALK-IN CLOSET. Head down the hall to the 2 OTHER BEDROOMS and FULL BATH. An attached 2 CAR garage includes a water softener loop for those silky smooth showers and laundry. Includes CEILING FANS and fresh paint. Just around the corner from your home you will have access to all the dining & social life activities that many "Zonies" drive many miles to access. And speaking of access, Loop 202 freeway is conveniently located to quickly get you to all parts of the southeast valley, including travel out of Phx-Mesa Gateway Airport. Welcome to an abundant life. And don't miss the MUST SEE VIDEO.

1686 E Chelsea Lane, Gilbert
$360,000
2 Beds ⋅ 3 Baths ⋅ 7050980 MLS ⋅ 1,100 SqFt.
Discover Townhome living at its best! Welcome to Villagio At Tempe. Move-in ready 2-bed 2.5 Bath. Enjoy low maintenance within this desirable gated community. New carpet, interior paint, washer and dryer, microwave & dishwasher. Spacious kitchen with granite countertops. A/C unit is 2 years old. Convenient 2 car garage with new garage opener. Great location! Loop 101 & 202, Sloan Park (Cubs Spring Training), Sky Harbor Airport, ASU Campus, Tempe Marketplace. Take advantage of great shopping and restaurants. Furniture available.

280 S Evergreen Road Unit 1304, Tempe
$494,000
4 Beds ⋅ 3 Baths ⋅ 7050971 MLS ⋅ 1,905 SqFt.
Take advantage of up to 2% in seller concessions, perfect for closing costs or an interest rate buydown to lower your monthly payment. Inside, you will find a thoughtful, open-concept floor plan featuring four bedrooms and three full baths, highlighted by a highly coveted bedroom and full bathroom on the main level that is ideal for a guest suite, multi-generational living, or a private home office. A beautifully refreshed Fulton home in South Chandler's premier 85286 zip code, offering an exceptional balance of space, functionality, and value. The interior has been tastefully updated with fresh neutral paint, brand-new carpet, upgraded lighting fixtures, a new kitchen faucet, and durable tile flooring throughout the primary living areas. Step outside to a private backyard featuring a covered patio with plenty of lawn and room to play, perfect for enjoying Arizona's ideal weather. The attached two-car garage features clean, durable epoxy flooring for added functionality. Situated in a desirable neighborhood with low HOA fees, residents enjoy access to exclusive community amenities, including a swimming pool, basketball court, scenic walking paths, and a shaded pavilion. Located within close proximity to top-rated Chandler Unified School District (CUSD) schools, local parks, dining, and shopping, this property combines everyday convenience with a quiet, established neighborhood setting. With generous square footage, a highly versatile floor plan, and 2% seller concessions available, this rare South Chandler opportunity will go fast.

1050 E Redwood Drive, Chandler
$290,000
2 Beds ⋅ 2 Baths ⋅ 7050895 MLS ⋅ 1,286 SqFt.
Amazing opportunity to own this 2 bedroom townhome in Heatherwood Village. The living room features high ceilings tile and laminate flooring throughout. The rear yard is fenced and would be perfect for your pet. The community boasts a playground, a lush green belt, a refreshing pool and well maintained community common areas. This community is near shopping, dining and quick highway access.

6720 E Encanto Street Unit 27, Mesa
$364,900
3 Beds ⋅ 3 Baths ⋅ 7050385 MLS ⋅ 1,750 SqFt.
Beautiful 2026 remodel 3BR/2.5BA townhome in desirable Knoell Ville Monaco! This stunning 1,750 sq ft home features a brand-new gorgeous kitchen with sleek quartz countertops, new cabinets, a modern sink, and stainless appliances. New LVP flooring, new carpet, and premium finishes throughout. Inside laundry with lots of storage cabinets. Upstairs, the spacious primary suite includes a generous walk in closet, sitting area, and a completely renovated bath with dual sinks. Enjoy a private patio and two attached carport spaces for ultimate convenience. Fantastic community amenities include a refreshing pool just steps away. Prime Tempe location near Baseline & McClintock-minutes from ASU, shopping, dining, parks, and top-rated schools with quick freeway access. Move-in ready - a must-see! shopping, dining, parks, and top-rated Tempe schools, with quick access to major freeways.

1926 E Duke Drive, Tempe
$340,000
2 Beds ⋅ 3 Baths ⋅ 7050384 MLS ⋅ 1,100 SqFt.
Gated Gilbert Living, Steps from It All Coveted corner/end unit in a sought-after gated community in the heart of Gilbert, walking distance to Downtown Gilbert's restaurants, shops, and nightlife, and just footsteps from the up-and-coming Heritage Park. As an end unit, enjoy just one shared neighbor, an abundance of natural light throughout and an open floor plan. Freshly painted inside (including the garage!) with new carpet at entry and in the bedrooms, move-in ready, no projects needed. The open kitchen boasts Corian countertops, all new stainless steel appliances, RO, and an island perfect for meal prep or casual dining, flowing seamlessly into the great room over neutral 18x18 tile. Upstairs offers two spacious primary ensuite bedrooms, ideal for roommates, guests, or a home office, plus a convenient half bath for guests. This 3-story home also features an in-unit washer/dryer, private balcony, and attached 2-car garage. Clean, updated, and perfectly located, this one won't last long!

240 W Juniper Avenue Unit 1257, Gilbert
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