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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

$289,000
3 Beds ⋅ 2 Baths ⋅ 7049250 MLS ⋅ 936 SqFt.
Beautifully Remodeled Single-Level Townhome in an Unbeatable Tempe Location! Move right into this stunning 3-bedroom, single-level townhome featuring a private, fenced courtyard-perfect for relaxing, entertaining, or enjoying Arizona's beautiful weather. Every detail has been thoughtfully updated, including brand-new appliances, custom cabinetry, quartz countertops, designer-tiled showers, new flooring, and modern electric zebra blinds throughout. Ideally located just minutes from Arizona State University, Mesa Riverview, Sloan Park (Chicago Cubs Spring Training), shopping, dining, Valley Metro Light Rail, and the Loop 101 and 202 freeways, this home offers exceptional convenience for work, school, and recreation. Located within the highly regarded Tempe School District, this move-in-ready home combines modern style with low-maintenance living in a vibrant community. Whether you're looking for your primary residence, a second home, or an investment opportunity, this beautifully updated property is one you won't want to miss. Owner/Broker.

525 N May Street Unit 9, Mesa
$410,000
2 Beds ⋅ 2 Baths ⋅ 7049235 MLS ⋅ 1,587 SqFt.
Welcome to Tuscany Villas at Painted Mountain Golf Course, an exclusive gated community in NE Mesa that offers resort-style living. The property is conveniently located near the 202 Red Mountain Freeway, shopping venues, dining spots, and is only a short drive--under 30 minutes--to Sky Harbor Airport. Termite Inspection has already been completed along with updated home maintenance. This meticulously maintained two-bedroom townhome boasts a bright, open-concept design with spacious kitchen, living and dining areas, plenty of natural light, and neutral tile flooring throughout, with carpeted bedrooms. The upgraded kitchen is spacious featuring granite countertops, stainless steel app R/O system. All furniture and art work conveys. The flexible floor plan accommodates multiple bedroom options, features like tailor-made closet systems, a Murphy bed in the guest bedroom that allows for office flexibility. Private outdoor spaces include premium sized lot, courtyard and covered patio. A extended two car garage and easy-care landscaping all add to the home's attractiveness and function. Major systems have been updated: HVAC (2023), hot water heater (2025), soft water system (2025), and garbage disposal (2026). Quick close available. Residents enjoy amenities like a clubhouse, pool, spa, pickle ball court, fitness facility, media/game rooms and picturesque golf course views, perfect for either full-time living or a seasonal getaway. There are many social events and regular activities planned for the homeowners. No age restriction. Pet friendly with 2 pet limit.

6202 E Mckellips Road Unit Unit 3, Mesa
$370,000
3 Beds ⋅ 3 Baths ⋅ 7049207 MLS ⋅ 1,379 SqFt.
This rare townhome, with attached 2 car garage and in a gated community, is available to be your new home! A great room floorplan, this unit is light and bright! Wood like floors are throughout the first level. The kitchen, with stainless appliances, opens to the great room & dining area. The downstairs also has an office or den that can be used for whatever you need the space to be. A powder room is also located on the main level. Upstairs you will find the master bedroom suite, two secondary bedrooms with a hall bath & a laundry closet that includes a full size washer & dryer. An attached double garage will make you think this is a single family home! Just out the door & across the street is the community pool and the Augusta Ranch Golf Club is in walking distance down Baldwin.

2024 S Baldwin -- 79 -- Unit 79, Mesa
$325,000
2 Beds ⋅ 3 Baths ⋅ 7049179 MLS ⋅ 1,456 SqFt.
Beautifully maintained townhome located in a desirable gated community! This thoughtfully designed floor plan features 2 oversized primary suites, each complete with its own private bathroom, making it ideal for guests, multi-generational living, roommates, or a private home office. Offering 1,456 sq ft of living space, this home features beautiful wood-look tile flooring, an open-concept kitchen overlooking the family room, and an attached 2-car garage with plenty of storage. Both primary suite bathrooms feature double sinks. One suite offers a walk-in shower, while the other includes a tub/shower combination. Each oversized bedroom features a walk-in closet and its own private balcony. Upstairs you'll also find a convenient laundry room w/ storage cabinets, a built-in desk niche in the hallway that's perfect for working from home or homework, newer carpet, and an abundance of storage throughout. Enjoy the security and convenience of gated community living while being just minutes from shopping, dining, golf, and freeway access. This move-in ready home offers a rare floor plan in a fantastic Mesa location!

6710 E University Drive Unit 156, Mesa
$285,000
2 Beds ⋅ 2 Baths ⋅ 7049175 MLS ⋅ 1,046 SqFt.
Welcome home to this refreshed 2-bedroom, 2-bath residence in a desirable West Mesa location. Perfectly positioned near Arizona State University, vibrant Downtown Mesa, and the Oakland Athletics Spring Training facility at Hohokam Stadium, this home offers an unbeatable combination of convenience and lifestyle. Spend your weekends exploring local favorites like Goat and Ram, Tacos Chiwas, and Republica Empanada, catch a performance at the Mesa Arts Center, or discover Arizona's rich history at the Arizona Museum of Natural History. With shopping, dining, entertainment, light rail access, and major freeways all nearby, this is an ideal opportunity to enjoy everything the East Valley has to offer. Soaring vaulted ceilings and fresh interior paint create a bright, open feel throughout the main living space. The kitchen features generous counter space and ample cabinetry, making meal preparation and daily living both functional and efficient. Both bathrooms have been tastefully remodeled with modern finishes, and a brand new washer adds everyday convenience, making this home truly move-in ready. Enjoy a private covered back patio for relaxing or entertaining, along with a covered carport for added convenience. The community pool provides a refreshing retreat during the warmer months. Major 2025 updates include a new roof, full PEX repipe, plumbing upgrades with new shut-off valves, and new front gutters, offering peace of mind for years to come. Whether you're a first-time homebuyer, ASU student or faculty member, investor, or simply looking for a low-maintenance home in a prime location, this thoughtfully updated residence offers exceptional value, modern upgrades, and the best of Mesa living--all ready for you to call home.

910 N Center Street Unit 16, Mesa
$344,900
2 Beds ⋅ 2 Baths ⋅ 7049140 MLS ⋅ 1,296 SqFt.
Great opportunity to own this 2 bedroom, 2 bathroom townhome that sits on a beautiful corner lot. Tile & laminate flooring throughout, vaulted ceilings, cozy fireplace, ceiling fans, all appliances, etc. Exterior features a wonderful front courtyard & back patio. Low maintenance as the HOA covers all landscaping needs (outside the patio/courtyard). Large 2-car garage with built-in storage cabinets. Community pool! Buyer to verify all facts & figures.

2059 E Brown Road Unit 16, Mesa
$320,000
3 Beds ⋅ 3 Baths ⋅ 7049008 MLS ⋅ 1,377 SqFt.
$10,000 Seller Concession Available! Seller is offering to pay one year of HOA dues at closing, reducing the buyer's first-year ownership costs. Fully remodeled condo in the highly sought-after Dobson Ranch. This move-in ready home features a new A/c, luxury vinyl plank flooring, fresh paint, modern lighting, & designer finishes throughout. The stunning kitchen showcases white shaker cabinets, quartz countertops, waterfall island,full-height quartz backsplash, and stainless steel appliances. The open-concept floor plan creates a bright and inviting space, perfect for everyday living and entertaining. Enjoy Dobson Ranch amenities including lakes, pools,parks, walking paths, tennis courts, and recreation center. Conveniently located near shopping, dining, golf, and major freeways.

2121 S Pennington -- Unit 21, Mesa
$309,000
3 Beds ⋅ 3 Baths ⋅ 7048987 MLS ⋅ 1,223 SqFt.
Move-in ready Tempe townhome in an unbeatable location! Recent updates include fresh interior paint, brand new carpet, new light fixtures, and a bright kitchen featuring quartz countertops, a new dishwasher, beverage fridge, and all appliances included. Step outside to your private backyard with easy maintenance artificial grass, creating the perfect space to relax without the upkeep. Located just minutes from Downtown Tempe, Mill Avenue, and ASU. With quick access to the US-60 and I-10 freeways, this puts shopping, dining, entertainment, and commuting within easy reach. Whether you're looking for a primary residence, housing for your student who is attending Arizona State University, or an investment opportunity, this Tempe townhome offers comfort, convenience, and exceptional value.

1418 W La Jolla Drive, Tempe
$346,500
4 Beds ⋅ 3 Baths ⋅ 7048833 MLS ⋅ 1,536 SqFt.
This low maintenance, 4 BEDROOM, 3 BATH townhome is 3.5 Miles south of Arizona State University. It's fabulous for taking on college boarders or rooms for children. A community pool, garbage, exterior home (incl. landscaping) maintenance, washer, dryer, fridge & covered parking is incl. The home has been remodeled over the last few years, has a bedroom & bath on the ground floor w 3 beds & two baths upstairs. The roof was redone in 2026. Water heater was replaced in 2024. Pictures were taken prior to the tenant, who has now moved out. A short drive to the superstition freeway, Tempe Diablo Stadium (spring baseball) Gammage theater, ASU facilities, job corridors, the nations largest municipal park, malls, golf & sky harbor airport

3909 S Mill Avenue, Tempe
$439,900
3 Beds ⋅ 3 Baths ⋅ 7048810 MLS ⋅ 1,847 SqFt.
This 3BR, 2.5BA, 2G, wonderfully maintained, move-in ready condo is in a small gated community of just 22 homes, and in a great Tempe location. Kitchen features granite counters, a large island and a breakfast bar. Fridge, washer & dryer all stay. Soft water. Upstairs A/C is a 4-ton unit, new 5/24. Seller says it can heat/cool the entire condo.The spacious greatroom is light and bright with high ceilings and french doors to the back patio. All bedrooms are upstairs and all come with balconies. Vacant and easy to show!

1749 E Libra Drive, Tempe
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