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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

$280,000
2 Beds ⋅ 2 Baths ⋅ 7035341 MLS ⋅ 831 SqFt.
Affordable Chandler living with community pool and a prime location! Welcome to this beautifully maintained 2-bedroom, 2-bath condo in the desirable Colonia Coronita community. Offering comfort, convenience, and exceptional value, this home features a private enclosed front patio, an inviting open floor plan, and easy access to Loop 202. Enjoy being just minutes from Downtown Chandler, Gilbert, shopping, dining, and entertainment while living in one of the East Valley's most sought-after areas.Inside, you'll find an open layout with a neutral palette, tile flooring, and an inviting fireplace for cozy evenings. The eat-in kitchen features built-in appliances, flat-panel cabinets, mosaic tile backsplash, and a skylight for ample natural light...

95 N Cooper Road Unit 55, Chandler
$227,400
1 Beds ⋅ 1 Baths ⋅ 7035339 MLS ⋅ 735 SqFt.
Welcome to this delightful single-story (ground level!) condo in the sought-after Solana Condominium Homes! The beautifully updated interior boasts fresh paint and brand new flooring, with a blend of soft carpeting and wood-look floors, crown molding, and plenty of natural light, making every space perfect for entertaining and relaxation. The pristine kitchen features flat-panel cabinetry, a two-tiered peninsula, and built-in appliances for a seamless cooking experience. Ideal for easy maintenance and comfortable living, with 1 spacious bedroom with a walk-in closet, and 1 bathroom. Enjoy your morning coffee on the covered patio. Convenient location close to restaurants, shopping, golfing, & freeways! MOTIVATED SELLER!! **SELLER WILL PREPAY HOA FOR 1 YEAR AT CLOSING FOR NEW BUYER**

1941 S Pierpont Drive Unit 1100, Mesa
$428,500
2 Beds ⋅ 2 Baths ⋅ 7035332 MLS ⋅ 1,742 SqFt.
WATERFRONT! Charming 2 BR 2 BA + Den (w/ barn door closure) Villa on the water and on a coveted corner lot. This home has personality plus! Kitchen has gorgeous granite countertops, pantry, dbl-oven gas range. Living area has a floor to ceiling rock feature wall with a built-in electric fireplace. Primary bath has striking bowl sinks and vanity. Garage has easy-care epoxy floors. Sun lovers can luxuriate in the backyard and sip a favorite beverage from the spool-a dipping pool when you want to cool off, and a bubbly hot tub when you want to unwind. Built-in BBQ with plumbed gas. Stay cool under the patio with commercial misting system. It's resort style living at its finest and the HOA covers roof repairs/replacement, front yard maintenance and ext paint. Province is an award-winning, guard gated, 55+ Adult community with 25 miles of walking paths, meandering lakes and greenspaces, pickleball, tennis, bocce, basketball, putting green, billiards, crafts, sewing, cafe, resort-style pool, indoor lap pool. So many activities! It's a wonderful lifestyle!

41987 W Dorsey Drive, Maricopa
$309,900
3 Beds ⋅ 3 Baths ⋅ 7035310 MLS ⋅ 1,437 SqFt.
Welcome home to this beautifully designed, low-maintenance townhouse located in the heart of Mesa! Featuring newer WINDOWS, newer AC Unit, an open and airy multi-level layout, this property seamlessly blends comfort and convenience. The main floor boasts a Spacious living area with Gorgeous Tile Flooring perfect for entertaining, a Large Open Kitchen Featuring Modern White Shaker Cabinets, Plenty of counter space, Nicely Appointed White Subway Tile Backsplash and Stainless-Steel Appliances. Upstairs, you'll find generously sized bedrooms, including a Private Primary Suite with an inviting En-Suite Highlighting a Luxurious Step-In Shower Fully Equipped with Resting Bench that serves as your very own personal retreat. Step outside to your private, covered large back patio, ideal for enjoying quiet Arizona mornings or weekend gatherings with friends and family. Situated in a charming community with easy access to shopping, dining, and major freeways, this home is a must see. Don't miss out on this lock-and-leave lifestyle opportunity!

2455 E Broadway Road Unit 8, Mesa
$363,900
2 Beds ⋅ 2 Baths ⋅ 7035216 MLS ⋅ 1,088 SqFt.
Prime Chandler lock-and-leave opportunity in gated Tre Allagio, beautifully remodeled and move-in ready. This upper-level end-unit townhome is tucked privately in the back corner of the community, directly across from the park/greenbelt area, offering one of the best interior locations in the complex. Inside, the home features vaulted ceilings, abundant natural light, no carpet, and a clean modern finish package throughout. The open living area flows to a refreshed kitchen with updated surfaces, stylish finishes, stainless appliances, and a bright contemporary feel. The split 2-bedroom, 2-bath layout provides functional privacy, while the private balcony adds outdoor living space overlooking the quiet community setting. Additional highlights include an attached 1-car garage, upgraded flooring throughout, refreshed bathrooms, modern fixtures, and a low-maintenance lifestyle with community pool, greenbelts, playground, BBQ areas, and gated entry. Excellent location near Price Corridor employment, Chandler Fashion Center, Loop 101, Loop 202, shopping, dining, and everyday conveniences. A strong option for a primary residence, seasonal home, or investment property in one of Chandler's most convenient locations.

2727 N Price Road Unit 57, Chandler
$255,000
3 Beds ⋅ 3 Baths ⋅ 7034889 MLS ⋅ 1,296 SqFt.
Seize the chance to own this end-unit townhome in Dobson Glen with Dobson Ranch amenities! You're welcomed by a serene living room with a soothing palette, wood-look flooring, a wet bar, and an inviting fireplace for cozy evenings. The well-appointed kitchen comes with quartz counters, ample cabinetry, recessed lighting, a tile backsplash, built-in appliances, and a practical pass-through with a breakfast bar for casual dining. The main bedroom includes soft carpeting, a private bathroom, and a convenient walk-in closet. Unwind at the end of a long day on the back patio. The Community boasts lush green spaces, serene lake views, parks, and well-maintained common areas. Don't miss out on this fantastic opportunity! Dobson Ranch amenities include: *Multiple recreation centers * Tennis courts * Pickleball courts * Swimming pools * Splash pads * Basketball courts * Lakes and walking paths * Community events * Club activities * Parks and playgrounds

2121 S Pennington Street Unit 2, Mesa
$265,000
2 Beds ⋅ 2 Baths ⋅ 7034583 MLS ⋅ 984 SqFt.
This property is located in a Community Lending-eligible area, offering potential buyers incentives such as reduced rates or closing cost assistance. Your Tempe Lifestyle Awaits! This 2-story, 2-bed, 1.5-bath townhome-style condo offers low-maintenance living without sacrificing the unbeatable urban convenience of being minutes from ASU and local hot spots. The lower level features a living room, a convenient half-bath, and an eat-in kitchen that flows seamlessly to your own enclosed rear patio. Upstairs, you'll find two bedrooms with roomy closet space and a full shared bathroom, providing a private retreat from the living areas below. Complete with a covered carport parking space and access to a refreshing community pool. Minutes from Downtown Tempe, Tempe Town Lake, and easy freeway access (Loop 202 & I-10). Don't miss this incredible opportunity!

1055 W 5th Street Unit 13, Tempe
$279,000
2 Beds ⋅ 1 Baths ⋅ 7034405 MLS ⋅ 858 SqFt.
Completely updated and move-in ready, this beautifully renovated single-level townhome in Bradley Manor offers comfort, convenience, and low-maintenance living in the heart of Tempe. Enjoy two covered parking spaces, a private storage unit, and direct access to Norton Park, the community pool, and expansive green space. The HOA provides exceptional value by covering water, sewer, trash, exterior maintenance, roof repair and replacement, and blanket insurance. Recent improvements include a new roof, HVAC system, dual-pane windows, cabinetry, quartz countertops, luxury vinyl plank flooring, appliances, and a beautifully remodeled bathroom. The spacious primary bedroom opens directly to a private patio, creating the perfect spot for morning coffee or evening relaxation. Conveniently located near ASU, shopping, dining, parks, major employers, and freeway access.

6507 S Kenneth Place Unit C, Tempe
$390,000
3 Beds ⋅ 2 Baths ⋅ 7034300 MLS ⋅ 1,560 SqFt.
With close proximity to Arizona State University makes this property ideal for students. The location is also great for professionals, winter visitors, or anyone who wants to enjoy everything Tempe has to offer while still having easy access to the rest of the Phoenix metro area. Your new 3-bedroom, 2-bathroom Tempe home offers the perfect combination of location, lifestyle, convenience, and flexibility in one of the most desirable areas of the Valley. Your new home is situated in a beautifully maintained community featuring a sparkling community pool, spa, tennis courts, walking paths, mature landscaping, and inviting common areas that create a true Arizona resort-style atmosphere. Whether you are looking for a low-maintenance primary residence, seasonal lock-and-leave home, or investment property, this community offers the lifestyle many buyers are searching for. Inside, your new home features a functional floor plan with spacious living areas, natural light, comfortable bedrooms, and flexible living space perfect for roommates, guests, a home office, or college living. The layout provides both privacy and functionality, making it a great fit for a variety of living situations. Previously operated as a successful Airbnb, this property also presents an outstanding opportunity for buyers looking for income potential or a flexible investment property in a high-demand location near ASU and some of the Valley's most popular destinations. Living here places you close to Arizona State University, Tempe Marketplace, Mill Avenue, Old Town Scottsdale, Sloan Park, Cubs Spring Training, Sky Harbor International Airport, Mesa Riverview, and countless shopping, dining, entertainment, hiking, golf, and recreation opportunities. Major freeway access including the Loop 101, Loop 202, US-60, and I-10 makes getting around the Valley simple and convenient.

1608 S Torre Molinos Circle, Tempe
$481,500
4 Beds ⋅ 3 Baths ⋅ 7034192 MLS ⋅ 1,747 SqFt.
What a beautiful 4-bedroom townhome nestled in the popular Via Sorento! This desirable end-unit gem offers comfort and style. Inviting great room enhanced by picture windows and bountiful natural light creates a warm and welcoming atmosphere. Lovely kitchen offers SS appliances, recessed lighting, fire sprinkler, granite counters, ample cabinetry with crown moulding, and a breakfast bar. Sizable primary bedroom is complete with plush carpet, a private bathroom with an enclosed glass shower, and a walk-in closet. Additional highlights include a 2nd main bedroom with its own bathroom and a flexible loft ideal for an office, TV area, or lounging space. Enjoy peaceful mornings on a cozy balcony or take advantage of the Community's exceptional amenities. Don't miss out on this amazing home!

240 W Juniper Avenue Unit 1116, Gilbert
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