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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

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Updated 2-bedroom golf course townhome with carport parking in a desirable community! Features upgraded kitchen with quartz counters, stainless steel appliances, LV wood flooring, updated AC system, and replaced electrical wiring. Bright open floor plan with spacious primary suite and private patio access. Enjoy the covered south-facing patio overlooking the golf course -- perfect for relaxing Arizona mornings and sunsets. Washer & dryer included. Super clean, move-in ready, and close to community amenities, shopping, and dining!

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Step into the convenience of condo living. This 2bd/2bath upstairs, end unit includes a private garage and has plenty of living area including formal living & dining areas, fireplace, open kitchen with breakfast bar, garden window, and ample cabinet & counter space. Spacious primary suite with double closet and full bath. Separate guest room & full bath. Enjoy your own private balcony. Vaulted ceilings give this home an open and airy appeal. Plenty of HOA amenities to enjoy too; including: community pools & spas, tennis, racquet & pickleball and volleyball courts, fitness & rec centers, parks, fishing and more! Don't wait! Make it yours today!

1633 E Lakeside Drive Unit 122, Gilbert
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Move right into this charming, single-story ground-level condo! Tucked away in a desirable interior location with no stairs, this home features fresh paint, updated flooring, and brand-new appliances throughout. Enjoy the convenience of two dedicated parking spaces, a private patio, and a comfortable, climate-controlled laundry area complete with a new washer and dryer. Updated and low-maintenance, this turnkey property is ready for its next owner.

720 S Dobson Road Unit 85, Mesa
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IMMACULATE TOWNHOME LOCATED IN SOUGHT AFTER COMMUNITY!! This charming townhome is located across from the community spa. It offers 2 spacious Primary Retreats. Living Room features wood vinyl flooring and electric fireplace. Eat-in Kitchen includes new dishwasher, new microwave, range/oven, refrigerator and pantry. Half bathroom downstairs is convenient for guests. Laundry room includes built-in cabinets, washer and dryer included. Lots of great storage throughout. New water heater in 2023. Covered patio plus storage room. 2 covered parking spaces. Community pool and spa. This attractive townhome is a must see! DON'T MISS THIS OPPORTUNITY!!

6262 E Brown Road Unit 17, Mesa
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Incredibly rare opportunity for buyers -- this home offers an FHA assumable loan at an amazing 2.875% interest rate (buyer qualification required), creating potential for significant monthly savings compared to today's rates. Seller Financing may also be available! Welcome to this beautifully maintained 2-bedroom, 2-bath tri-level home with attached 2 car tandem garage, with a layout that offers privacy, functionality and comfortable living. Loft can be converted to a 3rd bedroom/ flex room. Perfectly situated in a highly desirable community that offer 3 community pools and parks, located just off the 202 freeway for unbeatable convenience! Located just minutes from the thriving Epicenter, featuring exciting new restaurants, shopping, and entertainment, plus close proximity to SanTan Village and Mesa-Gateway Airport, this location truly has it all! Whether commuting, dining out, or enjoying nearby amenities, you'll love being in the center of it all. Don't miss your chance to own a home in a prime location with convenience, lifestyle, and value all in one!

1339 S Owl Drive, Gilbert
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Welcome to this beautifully upgraded 2020-built home offering 3 bedrooms, 2.5 baths, 2,092 SqFt, a spacious upstairs loft, and an extended garage with a Tesla EV charger. Designed with both style and function in mind, the open-concept floor plan is filled with natural light and features premium upgrades including luxurious wood-plank tile flooring, premium carpet, upgraded Rockport interior doors with satin nickel Halifax lever hardware throughout, an upgraded Mission-style staircase railing, and remote-controlled ceiling fans throughout. The chef's kitchen is the centerpiece of the home, featuring a large island with breakfast bar seating and three designer pendant lights, quartz countertops in a crisp Oceana finish, a full-height quartz backsplash, stylish 42'' upper cabinetry in a painted Salerno Birch finish, an upgraded undermount sink and brushed nickel faucet, and stainless steel appliances. The thoughtfully selected finishes create a luxurious yet warm feel throughout the main living spaces. Upstairs, the flexible loft is ideal for a home office, media room, or play area. The private owner's suite includes dual vanities, a soaking tub, upgraded bath fixtures, a private water closet, and a generous walk-in closet, while two additional bedrooms and an upstairs laundry room complete the layout. Upgraded carpet adds comfort and sophistication throughout the upper level. Enjoy outdoor living in the low-maintenance backyard with a covered patio, artificial turf, and open views behind the property for added privacy. Additional highlights include a water softener, RO system, extended driveway, and energy-efficient features including dual-pane Low-E windows, dual-zone HVAC, Ecobee5 smart thermostat, and enhanced insulation. Ideally located between Chandler and Gilbert, you're just minutes from the Paseo Trail, the 202 Freeway, SanTan Village, Crossroads Towne Center, Downtown Chandler, and Old Town Gilbert for shopping and dining. This community also features a pickleball court--an added bonus for those who enjoy this fast-growing sport. The area is also served by highly acclaimed schools, adding to the appeal of this exceptional location. Homes with this combination of upgrades, location, thoughtful design, and access to top-rated schools are hard to find.

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1245 W 1st Street Unit 125, Tempe
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Welcome to this beautifully updated second floor condo located in the highly desirable gated community of Superstition Springs. Enjoy scenic water views right from your home while taking advantage of the added privacy that comes with an upstairs unit. This move in ready property features brand new carpet, fresh interior paint, and a completely updated bathroom creating a clean and modern feel throughout. The functional floor plan offers comfortable living spaces filled with natural light, all conveniently located near shopping, dining, golf, and easy freeway access. A perfect opportunity for a primary residence, seasonal getaway, or investment property in one of Mesa's most convenient locations.

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