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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

$419,000
2 Beds ⋅ 2 Baths ⋅ 7026264 MLS ⋅ 1,890 SqFt.
RARE OPPORTUNITY! Welcome to a masterclass in contrasts--where high-desert drama meets waterfront serenity. This electrifyingly updated sanctuary merges sleek, contemporary design with the raw beauty of the Arizona landscape. Imagine entertaining in a chef's kitchen featuring custom cabinetry and exquisite granite, then enjoying a relaxing evening on your private, resort-style patio. This absolutely stunning home with custom upgrades boasts two bedrooms two bathrooms and a two car garage on the waterfront - a rare find in the community. The entire property has been meticulously upgraded from top to bottom, featuring newer modern paint throughout, and a thoughtfully reconfigured layout that delivers the open, contemporary feel today's buyers crave. With its bright, airy feel, curated finishes, and quick access to the lake, this is Arizona waterfront living at its absolute finest!

403 Leisure World --, Mesa
$398,999
3 Beds ⋅ 3 Baths ⋅ 7026023 MLS ⋅ 1,422 SqFt.
Bright, modern, and move-in ready--this highly desirable end-unit townhome in Mosaic at Layton Lakes checks every box. Built in 2021 with smart home features including WiFi connectivity and a smart lock system, this 3-bedroom, 2.5-bath home offers 1,422 square feet of stylish and functional living space. As an end unit, it offers extra privacy, plenty of natural light, and only one shared wall, making it feel more like a single-family home. The open-concept main floor features sleek tile flooring, beautiful wood cabinetry, quartz countertops, and plantation shutters that allow you to control both privacy and natural light with ease. A convenient powder room is located just off the kitchen. Upstairs, enjoy the privacy of a split floor plan, new vinyl plank flooring, placing the primary suite on its own side of the home, separate from the two additional bedrooms, full guest bathroom, and laundry closet. The primary suite is a true retreat, complete with a spacious walk-in closet and a luxurious en suite bath featuring executive-height dual sinks, quartz countertops, and a glass-enclosed walk-in shower with upgraded tile surround that elevates the entire space. The additional bedrooms are perfect for guests, kids, or home office use, and the second full bathroom offers convenience and comfort. You'll also appreciate the upstairs laundry and attached 2-car garage. Outside, enjoy resort-style amenities just steps from your front door pool, spa, shaded playground, picnic areas, and greenbelt walking paths. Located in the heart of Gilbert with access to the top-rated Chandler Unified School District, this home offers the perfect blend of comfort, privacy, and low-maintenance living.

779 E Doral Avenue Unit 104, Gilbert
$265,000
3 Beds ⋅ 2 Baths ⋅ 7025987 MLS ⋅ 1,088 SqFt.
Well-located 3-bedroom, 2-bath block home offering comfort, convenience, and easy access to some of Tempe's most popular destinations. Situated close to ASU, Sky Harbor Airport, shopping, dining, and everyday essentials. Enjoy a private courtyard patio with views of the grassy community park, playground, and pool, creating a comfortable outdoor space for relaxing or entertaining. With a functional layout, solid block construction, and a location that keeps you close to everything, this home is ready for its next chapter.

1022 W Malibu Drive, Tempe
$435,000
2 Beds ⋅ 3 Baths ⋅ 7025661 MLS ⋅ 1,369 SqFt.
Live the waterfront lifestyle in this beautifully updated and impeccably maintained 2-bedroom, 2.5-bath home in the gated community of The Lakes at Annecy in Gilbert. Perfectly positioned on the water and bordering a serene common area, this home offers both privacy and picturesque views. Inside, you'll find a light, bright, and immaculate interior with thoughtful updates throughout. Quartz counters with the marble look, under cabinet lighting, and stainless steel appliances in the kitchen. Each bedroom features its own en-suite bath, plus a convenient half bath downstairs for guests. The open layout is ideal for both everyday living and entertaining with 2 balconies with peaceful views. The location truly sets this home apart1 It's just 5 minutes from SanTan Village, Costco, top-rated restaurants, shopping, and Mercy Gilbert Medical Center. Whether you're looking for a luxurious lock-and-leave property, a low-maintenance lifestyle, or the perfect starter home, this one checks every box. Waterfront living, gated security, unbeatable convenience...welcome home.

1698 E Bridgeport Parkway, Gilbert
$312,500
2 Beds ⋅ 2 Baths ⋅ 7025376 MLS ⋅ 1,091 SqFt.
Embrace easy living in this remodeled, move-in ready 2-bedroom, 2-bath townhouse located in the highly desirable Greenfield Glen 55+ community. Thoughtfully updated from top to bottom, this charming home features a bright open-concept layout with new flooring, updated appliances, stylish light fixtures, and contemporary finishes throughout. New windows . It is a FHA/VA approved property Designed for comfort and convenience, this low-maintenance property is perfect for a lock-and-leave lifestyle or year-round Arizona living. Residents enjoy resort-style community amenities including a sparkling pool, beautifully maintained grounds, and a peaceful, welcoming atmosphere. Affordably priced and beautifully updated, this is an exceptional opportunity to enjoy carefree living

1021 S Greenfield Road Unit 1075, Mesa
$365,000
2 Beds ⋅ 3 Baths ⋅ 7025371 MLS ⋅ 1,168 SqFt.
Buyer for this house may be eligible for up to $17,500 down payment assistance grant. Updated townhome in the prestigious community The Islands, which boasts amenities such as 74 Acres of Lakes, 30 Acres of Grass, Basketball court, Sand Volleyball Court, Bocce ball court, Playground, Facility Rental, Ramadas and Charcoal Grills. The house is filled with natural light spilled into each room from its brand new windows. Kitchen is completely updated. It is also equipped with smart switches, thermostats, and Ring doorbell. Custom shelving in the walk-in closet, laminated wood floor downstairs, curtains and blinds, for additional comfort. Spacious back patio adjacent to grassy greenbelt with towering pine trees. There are two primary bedrooms . It is updated for maximum energy efficiency and c and convenience. It is a perfect home for you.

405 S Seawynds Boulevard, Gilbert
$240,000
1 Beds ⋅ 1 Baths ⋅ 7025275 MLS ⋅ 673 SqFt.
Live like you're on vacation every day in Val Vista Lakes, this is what Arizona living is all about! Resort-style amenities right outside your door. Think beach pool, lap pool, pickleball, and a full gym so you cancel your membership, plus a clubhouse access for gatherings, & even another private heated pool just for Beach Club Village residents. And when you're not enjoying the lifestyle, you'll love coming home to this adorable condo featuring a one-car garage with the living space all on one level upstairs featuring vaulted ceilings, a cozy fireplace, two private balconies, and thoughtful upgrades throughout. Located just off the US 60, you're about 30 minutes to the airport and close to everything across the Valley. Low-maintenance, lock-and-leave, and all about the lifestyle!

1633 E Lakeside Drive Unit 25, Gilbert
$410,000
2 Beds ⋅ 2 Baths ⋅ 7025185 MLS ⋅ 1,781 SqFt.
Wow, a villa on the water and the greenbelt with over a 9,000 sq.ft. lot! What more could you want in the award winning 55+ community of Province? This home has a split floorplan with guest bedroom in front and the master in back overlooking the water. Both the kitchen and the master have bay windows overlooking the water. You will find outdoor living at it's finest with multiple seating areas from the covered patio to extended patio with pergola and built in BBQ then you have the firepit and another seating area down by the water so you can listen to the water fall. Or, you could take a nap in the hammock on the side of the house while listing to the water. Did we mention the furniture stays? Need a car? Take a look in the garage. All of this in the guard gated 55+ lake community of Province, a 55+ adult community with activities to meet all your needs including a putting green, catch and release lakes and over 5 miles of walking paths. Province proudly sports 9 beautiful, lighted and dedicated pickleball courts with a very large and active recreational and competitive club, practice your putting, enjoy a game of bocce or play a game of tennis, is nothing short of "retiring like you mean it!" To wrap it all up, inside the 32,000 square foot club house, you have a fitness center, lap pool, large card/game rooms, library, billiards room, ceramic, sewing, and computer center besides the quaint, gorgeous outdoor pool for perfect solitude or fun gatherings with friends and family. The Duke golf course is less than a mile away in Rancho el Dorado and Southern Dunes golf course is less than 5 miles away.

20705 N Lemon Drop Drive, Maricopa
$399,900
3 Beds ⋅ 3 Baths ⋅ 7025137 MLS ⋅ 1,555 SqFt.
Live the ultimate Gilbert lifestyle in this stunning 3-bed, 2.5-bath townhome just steps from the vibrant Heritage District. Imagine walking to brunch at Culinary Dropout, dinner at OSHO, or drinks at Postinos--all minutes from your front door. This modern home features a spacious great room with trendy tile plank flooring, granite countertops, and stainless appliances. Convenience is key with an upstairs laundry (washer/dryer included), a private covered balcony, and an extended two-car garage for extra storage. Located in a premier gated community, you'll enjoy resort-style amenities including two pools, a gym, volleyball, and a playground. With easy access to the US-60, medical centers, and top-tier shopping, this is the perfect blend of luxury and location. Don't miss out!

240 W Juniper Avenue Unit 1140, Gilbert
$300,000
2 Beds ⋅ 2 Baths ⋅ 7025090 MLS ⋅ 1,252 SqFt.
Welcome to Park Premier South Townhouses in beautiful Tempe Arizona! Imagine a quaint place that is close enough to all the areas you need to be or like to be. Whether you are a student attending/will be attending Arizona State University, first-time homebuyer or downsizing and like to be close to all the great things the City of Tempe has to offer. Yet have the tranquility of a cozy home with new Pella dual pane windows, warm luxury vinyl plank flooring and freshly painted ceiling in a wonderful community with great amenities. Live the lifestyle you desire! There are ample grassy courtyards with mature tress. Take a dip or lounge around the community pool. Get more physical activity in, play a pick up basketball game or tennis with friends and neighbors at the community courts.

6747 S Jentilly Lane, Tempe
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