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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

$275,000
2 Beds ⋅ 1 Baths ⋅ 6984726 MLS ⋅ 1,073 SqFt.
Welcome to this charming 2-bedroom townhome with a new roof that proves great living doesn't require extra square footage--just smart design. First perk? An attached carport, because hunting for parking should not be part of your daily routine. Step inside to a bright and inviting living room featuring a new decorative wall panel, new baseboards that are perfect for bringing in natural light or stepping out for a breath of fresh air. The kitchen strikes the perfect balance of style and function, with butcher block countertops, a tile backsplash, new lighting, built-in appliances, and a pantry ready to keep everything organized (including that snack stash you definitely don't share). Both bedrooms offer comfortable, well-designed spaces that feel like your own private retreat, ideal for restful nights, a home office setup, or whatever your lifestyle calls for. The bathroom features dual sinks, making busy mornings just a little more civilized. Out back, you'll find a covered patio for relaxing evenings, paved space for easy outdoor living, and a convenient attached shed for extra storage because holiday décor and "I might need this someday" items deserve a home too. Low maintenance, new closet doors, thoughtfully laid out, and full of charm, this townhome is designed to simplify your day-to-day. And if it's checking your boxes, it's probably checking someone else's too.

5308 S La Rosa Drive, Tempe
$450,000
2 Beds ⋅ 2 Baths ⋅ 6984722 MLS ⋅ 1,492 SqFt.
Beautiful Views from this unit, welcome to the best views of Superstition mountain, Two bedroom split floor plan offers east facing patio for morning coffer enjoying the morning sun and open golf course views. New roof being replaced March 2026. Pullout cabinets throughout kitchen.

11250 E Kilarea Avenue Unit 254, Mesa
$394,900
1 Beds ⋅ 1 Baths ⋅ 6984508 MLS ⋅ 882 SqFt.
Truly one of a kind, 1 Bed, 1 Bath, 882 s.f., 11ft Ceilings, loft style exposed ductwork! Here is a rare opportunity for any future urban dweller. This Loft at the Orchidhouse boasts amazing views and great SUNLIGHT from its expansive 3rd floor windows. Customizations galore!! Wood floors, custom painting, custom cut art glass, built-ins, stainless steel, and exposed brick walls. Recently remodeled bathroom with W/D and stainless steel kitchen appliances. Absolutely perfect for entrepreneurs looking for a LIVE-WORK flex space or for any urbanite searching for their very own home in the modern world! Enjoy Mill Avenue's shopping, dining & the Metro light rail, Mill Ave Streetcar, Whole Foods Market, Tempe Town Lake, ASU and all of Downtown Tempe's entertainment right out your front door!

21 E 6th Street Unit 311, Tempe
$269,900
2 Beds ⋅ 2 Baths ⋅ 6984053 MLS ⋅ 1,227 SqFt.
Welcome to this charming 2-bed, 2-bath townhome in Muirfield Village Condominium! The inviting interior showcases abundant natural light, a neutral palette, and soft carpet & tile flooring throughout. You'll love the seamlessly flowing open layout, perfect for everyday living & entertaining! The kitchen boasts black matching appliances, ample wood cabinetry, a pantry, and a 2-tier island w/breakfast bar. Enter the primary bedroom to find a full bathroom for added comfort. The sliding doors from the dining space open to the cozy balcony, where you can relax while enjoying your favorite beverage! This gem also includes an attached 1-car garage, ensuring secure parking and extra storage. Take advantage of the Community pool, spa, and playground. Excellent Mesa location! Don't miss this gem!

1255 S Rialto -- Unit 134, Mesa
$232,000
3 Beds ⋅ 1 Baths ⋅ 6980427 MLS ⋅ 988 SqFt.
BRAND NEW HVAC! Welcome to this beautifully updated 3-bedroom, 1-bathroom townhome in the heart of the Mesa Fiesta District. This move-in ready home features a modern kitchen with quartz countertops, stainless steel appliances, a subway tile backsplash, and updated cabinetry. The interior is finished with a mix of durable tile on the main floor and laminate wood flooring upstairs. Recent upgrades include newer windows, a sliding door and an updated bathroom with a walk-in shower. Enjoy community amenities like a sparkling pool, BBQ area, and green spaces. Perfectly located within walking distance to Mesa Community College and Banner Desert Hospital. Includes two assigned parking spaces.

948 S Alma School Road Unit 128, Mesa
$409,000
3 Beds ⋅ 3 Baths ⋅ 6979949 MLS ⋅ 1,679 SqFt.
Welcome to this beautifully maintained 3-bedroom, 2.5-bath condo located in a desirable gated community. This spacious home offers a well-designed floor plan with an open living and dining area, ideal for both everyday living and entertaining. The kitchen features ample cabinetry and counter space, with pantry. A convenient half bath on the main level adds extra functionality. Additional highlights include an attached garage, upstairs laundry, and low-maintenance living with community-managed exterior. Conveniently located next to shopping, parks and freeways

1255 N Arizona Avenue Unit 1061, Chandler
$349,900
2 Beds ⋅ 2 Baths ⋅ 6979733 MLS ⋅ 1,237 SqFt.
Brand New A/C. Embrace easy living in this move-in ready, fully updated 2-bedroom, 2-bath townhouse located in the desirable Greenfield Glen 55+ community. This low-maintenance home features a functional open layout with new flooring, updated appliances, modern window shutters, and contemporary light fixtures throughout. Enjoy resort-style community amenities, including a sparkling pool and beautifully maintained common areas, perfect for Arizona living. Ideal for a lock-and-leave lifestyle, this affordably priced property offers comfort, convenience, and peace of mind. Don't miss this opportunity to enjoy carefree living in a quiet, welcoming adult community.

1021 S Greenfield Road Unit 1045, Mesa
$469,900
2 Beds ⋅ 2 Baths ⋅ 6979681 MLS ⋅ 1,542 SqFt.
JUST REDUCED $60,000! Great value and opportunity to live in this amazing community of Encanterra. Take advantage of all the amenities it offers or just relax and enjoy the manicured common areas. This home was lived in for less than 3 months then seller relocated. It's like new but only better with window treatments, water softener, reverse osmosis, and all the little things that are needed. This Evia model offers great room living with modern stainless steel appliances, gas cooktop, large kitchen island, breakfast bar, and coffee station. Bathrooms have upgraded finishes and tiled surrounds. Primary bath offers floating dual sink vanity with undermount lighting, private toilet room, walk-in closet, and glass enclosed shower. Easy living, low maintenance, gated, and ready for you

506 E Citrus Hollow Way, Queen Creek
$370,000
3 Beds ⋅ 3 Baths ⋅ 6978858 MLS ⋅ 1,358 SqFt.
Finding a property that balances a prime location w/a ''no-expense-spared'' renovation is a rarity. Finding one with a first-floor primary suite & full basement is virtually unheard of! This one underwent a complete, ground-up transformation around 5 yrs ago. Forget the ''builder grade'' upgrades often seen in today's market. This home was meticulously reconstructed starting from bare plywood & drywall to ensure structural & aesthetic integrity. Newer premium wood-look tile flooring flows t/o main living areas anchored by substantial 4.5'' baseboards for a custom, high-end finish. Brand new carpeting just installed in all 3 bedrooms. HOA maintains roof/replacement, water/sewer/garbage, front yard/exterior/street/common areas. The chef's kitchen has been entirely reconfigured for a modern flow. It features custom cabinetry, stunning granite countertops, premium stainless steel appliance package, & an expansive island design. Total peace of mind comes standard. The home features entirely updated electrical wiring, newer outlets, & designer lighting fixtures. Beyond the surface, the "guts" of the home are newer, including a high-efficiency water heater, newer supply lines, & contemporary sinks. This layout was intelligently redesigned to maximize both comfort & convenience. Originally a 2-bath unit, this home now boasts 2.5 elegantly appointed bathrooms. Each features newer vanities topped with luxe marble & all-new commodes. Enjoy the rare convenience of a first-level primary bedroom, offering a private retreat without the need for stairs. The detached & oversized 2-car garage provides ample space for vehicles & all of your gear, while the basement offers that elusive extra square footage with 2 additional bedrooms for a home gym, theater, or workshop. Why settle for a view of a parking lot? This unit occupies the coveted "Golden Spot" of the community. Step out your front door & find yourself mere steps from the community pool & mailboxes- The ultimate in convenience. Your personal outdoor escape features a professionally landscaped yard with premium AstroTurf, providing a lush, green aesthetic year-round with zero maintenance required. This is a "ground-up" remodel. In a market of cosmetic flips, this home stands alone as a complete reconstruction! Enjoy weekend grills in the backyard, & don't forget to visit the community's pool for a refreshing time. Easy access to the 101, 202, & 60 freeways, near ASU Research Park, Intel, Chandler Regional Hospital, shops, dining, top-rated schools... You are at the center of it ALL! Come see it before it's gone!

2875 W Highland Street Unit 1133, Chandler
$362,500
2 Beds ⋅ 2 Baths ⋅ 6977552 MLS ⋅ 1,096 SqFt.
PRICE REDUCED! Resort-style living in the heart of Gilbert! This beautiful townhome is located in the highly desirable Lakes at Annecy community. The southeast-facing unit is filled with natural light and enjoys a prime location directly across from a park-like setting featuring a lake with fountains, resort-style pool complex, and children's playground. The home offers direct access from the 2-car garage and a thoughtfully designed layout ideal for modern living. The kitchen boasts ample quartz counter space, sleek cabinetry, and beautiful appliances, perfect for both everyday use and entertaining. The living area opens to a private balcony, providing additional outdoor space. Additional features include a full-size stackable washer and dryer, included with the home. Conveniently located within walking distance to shopping, dining, and entertainment, with easy access to the Loop 202. Just minutes from SanTan Village Mall and Mercy Gilbert Medical Center. This is a fantastic opportunity to enjoy low-maintenance living in one of Gilbert's most sought-after communities.

2750 S Voyager Drive Unit 101, Gilbert
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