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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

1406 W Emerald Avenue Unit 118, Mesa
$240,000
2 Beds ⋅ 2 Baths ⋅ 6970841 MLS ⋅ 908 SqFt.
This beautiful home is priced to sell!! This charming 2 bedroom, 2 bath home with garage and separate parking space is in the perfect location! This is a perfect opportunity for first time buyers, investors, or retirees! Near MCC, ASU, and Banner Desert Medical Center. The home has vaulted ceilings, new carpet and paint throughout, stainless steel appliances, updated kitchen cabinets, and an updated master bathroom. This home is bright and welcoming with plenty of natural light provided through large windows with a pool view and multiple skylights. Updates include water heater 2018, and guest bathroom, 2018. This lovely community has 2 sparkling pools, parks with barbecue gazebos and is located near freeway access, shopping, parks, and restaurants. Don't let your buyers miss this one!

1406 W Emerald Avenue Unit 118, Mesa
42057 W Miller Lane, Maricopa
$270,000
2 Beds ⋅ 2 Baths ⋅ 6969427 MLS ⋅ 1,722 SqFt.
Cared for Bright pleasant home NEW A/C unit in 2023, top of the Line . granite counter tops. New Hot Water tank . Daffodil model w/den or office & could be a 3rd bdrm. Nice size 6098 sq ft corner lot with important N/S exposure. Bay windows in dining nook & master bdrm add space & sunlight. Many Upgrades thru out 18'' floor tile, carpet, raised panel oak cabinetry. Upgraded entry door w/deco glass. Enjoy the large covered patio. This gated/guarded active-adult community has 5 miles of walking paths, , pickleball, bocce ball, tennis. A 32,000 sq ft resort style clubhouse is equipped with workout room, ceramics, painting, quilting, media room, indoor/outdoor heated pools & spas, indoor & outdoor pools & spas, many clubs & activities: dancing, cards, and much more

42057 W Miller Lane, Maricopa
2129 E Kirkland Lane Unit 1, Tempe
$329,900
3 Beds ⋅ 2 Baths ⋅ 6969333 MLS ⋅ 1,036 SqFt.
Available for immediate move-in, updated single-level 3-bedroom, 2-bath townhome in the sought-after University Ranch community. Open floor plan with a bright living area, a spacious kitchen with walk-in pantry, and a private patio perfect for relaxing or entertaining. The primary suite includes a spacious closet and en-suite bath. Enjoy the convenience of an interior laundry area and assigned parking. Located near ASU, Tempe Marketplace, and Sloan Park--home of Cubs spring training--this home offers easy access to shopping, dining, and major freeways. The well-kept HOA community includes a pool and allows rentals, making this a great option for both personal use and investment.

2129 E Kirkland Lane Unit 1, Tempe
25 N Cottonwood Street Unit 47, Chandler
$279,000
2 Beds ⋅ 2 Baths ⋅ 6966927 MLS ⋅ 831 SqFt.
Welcome to this charming townhome in the heart of Chandler! Located in a quiet, well-maintained community, this 2-bedroom, 2-bath home offers the perfect blend of comfort and convenience. Step into a bright and airy living space with modern flooring and a neutral palette that complements any style. The kitchen features updated cabinetry, granite countertops, and stainless steel appliancesâ”perfect for cooking and entertaining. You'll find two generously sized bedrooms and a full bath. Enjoy Arizona living year-round with your private patio space, ideal for morning coffee or weekend BBQs. The community offers lush green spaces, a sparkling pool, and is just minutes from Downtown Chandler's shopping, dining, and nightlife. Whether you're a first-time homebuyer, investor,

25 N Cottonwood Street Unit 47, Chandler
1527 S River Drive, Tempe
$399,000
2 Beds ⋅ 2 Baths ⋅ 6960956 MLS ⋅ 1,080 SqFt.
Welcome to 1527 S River Dr. in the heart of Tempe. The property features a spacious backyard with plenty of room to entertain, relax or personalize to your liking. The roof was redone this year, providing added value and peace of mind. The garage offers great potential and is perfect for a man cave, hobby space or home gym. Conveniently located near shopping, dining and ASU, this home presents an excellent opportunity for homeowners or investors looking to be close to it all.

1527 S River Drive, Tempe
2101 S Yellow Wood -- Unit 71, Mesa
$350,000
2 Beds ⋅ 2 Baths ⋅ 6955627 MLS ⋅ 1,371 SqFt.
Welcome to effortless living in this beautifully maintained 2-bedroom, 2-bath home with a 2-car garage, perfectly situated in one of the area's premier adult lifestyle communities. Thoughtfully updated and move-in ready, this residence blends comfort, style, and low-maintenance living. The heart of the home is an impressive chef-inspired kitchen, featuring granite countertops, a large custom island, stainless steel appliances, and elegant shutter blinds filtering in natural light throughout. The spacious primary suite and inviting guest bedroom offer ideal retreats, while the **laundry roomwith extra shelving**keeps everyday tasks organized and convenient. A Nuvo H2O reverse-osmosis system add peace of mind. Enjoy morning coffee or sunset cocktails on the covered patio, complete with retractable sun shades for year-round comfort. The garage is fully equipped with cabinetry, providing excellent storage. But the lifestyle doesn't stop at your doorstepthis community is truly exceptional. Residents enjoy access to a 13,000 sq. ft. recreation center, featuring a grand ballroom, library, card room, billiards, and a full lineup of clubs and activities. Outdoors, you'll find two pools, six tennis courts, pickleball, bocce, shuffleboard, horseshoes, a softball field, and courts for basketball and volleyball. Nature lovers will appreciate the walking and biking trails, pet owners will love the dog park, and RV enthusiasts can take advantage of the dedicated parking and storage.

2101 S Yellow Wood -- Unit 71, Mesa
1342 W Emerald Avenue Unit 236, Mesa
$275,000
2 Beds ⋅ 2 Baths ⋅ 6929566 MLS ⋅ 1,038 SqFt.
Welcome to this charming two-story townhome located in the desirable Villas Mesa II community! This well-maintained home features an inviting private courtyard with low-maintenance synthetic grass. The main level offers an open floor plan with neutral paint, a half bath, and a stylish kitchen complete with stainless steel appliances, white cabinetry, and a breakfast bar. Upstairs includes two spacious bedrooms and a full bathroom with updated lighting. Enjoy the convenience of being centrally located in Mesa's revitalized Fiesta District, just minutes from shopping, dining, and Sloan Park--perfect for Spring Training fans. Community amenities include a pool and spa for year-round relaxation.

1342 W Emerald Avenue Unit 236, Mesa
6512 S Mcallister Avenue, Tempe
$296,000
3 Beds ⋅ 2 Baths ⋅ 6926255 MLS ⋅ 1,220 SqFt.
Spacious 3-bedroom, 1.5 bath two story home offering over 1,200 square feet in an unbeatable Tempe location! This light and bright home features new flooring throughout, a newly updated kitchen and bathrooms, brand new air conditioning unit, brand new roof, and new windows along the rear of the home facing the courtyard. A large front great room flows seamlessly into a designated dining area just off the kitchen, with a convenient half bath located downstairs, creating an inviting and functional living space. Upstairs, there are three bedrooms including a spacious primary bedroom with a generous walk-in closet and a full dual-access bathroom connecting both to the primary bedroom and the hallway for added convenience. Enjoy the private courtyard patio on the main level, with a rear entrance leading directly to covered parking. The courtyard also includes a nicely sized storage shed for additional storage. Ideally positioned within the community, the home is conveniently close to the large sparkling pool and surrounded by green space, palm trees, and walking paths. Community amenities also include tennis and basketball courts. Located near the 18th hole of Ken McDonald Golf Course and perfectly situated in the heart of Tempe, just minutes from Arizona State University, shopping, dining, the US 60, and Chandler Fashion Center. Well suited for a variety of uses, including primary residence, student housing near ASU, or long-term rental potential.

6512 S Mcallister Avenue, Tempe
943 E Cobble Stone Drive, Queen Creek
$439,000
2 Beds ⋅ 2 Baths ⋅ 6924352 MLS ⋅ 1,342 SqFt.
This home is located in the amazing guard-gated resort community of Encanterra. **Owned Solar**This well-maintained 2-bedroom-2-bathroom-2-car garage home features an open Floorplan, tile flooring throughout. Plantation shutters, recessed lighting, and ceiling fans. The kitchen offers cabinets with crown molding, tile backsplash, stainless steel appliances, solid surface counters, and a prep island with a breakfast bar and desk area. The primary bedroom has a walk-in closet and a private ensuite with dual sinks. Don't miss the stacked washer and dryer. The spacious backyard is one of the larger lots in the community with mountain views. Covered patio. This incredible community offers Golf, Pools, Tennis, Fitness Centers, and a Restaurant.This home and community are a must-see!

943 E Cobble Stone Drive, Queen Creek
5370 S Desert Dawn Drive Unit 57, Gold Canyon
$349,900
2 Beds ⋅ 2 Baths ⋅ 6912218 MLS ⋅ 1,479 SqFt.
Welcome to this charming 2-bedroom, 2-bath condo in the gated Toscano Villas of Gold Canyon. Situated on a desirable corner lot and directly across from the community pool, this home offers convenience and resort-style living. The bright and open floor plan features a spacious living area, well-appointed kitchen, and dining space perfect for everyday living or entertaining. The primary suite includes a private bath and ample closet space, while the second bedroom is ideal for guests or a home office. Enjoy the beauty of the Superstition Mountains and easy access to hiking, golf, dining, and shopping. Low-maintenance living in a prime location makes this the perfect retreat or full-time residence.

5370 S Desert Dawn Drive Unit 57, Gold Canyon
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