Down Payment Assistance Programs

If you live in Maricopa County, and have a household income under $122,100, this program may be able to help get you into your new home faster and for less money out of pocket! It is designed to help with the required down payment to help you purchase a single family home, condominium, or townhome that you (and/or) your co-purchaser will live in as your primary residence. The “Home In Five” Down Payment Assistance Program may potentially provide down payment assistance in the form of a grant for 4% of the purchase price on your home. Additionally, if you are currently a first responder, K-12 teacher, U.S. military personnel or veteran, you may even qualify for an additional 1% in down payment assistance. Please call us at (602) 523-8189 or email us at mortgage_department@azcentralcu.org to see if you qualify for this program. Our mortgage specialists may be able to offer this – or many other alternative programs – to help you get into your dream home sooner and for less money out of pocket! Maximum loan amount is $766,550.

The WISH first-time homebuyer program offers eligible low and moderate-income households 4-to-1 matching grants of up to $29,000 for the purchase of a home. This money may be used towards the down payment or closing costs. WISH grants, which complement or supplement a variety of local, state, and federal homeownership programs, are targeting working families and individuals who are ready to make the transition from renting to owning. This program is being offered throughout Arizona and is not constrained to any one county. Qualification is based on income and down payment contribution. Program active dependent on funds availability.

Down payment assistance programs come from a number of sources including Arizona’s state and local resources, nonprofit organizations, or even lenders like Arizona Central Credit Union. These programs are designed to help would-be homeowners whose barrier to purchasing a home is the down payment or closing costs.

Arizona Central Credit Union’s down payment assistance programs are available to Arizona homebuyers and can provide up to $29,000 to qualifying participants.

Arizona Central Credit Union has two down payment assistance programs.

Some requirements to qualify for the Home in Five program include:

• Maricopa County residents
• Purchasing a primary residence
• Minimum FICO credit score of 640
• Additional funds available for first responders, K-12 teachers, U.S. military personnel or veterans.
• Additional funds available for those who make less than $44,000

The Workforce Initiative Subsidy for Homeownership (WISH) Program helps match $4 for every $1 a qualifying homebuyer puts toward a down payment or closing costs. Eligibility requirements include:

• Arizona resident (no county restriction)
• First-time homebuyers
• Low- or moderate-income households¹

Arizona Central Credit Union has been providing Arizona families in Phoenix and beyond with mortgages and other financial services since 1939. Whether you already have an account or are just looking to refinance your mortgage, Arizona Central, Arizona’s leading local credit union, will be here to safeguard you and help you achieve your goal of financial freedom.

Arizona Central Credit Union has 9 branches throughout Arizona, including Phoenix, Glendale, Tempe, Chandler, Flagstaff, Tucson and Show Low. Members have access to 30,000+ surcharge-free ATMs nationwide through the CO-OP ATM network. Arizona Central makes banking accessible & rewarding for all AZ communities.