Arizona adds $5M to program that helps 1st-time homebuyers

PHOENIX — After being introduced in January 2024, the Arizona Is Home program — endorsed by Gov. Katie Hobbs — has received another funding boost to support first-time homebuyers.

After getting $13 million in startup funding via a partnership with the Arizona Department of Housing (ADOH), the program is adding $5 million to its working budget from the federal American Rescue Plan Act.

In its first 18 months, the mortgage assistance initiative has helped more than 500 Arizonans close the deal on their first house.

Arizona Is Home aims to double its positive impact to around 1,000 first-time homebuyers with the new investment.

“By putting homeownership within reach, we’re helping working families unlock the Arizona promise and build their future right here in Arizona,” Hobbs said in a Tuesday announcement. “Through Arizona Is Home, we’ve turned the dream of owning a home into a reality for hundreds of Arizonans, and now even more Arizonans will have that same opportunity.”

Funding possible for Arizona first-time homebuyers

Maricopa County residents earning up to 120% Area Median Income (AMI) can qualify for assistance of between 3% and 7% of their desired home’s purchase price.

Pima County residents in the same AMI range are eligible for up to $9,000 to put toward a down payment and/or closing costs on a home.

More detailed information regarding Arizona Is Home and buyer eligibility can be found online.

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