Governor Katie Hobbs and the Arizona Department of Housing recently announced the expansion of the Arizona Is Home initiative, providing down payment assistance and mortgage rate relief to first-time homebuyers across the state.
The program has already helped more than 500 homebuyers close on homes, with the expansion expected to bring that number to around 1,000.
"By putting homeownership within reach, we're helping working families unlock the Arizona Promise and build their future right here in Arizona," Governor Katie Hobbs said in a press release earlier this month. "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."
The collaboration between the Governor's Office and the Arizona Department of Housing launched in 2024 with $13 million in funding. This expansion adds another $5 million from federal American Rescue Plan Act dollars, bringing the total investment to $18 million.
First-time homebuyers in Pima County who are at or below 120% Area Median Income can receive up to $9,000 in assistance. In Maricopa County, eligible homebuyers can receive between 3% and 7% of the home's purchase price.
The funds can be used for down payments and closing costs, paired with competitive federally available mortgage interest rates for first-time homebuyers.
Prospective homebuyers can find more information on the program through the Arizona Department of Housing website.
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