Down Payment Assistance in Maricopa County: Your Guide to Buying for Less Than Rent

If you're renting in Scottsdale, Tempe, Chandler, or Gilbert, there's a good chance you're paying $2,200–$3,500 a month for a home you'll never own. At the end of your lease, you have nothing to show for it — no equity, no tax deduction, no asset. Meanwhile, a 3-bedroom new build in Goodyear, Buckeye, or Queen Creek can have a total monthly payment (principal, interest, taxes, insurance) under $2,400 with the right financing. The difference? In 5 years, you'll have $40,000–60,000+ in equity instead of a stack of rent receipts. Down payment assistance programs exist specifically to bridge the gap between "I want to buy" and "I can't save fast enough." Maricopa County has some of the best DPA programs in the country — and most people don't even know they exist.

The Home in Five Advantage Program is Maricopa County's flagship DPA program, jointly administered by the Maricopa County IDA and Phoenix IDA. It offers up to 6% of the loan amount as an interest-free, forgivable second mortgage that can be used for both down payment and closing costs. The loan is forgiven over 3 years (1/36th per month). If you stay in the home 36 months, you owe nothing back. No first-time buyer requirement. Minimum 640 FICO. Income limit up to $138,600. An extra 1% in assistance is available for K-12 teachers, first responders, U.S. military and veterans, and buyers earning $49,500 or less annually. Over 25,000 Maricopa County families have used this program since 2012.

The Home Plus Program is administered by the Arizona Industrial Development Authority and is available in every county, city, and zip code in Arizona — including all of Maricopa County. It provides up to 5% of the loan amount as a deferred, no-interest, no-payment second mortgage that is fully forgiven after 60 months (5 years). Unlike some programs that run out of funding annually, Home Plus is available year-round and never depletes. It can be paired with FHA, VA, conventional, or USDA loans. The 2026 income limit was raised to $155,386, which covers the vast majority of Maricopa County households. No first-time buyer requirement. Minimum 640 FICO. Veterans and active military qualify for an additional 1% in assistance.

The Chenoa Fund is a national DPA program that works particularly well in Arizona. It offers 3.5% or 5% assistance and is known for its flexibility — accepting credit scores as low as 600 (with certain product options) and having no income limits on its repayable loan products. If your credit isn't perfect or your income is higher than other program caps, Chenoa is worth exploring. It pairs with FHA loans and offers both forgivable and repayable options. The repayable option has a 10-year term with a manageable monthly payment.

Here's what most articles about DPA won't tell you: many Arizona homebuilders are DPA-friendly and actively encourage buyers to use these programs. Unlike resale sellers who may be skeptical of DPA-financed offers, builders have dedicated sales teams that work with DPA lenders daily. They understand the process, the timelines, and the paperwork. On top of that, builders are currently offering unprecedented buyer incentives — interest rates as low as 2.99% on quick move-in homes, 3-2-1 buydowns that slash your payment for the first three years, paid closing costs, free design upgrades, and landscaping packages. A DPA grant covering your down payment combined with a builder paying your closing costs means you could move into a brand-new home with virtually nothing out of pocket. The math is compelling: a $400,000 new build with a 3-2-1 buydown might have a Year 1 payment of $1,650/month — hundreds less than what you'd pay to rent a comparable home in the same neighborhood.

Here's something we're proud of at Ivy Realty: our buyer agents have been exceptionally successful at negotiating closing cost assistance on behalf of their clients. Whether it's from the builder's incentive budget, the seller in a resale transaction, or stacking lender credits with DPA programs — our agents know how to structure offers that minimize out-of-pocket costs. Getting into a home you own is often cheaper than continuing to rent. That's not a tagline — it's the reality our clients experience when they work with a knowledgeable buyer agent who understands every DPA program, every builder incentive, and every creative financing strategy available in this market. You don't pay for buyer agent representation — the builder or seller covers our commission. There is zero cost to you for expert guidance.

Let's say you're paying $3,000/month for a rental in North Scottsdale or Arcadia. In 3 years, that's $108,000 paid with zero return on investment. In 5 years, it's $180,000 gone. Now consider this alternative: a new construction home in a desirable community — Verrado in Buckeye, Eastmark in Mesa, or Vistancia in Peoria — purchased for $450,000 using DPA for the down payment and builder-paid closing costs. Your total monthly payment with a competitive rate might be $2,600–$2,800. In 5 years, between principal paydown and even modest appreciation (Arizona has averaged 5-8% annually over the past decade), you could be sitting on $80,000–$120,000 in equity. The renter has nothing. You have a six-figure asset. These aren't starter homes, either — new builds in master-planned communities come with resort-style pools, fitness centers, parks, hiking trails, and top-rated school districts. You're not downgrading your lifestyle. You're upgrading your financial future.

Step 1: Connect with an Ivy Realty buyer agent. We'll assess your situation, discuss which DPA programs you likely qualify for, and point you to approved lenders who specialize in DPA financing. Step 2: Get pre-approved. An approved lender will determine your loan amount, the DPA program that fits best, and your estimated monthly payment. Most buyers are surprised at how affordable it is. Step 3: Tour new builds with your agent. We'll show you DPA-friendly builders and communities, negotiate the best incentive package, and handle every detail from contract to keys. The entire process typically takes 60–90 days for a quick move-in home, or 4–6 months for a dirt build where you choose your lot, floor plan, and finishes. Either way, your first step is the same — reach out. Every day you wait is another month of rent that could have been building equity.