In 2022 we were all negatively affected by a series of unexpected events. Record inflation led the U.S. Treasury to increase interest rates at an unprecedented pace. In 2022, mortgage interest rates more than doubled over the course of that year.  This aggressive increase caused investors to reduce their participation in the mortgage-backed securities (MBS) market. This is the national capital market where we raise resources that are used to fund and support the HOME Plus Down Payment Assistance Program. The reduced participation has negatively impacted our ability to consistently provide availability for our Arizona IDA Home Plus DPA complete portfolio of products.

Conditions can change on a day-to-day basis and therefore, the lender / loan officer you work with can provide greater insight, including which Arizona IDA HOME Plus DPA offerings are available during these challenging times. To find a lender near you and discuss options, please click on the Find-A-Lender link.

We appreciate your understanding during these times and hope that we can offer a DPA solution that works best for you.


Dirk Swift
Program Administrator

*Updates and terms may change without notice. Please consult with your lender for the most updated product information.

BORROWER(S) MAXIMUM INCOME LIMIT HAS BEEN RAISED TO $122,100.00 (effective July 1, 2022)

Arizona HomeBuyer Down Payment Assistance

Available in Every County, City, Zip Code in Arizona!

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Home Plus Arizona DPA Program

What’s Better… A Large Down Payment or More Money in the Bank?

Buying a home is likely the biggest purchase you’ll make in your lifetime. There’s a reason why people joke they feel “house poor” when they leave the closing table. Too often, the burden of the down payment leaves homebuyers’ cash reserves empty.

And, new data shows that can be a recipe for financial stress.


Research by the JPMorgan Chase Institute flips the script on homebuyer risk. It turns out that having a cash cushion trumps a big down payment.

Historically, a big down payment is associated with lower risk, but the report found that liquidity — having at least three months of mortgage payments available — is a better measure of homeownership success. In fact, borrowers with less than one month of mortgage payment reserves defaulted at a rate five times higher than borrowers who had three and four months of mortgage payments available.


Homebuyers have an incentive of securing a lower interest rate to try and stretch to make a larger down payment. But, is it really the best for long-term success?

The short answer is no. Don’t make a big down payment at all costs.

The report found that borrowers with little liquidity but more equity (made a larger down payment) defaulted at considerably higher rates than borrowers with more liquidity but less equity (made a smaller down payment). Further, default was preceded by a drop-in income regardless of the homeowner’s equity, income level, or payment burden.


The report’s findings suggest that a policy or program encouraging borrowers to make a slightly smaller down payment and use the residual cash to fund an “emergency mortgage reserve” account might lead to lower default rates.

The good news is that many down payment assistance programs available today can help you do just that. You may be able to combine an affordable first mortgage with a down payment assistance program. It can help you to come to the closing table without wiping out your bank account.


We’re here to help. The HOME+PLUS program provides down payment and closing cost assistance to qualified home buyers throughout Arizona.

For the HOME+PLUS program, an asset test is not part of the program qualifications. If the home buyer has existing funds, they can keep those funds in savings and use the HOME+PLUS assistance for their down payment and/or closing cost.

We promote SUSTAINABLE home ownership, and allowing a home buyer to retain cash reserves and still use HOME+PLUS assistance further improves affordability and long-term home ownership success.

For more information regarding the HOME+PLUS program, including first steps, approved lenders and program requirements please visit either or

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