In the state of Arizona, the state agency that offers first time home buyer programs is the Arizona Housing Finance Authority.

The loan program they offer for first time home buyers is the 2005 Mortgage Revenue Bond Program.

2005 Mortgage Revenue Bond Program –

This loan program give the advantage of interest rates that are below the general market rates for first time home buyers. This low interest rate is available on fixed-rate mortgages and additional benefits include down payment and closing cost assistance. This loan program is applicable to FHA, VA, Fannie Mae, and Freddie Mac conventional loans.

Qualifications:

• As a first time home buyer, you not have owned a home in the past three years
• The home you select must be your primary residence.
• Your income level and property cost must fall under the criteria for this loan program.

For further details on available the loan program visit http://www.housingaz.com/azhfa/dpap.aspx