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Jeff Masich's Blog

By Jeff Masich | Agent in Scottsdale, AZ

5% Free Grant (6% for Veterans) for a Home Purchase in Maricopa County

The Home In Five program provides a free 5% grant for purchasing a home in Maricopa County, Arizona. This stimulus program is available through selected lenders, however this list is growing. Free is Good.
5% Free Grant (6% for Veterans)
Current Interest Rate for a 30-year
fixed rate mortgage loan is 3.625%
Per the informational website on the grant, "The Industrial Development Authority of the County of Maricopa and The Industrial Development Authority of the City of Phoenix, Arizona have joined together to help homebuyers obtain FHA, VA, or USDA-RD loan financing to purchase a home anywhere in Maricopa County, including the City of Phoenix. Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable 5% down payment/closing cost assistance grant, with special incentives for qualified United States military personnel.
Financing for these loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis, only through the Participating Lenders listed below.
Homebuyer Eligibility
·          Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
·          Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.  A list of some HUD approved homebuyer education counseling agencies can be found at the link:  http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=AZ
Program Eligibility: 
1. Homebuyers may purchase a home anywhere in Maricopa County, including in the City of Phoenix.
2. Buyers must occupy the home as their principal residence within 60 days of closing.
3. The program may only be used to purchase a home (i.e., no refinancing).
4. Income Limits for Eligible Borrowers
·          Maximum credit qualifying income may not exceed $90,000. 
·          There is no income limit for qualified United States military personnel.
5. Purchase Price Limit
·          Maximum purchase price limit in this program is $300,000.
6. Special Incentives for Qualified United States Military Personnel
·          There is no income limit for qualified United States military personnel.
·          Down payment/closing cost assistance of an additional 1% for a total of 6%.
·          This assistance is a grant and does not require repayment." 
For more information and details as well as a list of qualified lenders: http://www.mcida.com/cm/content/home_ownership.asp 

This is an oppotunity, while funding lasts to get a 5% free grant (6% for Veterans) to purchase a home.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart Realty
Scottsdale, Arizona

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