Down Payment Assistance Program - Home in 5 - Home in Five, Arizona
The Home in 5 (five) program
is offered through Participating lenders to Home buyers that are
looking in Pinal and Maricopa County. The industrial Authority of the county of
Maricopa and the Industrial Developement Authority of the city of
Phoenix, Arizona have joined forces to help home buyers purchase homes
in Maricopa county through FHA, VA or USDA loan programs by giving those
that qualify for the program a non-repayable 5% (4% in Pinal County) toward closing costs
and Down Payment.
Homebuyer Eligibility Requirements
(Click Here To See If You Qualify)
-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.
- Maximum income must be under $88K ( no income requirements for military personel).
-may purchase a home anywhere in Maricopa and Pinal County, including in the City of Phoenix.
-Buyers must occupy the home as their principal residence within 60 days of closing.
-Must occupy the home for 1 year.
-Can be used on Single Family Residences, TownHomes or Patio Homes
-The program may only be used to purchase a home (i.e., no refinancing).
This is a Grant and does not have to be repaid back and is not taxable as income.
Example of down payment assistance:
Loan Amount : $185K - 5% = $9,250 - 6% =$11,700
note: If your closing costs are paid for by the seller then you may need little to no money out of pocket when purchasing a home through this program.
Need a Realtor that can accomplish this?
Find a home that qualifies for the Home in 5 Down Payment Assistance program Here
for full program detail click here