Home in Five Program

 

 

 

 

Home in Five Advantage Mortgage Origination Program

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 home buyers 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.

 

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 home buyer education course and obtain a certificate of completion, and receive a home inspection.

Program Eligibility

  • Homebuyers may purchase a home anywhere in Maricopa County, including in the City of Phoenix.
  • Buyers must occupy the home as their principal residence within 60 days of closing.
  • The program may only be used to purchase a home (i.e., no refinancing).

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.

Purchase Price Limit

  • Maximum purchase price limit is $300,000.

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%.

Down Payment Assistance

  • All home buyers qualifying for down payment assistance will receive 5% of the original loan amount to be used for down    payment and closing cost assistance.
  • Qualified United States Military Personnel will receive 6% of the original loan amount.

This assistance is a grant and does not require repayment.

Product is subject to change and can be cancelled at anytime.

 

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