If you're not familiar with the Home in 5 program it's something to really consider. You can purchase a home anywhere in Maricopa county and (with certain restrictions) the government will pay your down payment.
Contact Us and we can help you find a home and introduce you to our lending partner to get started.
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, USDA-RD, or Fannie Mae HFA Preferred Conventional 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 4% down payment/closing cost assistance grant. (The homebuyer receives a net 3% down payment assistance after a 1% origination fee is paid to the Participating Lender.)
Qualified United States Military Personnel & Veterans, Teachers and First Responders will receive 5% of the original loan amount. (In this case, the homebuyer receives a net 4% down payment assistance after a 1% origination fee is paid to the Participating Lender.)
Financing for these loans is available on new or existing homes (one to four units), condominiums, townhouses or manufactured homes only through a Participating Lender as listed below.
Homebuyer Eligibility
- Homebuyers must have a minimum FICO credit score of 640 (680 for conventional loans with LTVs from 95.01% to 97%) 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 homebuyers must attend a homebuyer education course through a HUD-approved housing counseling agency located within Arizona and obtain a certificate of completion. The homebuyer may attend an 8-hour face-to-face homebuyer education course or take an 8-hour equivalent course on-line.
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 $88,340.
Purchase Price Limit
- Maximum purchase price limit in this program is $300,000.
Special Incentives for Qualified United States Military Personnel & Veterans, Teachers and First Responders
- Qualified individuals may receive an additional 1% down payment/closing cost assistance for a total grant of 5%. (The homebuyer receives a net 4% down payment assistance after a 1% origination fee is paid to the Participating Lender.)
This assistance is a grant and does not require repayment.
“Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard.
"Qualified Veteran" is a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable (as provided in 38 U.S.C. Section 101.
"Teachers" are individuals who are employed full time by a state-accredited public or private school that provides direct services to students in grades pre-kindergarten through 12.
“First Responders” include:
Peace Officers, as defined in A.R.S. § 1-215, certified by the Arizona peace officer standards and training board, and employed full-time.
Professional firefighter, as defined in A.R.S. § 9-901, employed full-time as a member of an organized and paid fire department.
Emergency personnel, are those individuals who are employed full-time and whose primary responsibility is the care of patients in an ambulance, to include the occupations as defined in A.R.S. § 36-2201.
Detention Officers, as defined by A.R.S. § 13-3907, means a person other than an elected official who is employed by a county, city or town and who is responsible for the supervision, protection, care, custody or control of inmates in a county or municipal correctional institution. Detention officer does not include counselors or secretarial, clerical or professionally-trained personnel.
Down Payment Assistance
- All homebuyers qualifying for down payment assistance will receive 4% of the original loan amount to be used for down payment and closing costs. (The homebuyer receives a net 3% down payment assistance after a 1% origination fee is paid to the Participating Lender.)
- Qualified United States Military Personnel & Veterans, Teachers and First Responders will receive 5% of the original loan amount. (In this case, the homebuyer receives a net 4% down payment assistance after a 1% origination fee is paid to the Participating Lender.)
This assistance is a grant and does not require repayment.
Please Contact Us if you're interested and would like for us to help you find a home and make an introduction to our lending partner.
You can use our site to search for all Scottsdale homes for sale, you may also want to contact us to set up a customized search for you. If you're interested in learning more you can fill out our contact form or please give us a call at (480)-387-3990.