The Industrial Development Authorities (IDA) for Maricopa County and City of Phoenix, 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 4% 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-serve basis, only through Participating Lenders.
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.
Income for Eligible Borrowers may not exceed $88,340.
You DO NOT need to be a first time homebuyer to qualify
Homebuyers may purchase a home anywhere in Maricopa County.
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).
Purchase Price Limit
Maximum purchase price is $300,000.
Special Incentives for Qualified United States Military Personnel
Down payment/closing cost assistance of an additional 1% for a total of 5%.
“Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard.
A “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).
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 cost assistance.
Qualified United States Military Personnel will receive 5% of the original loan amount.
Down Payment/Closing Cost Assistance Amount at 4%
Down Payment/Closing Cost Assistance Amount at 5%
This assistance is a GRANT PROGRAM and DOES NOT REQUIRE REPAYMENT but is only available through participating lenders.
Click hereto request more info and to be put in touch with a participating lenderor give us a call at 480.447.2199
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