Home in 5 Program Highlights
5% down payment assistance. Assistance is calculated as 5% of the initial principal balance of mortgage loan.
30 year Fixed Rate Home Loan with Competitive Interest Rate (set by IDA). **The interest rate may change periodically to stay competitive with the market**
This is a grant, so no repayment is required.
Eligible loan types: FHA, VA, or USDA-Rural
Minimum 640 credit score
Maximum of 45% debt to income ratio
There is no First Time Homebuyer Requirement
Maximum qualifying income of $88,000
Important for Military (Qualified Veterans, Active Duty Military, Active Reservists, Active National Guard)
Down Payment Assistance is increased to 6%
UP TO $15,000 IN HOME LOAN DOWN PAYMENT ASSISTANCE
The Home in 5 Program offers 5% of the loan amount towards your down payment in Maricopa County only. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score requirements and FHA guidelines. Maximum purchase price shall not to exceed $300,000.
HOME IN 5 ADVANTAGE LOAN PROGRAM DETAILS
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.
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, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.
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 for ALL borrowers.
PURCHASE PRICE LIMIT
Maximum purchase price limit of $300,000.
SPECIAL INCENTIVES FOR QUALIFIED UNITED STATES MILITARY PERSONNEL
Down payment/closing cost assistance of an additional 1% for a total of 6%.
“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 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.