Monday, March 4, 2013

Home in 5 - Down Payment Assistance Program

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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, only through the Participating Lenders.

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 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 $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.  

Revised February 27, 2013 


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