Home In Five Advantage Program Details
The Industrial Development Authority (IDA) of Maricopa County and The Industrial Development Authority of the Phoenix, Arizona have combined forces to help low and moderate-income families, veterans and active military personnel access FHA, VA and USDA Rural Development loan financing and Arizona down payment assistance for the purchase of Maricopa County Arizona homes.
Through this Home in 5 loan program, qualifying families and individuals are able to obtain a 30-year fixed rate loan and 5% of their original loan amount may be used towards their down payment and closing costs. The 5% loan assistance is a grant and does not have to be paid back. Veterans and other qualified military personnel defined as those persons who have served in the active U.S. military, naval or air service, and who were discharged or released from their service under any condition(s) other than dishonorable (as provided in 38 U.S.C.Section 101), may qualify for up to 6% of their loan amount.
Home in 5 loan financing is currently available for new build homes, resale homes, condominiums, townhomes and manufactured homes.
Home In Five Advantage Program Eligibility
The Home in 5 program, an Arizona down payment assistance program from Maricopa County, is a grant program and does not have to be repaid but there are still loan guidelines exist for qualification such as adequate income, acceptable credit scores, and down payment requirements which of course are often completely covered by the down payment assistance grant monies.
- The purchase classification of the home must be principle residence and home buyers must take occupancy of the home within 60 days of the close of escrow.
- Homes must be purchased in Maricopa County Arizona only.
- The Home in 5 Program is for purchase only; no refinancing is allowed.
- Home buyers must have a FICO score of at least 640 and a debt-to-income (DTI) ratio that does not exceed 45.
- For all borrowers of the loan, the qualifying income may not exceed $88,340.
- There is a purchase price limit on the home of $300,000.
- All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. There is a list of HUD approved Housing Counseling agencies offering the Pre-purchase Homebuyer Education course on the HUD website.