There are still a number of Arizona down payment assistance programs for home buyers but when it comes to the more popular Arizona down payment assistance programs, the Home In 5 Advantage Loan program has been at the top. Let us explain more.
Maricopa County Home In 5 Program
Receive Home Loan Down Payment Assistance Up To $15,000
The Maricopa County Arizona Home in 5 Program offers 5% of the loan amount towards the closing of your home most often used against your down payment. Veterans may receive up to 6% of the loan amount towards the down payment on a purchase of their homes.
Home buyers must qualify however, and income and debt ratio limitations do apply. You must meet minimum FICO score requirements and FHA guidelines. The maximum purchase price of a subject property may not to exceed $300,000.
The Maricopa County Home In 5 Program has been one of the most popular Arizona down payment assistance programs we have seen. Contact us for lender referrals; once you choose a Home In 5 Program lender, you will be on your way to home ownership with zero down payment.
Details for the Home In 5 Advantage Loan Program
The City of Phoenix Arizona Industrial Development Authority and the Maricopa County Industrial Development Authority have joined together to help homebuyers obtain FHA, VA, or USDA-RD loan financing for the purchase a home as long as that home is located within the extents of Maricopa County.
Through the Home in Five Advantage program, qualifying families and individuals would be able to obtain a 30-year fixed rate loan, with an assistance grant of 5% of the loan amount which may be used towards the down payment and/or closing of the property and there are additional special incentives for qualified United States military personnel. For examples, United States veterans receive an assistance grant of 6%.
Financing for this Arizona down payment assistance program is available on new or existing homes, condominiums, townhomes or manufactured homes on a first-come, first-served basis, as long as the property meets FHA guidelines.
Home Buyer Eligibility
- Buyers must have a minimum of a 640 FICO credit score and a debt-to-income (DTI) ratio that is no higher than 45.
- Standard loan guidelines do exist for qualification. For example, the home buyer must be able to show adequate income and an acceptable credit history.
- All home buyers are required to attend a home buyer education course, obtain a certificate of completion, and receive a home inspection on the subject property. Home buyers will find a list of HUD approved Housing Counseling agencies offering the Pre-purchase home buyer education course at http://www.HUD.gov.
- The maximum purchase price of the home may not exceed $300,000 and the household income of the qualifying individual or party may not exceed $88,340.
Additional Incentives For Qualified U.S. Military Personnel
For qualified United States military personnel, there is an additional 1% on top of the 5% which equates to a total of 6% of the loan amount that may be used as a down payment or towards closing costs.
When the county notes Qualified U.S. Military Personnel, Maricopa County means to include qualified veterans, active duty U.S. military personnel, active U.S. reservists and active members of the National Guard.
A qualified veteran is any person who has served in the active U.S. military, naval or air service, and who was discharged or released from their service under any condition(s) other than dishonorable. We can provide you with the Home In 5 Advantage Loan Program details when you Contact us.
We are inVIVO realty Arizona operating under inVIVO realty LLC and we specialize in Desert Ridge homes and home values as well as educating our buyers as to what types of home buying programs there are in Arizona and Maricopa County.
Contact us to learn how you can qualify for the Home In 5 Advantage Arizona down payment assistance program.