The Home in 5 Program offers up to 4.5% 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 exceed $300,000.

 

 

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.

 

Home in 5 Advantage Loan PROGRAM DETAILS

The Industrial Development Authority of the Maricopa County 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, and townhouses  on a first-come, first-served basis.

 

PURCHASE PRICE LIMIT

Maximum purchase price limit of $300,000.

SPECIAL INCENTIVES FOR QUALIFIED UNITED STATES MILITARY PERSONNEL, TEACHERS, FIRST RESPONDERS, FIRE FIGHTERS, EMTS, AND SOME PRISON WORKERS

  • Down payment/closing cost assistance of an additional 1% for a maximum of 4.5%.

“Qualified United States Military Personnel” includes 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 under conditions other than dishonorable (as provided in 38 U.S.C.Section 101).

 


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025


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 BORROWER

Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.

 

DOWN PAYMENT ASSISTANCE

  • All homebuyers qualifying for down payment assistance will receive a maximum of 4.5%. of the original loan amount to be used for down payment and closing cost assistance.
  • Qualified United States Military Personnel, Teachers, First Responders, Fire Fighters, EMTs, and some Prison Workers will receive an extra 1% DPA grant.
  • THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.

Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025

Home in 5 Loan Program is available in the following areas/cities