Down Payment Assistance Grant to Buy a Home in Arizona

    Arizona’s HOME IN 5 PROGRAM and HOME PLUS Down Payment Assistance to Buy a Home:

    1. 85% of Arizonans qualify to buy a home with $0 Down Payment in Maricopa County.
    2. This is an Arizona Government Grant Program; not a loan.
    3. UP TO $18,596 IN HOME LOAN DOWN PAYMENT ASSISTANCE
    4. Buyers must have a minimum FICO credit score of 640 and maximum 45% debt-to-income (DTI) ratio.
    5. Must earn LESS THAN $92,980 annually
    6. Maximum Loan is $371,930

    All homebuyers qualifying for Down Payment Assistance to Buy a Home will receive 5% of the original loan amount to be used for downpayment and closing cost assistance.

    Home in 5 Program

    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, by taking advantage of Down Payment Assistance to Buy a Home.

    The Home in 5 program is an Arizona grant for all eligible home buyers needing Down Payment Assistance to Buy a Home. This is an exclusive program for Arizona.

    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 – www.HUD.gov/State Information/Arizona/Talk to a Housing Counselor

    Program Eligibility

    • Home buyers 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 $92,980 for ALL borrowers. Purchase Price Limit
    • Maximum purchase price limit for this program is $371,930.

    Qualified United States Military Personnel will receive 6% of the original loan amount. This grant is used in conjunction with the VA Home Loan as well for Down Payment Assistance to Buy a Home.

    Special Incentives for Qualified United States Military Personnel/ First Responders/ Teachers

    • 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 downpayment and closing cost assistance
    • Qualified United States Military Personnel will receive 6% of the original loan amount.

    Contact Todd Pooler today by phone or email at (602) 432-3557 or todd@howerealtygroup.com to learn more about the Home in 5 Program and Down Payment Assistance to Buy a Home.

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