If you have been considering the purchase of a home in in Phoenix but do not have the FHA required down payment, you might be eligible for a Down Payment and Closing Costs Assistance Program, such as the Home in Five Advantage Program in Maricopa County.
Home in Five Advantage Program Details:
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 4% 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 Participating Lenders.
Eligibility
- Buyers must have a minimum FICO credit score of 640+.
- All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.
- 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.
Income and Purchasing Price Limits for Eligible Borrowers
- Maximum qualifying income may not exceed $88,340.
- Maximum purchase price limit of $300,000.
Special Incentives for Qualified United States Military Personnel
- No income limit for qualified United States military personnel.
- Down payment/closing cost assistance of an additional 1% for a total of 5%.
Down Payment Assistance
All homebuyers who qualify for down payment assistance will receive 4% of the original loan amount to be used for down payment and closing cost assistance. This assistance is a grant and does not require repayment.
The first step to a successful Phoenix Home Purchase is to get your financing in place with a preferred lender. For more information on this program and to check your eligibility, contact me at (602) 789-4363 or by email at jmeeks22@gmail.com to apply for a Home in Five Advantage mortgage loan and securing down payment assistance.
See how much money you could save in closing costs with this program:
Closing Cost Estimator
