Down Payment GRANTS
Home In 5 Program
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.
Homebuyer Eligibility
- Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI)
- 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.
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).
- Maximum credit qualifying income may not exceed $112,785 for ALL borrowers.
- Maximum purchase price limit of $368,000.
Down Payment Assistance
- All homebuyers qualifying for down payment assistance will receive 3% to 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
- Here a few links where you can read more:
- https://homeplusaz.com
- http://www.mcida.com/homebuyer-assistance/
- http://www.downpaymentassistancearizona.com/
- http://www.arizonadownpaymentassistance.com/down-payment-programs/
`Here is the difference between 3 year lease and after 3 years if you buy a house or condo. https://www.zillow.com/rent-vs-buy-calculator/
Disclaimer
This example is provided for informational purposes only. You should not take any action on the basis of the information provided through this example. It relies on assumptions and information provided by you regarding your goals, expectations and financial situation. All figures are hypothetical and may not be accurate indicators of historical or current performance. Past performance does not guarantee nor indicate future results. This calculator does not take into account individual circumstances and should not be relied upon in any way as the sole source of information. Please consult with financial, tax, and legal advisers for any advice relating to your personal circumstances.