The Home In 5 Advantage program is one of those great things that if you can take advantage of it – do!
In Maricopa County, there is free money available to help you buy a home.
How the Home in Five Program works: 5% of the loan amount is given to a borrower to cover their down payment and a portion of their closing costs. Veterans receive 6 percent and, since they are already eligible for 100 percent financing, the 6 percent covers all of their closing costs and essentially they get into the home for nothing.
There is a minimum credit score requirement of 640, and your household income cannot be higher than $88,000. The maximum sales price of the home in Maricopa County of $300,000.
You do not have to pay the money back – it is considered a grant and not a loan.
Home in 5 Program Highlights Here are just some of the highlights in bullet format:
- 5% down payment assistance. Assistance is calculated as 5% of the initial principal balance of mortgage loan. 30 year Fixed Rate Home Loan.
- This is a grant, so no repayment is required.
- Eligible loan types: FHA, VA, or USDA-Rural
- Minimum 640 credit score
- Maximum of 45% debt to income ratio
- There is no First Time Homebuyer Requirement
- Maximum qualifying income of $88,000
- Military Program (Qualified Veterans, Active Duty Military, Active Reservists, Active National Guard) Down Payment Assistance is increased to 6%
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