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, only through Participating Lenders
This assistance is a grant and does NOT require repayment!!
Homebuyer Eligibility
Buyers must:
*Have a minimum FICO credit score of 640
*Have a maximum debt-to-income (DTI) ratio of 45%
*Qualify for financing utilizing Standard loan guidelines (i.e., adequate income, acceptable credit, and down payment requirement).
*Attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.
Income Limits for Eligible Borrowers
*Maximum credit qualifying income may not exceed $90,000.
There is no income limit for qualified United States military personnel.
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).
Purchase Price Limit
Maximum purchase price limit of $300,000.
Special Incentives for Qualified United States Military Personnel
There is no income limit for qualified United States military personnel.
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 down payment and closing cost assistance.
Qualified United States Military Personnel will receive 6% of the original loan amount.
THIS IS FREE MONEY!!!!
Arizona Down Payment Assistance Programs
All of the Down Payment Assistance Programs primarily use an FHA mortgage to secure the first mortgage however some programs may accept different programs.
C = Conventional F = FHA V = VA R= USDA Rural Development
|
Eligible 1st MTG. LOAN TYPES |
State |
DAP Maximum Assistance Amount |
Phone # |
PROGRAM NAME |
| Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) – Gift | C F V | AZ | $15,000 | (623) 333-2700 |
| Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) – gift | C,F,V | AZ | $5,000 | (623) 333-2700 |
| Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) – Lien | C F V | AZ | $40,000 | (623) 333-2700 |
| Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) – lien | C,F,V | AZ | $40,000 | (623) 333-2700 |
| Avondale Homebuyer Assistance Program (HAP) | C F V | AZ | $40,000 | (623) 333-2700 |
| Avondale Homebuyer Assistance Program (HAP) – Gift | C F V | AZ | $5,000 | (623) 333-2700 |
| FHLBSF/National Bank of AZ/Comite de Bien Estar Individual Development & Empowerment Account Program (IDEA) | C F | AZ | $15,000 | (928) 627-8559 |
| Flagstaff Community Homebuyer Assistance Program (CHAP) | C F V | AZ | $33,700 | (520) 214-7456 |
| Flagstaff FHLBSF/BOTHANDS Inc Individual Development Account (IDA) | C F | AZ | $15,000 | (928) 214-7456 |
| Flagstaff FHLBSF/BOTHANDS Inc Workforce Initiative Subsidy for Homeownership Program (WISH) | C F | AZ | $15,000 | (928) 214-7456 |
| Maricopa County Federal Home Loan Bank of San Francisco/Alliance Bank of Arizona Individual Development and Empowerment Account IDEA | C F | AZ | $15,000 | |
| Mesa Housing Our Communities Inc New Opportunities for Homeownership Program (NOH) Closing Cost Assistance | C F | AZ | $2,000 | (480) 649-1335 |
| Mesa Housing Our Communities Inc New Opportunities for Homeownership Program (NOH) Down payment Assistance | C F | AZ | $25,000 | (480) 649-1335 |
| Multi Counties Alliance Bank of Arizona Workforce Initiative Subsidy for Homeownership Program (WISH) | C F | AZ | $15,000 | (602) 629-1721 |
| Multi Counties Community Housing Resources of Arizona (CHRA) Wells Fargo Mortgage Assistance Program (MAP) | C F | AZ | $5,000 | (602) 631-9780 |
| Peoria First Time Homebuyer Down Payment Assistance (FTHB) | C F | AZ | $15,000 | (623) 773-7250 |
| Phoenix American Dream Down payment Initiative Program (ADDI) | C F | AZ | $10,000 | |
| Phoenix Neighborhood Stabilization Homebuyer Assistance Program (HAP) | C,F,V | AZ | $15,000 | (602) 631-9780 |
| Phoenix Neighborhood Stabilization Homebuyer Assistance Program (HAP) – NSP | C F V | AZ | $15,000 | (602) 631-9780 |
| Pima County AZ Federal Credit Union/Family Housing Resources Workforce Initiative Subsidy for Homeownership (WISH) | C F | AZ | $15,000 | (520) 318-0993 |
| Pima County Down Payment Assistance Program (DAP) | F | AZ | $20,000 | (520) 791-4123 |
| Pima County Family Housing Resources Homebuyer Assistance Project (HAP) | C F | AZ | $3,500 | (520) 791-4123 |
| Pima County Housing Assistance Program | C F | AZ | $5,000 | (520) 791-4123 |
| Pima County Primavera Foundation Inc Homeownership Program (HOP) | C F | AZ | $15,000 | (520) 882-5383 |
| San Luis Comite de Bien Estar Inc Deferred Payment Loan (DPL) | C | AZ | $25,000 | (928) 627-8559 |
| Tempe Community Assisted Mortgage Program | C F | AZ | $35,000 | (480) 350-8950 |
| Tucson CDBG Down Payment Assistance Program (DPA) | C F V | AZ | $2,000 | (520) 882-0018 |
| Tucson Old Pueblo Community Foundation (OPCF) First Time Homebuyer Project (FTHP) | C F | AZ | $10,000 | (520) 546-0122 |
This assistance is a grant and does NOT require repayment!! HURRY and take advantage of this program TODAY while the funds are still available....this program won't last long!! CONTACT ME TODAY!
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