Home in Five Advantage Loan Program Offers Free Money for Buyers
Through the Home in Five Advantage program, buyers can purchase a home with a non-repayable 5% down payment/closing cost assistance grant. This program gives buyers free money available from the Industrial Development Authority of the County of Maricopa and The Industrial Development Authority of the City of Phoenix. Qualified United States Military Personnel will receive 6% of the original loan amount.
· Who is Eligible
o Buyers must have a minimum FICO credit score of 640.
o Buyers cannot have more than 45% debt to income ratio (DTI)
· Program Eligibility
o Homebuyers may purchase a home anywhere in Maricopa County
o Maximum Income may not exceed $88,340
o Maximum purchase price limit in this program is $271,050
· Benefits of Program
o Grant is not a loan and does not have to be repaid
o Meets FHA Down Payment Requirements
o There is no first-time home buyer requirement. Previous home owners can still take advantage.
· Caveats of Program
o All buyers must attend a homebuyer education course (can be taken on line)
o If Sellers will contribute towards closing costs, little money will be needed out of pocket
o The program may only be used to purchase a home (i.e., no refinancing)
Call Dawn today to find out more information at 602-418-4412
Click Here to Search for Homes in the Phoenix Metro Area
Click here to see if you qualify. The link takes you to Kim Harland at Nova Home Loans. Nova Home Loans is a participating Lender.