Home In 5 Program, A Government Grant!
Wait, I get paid to buy a home?
That is right Arizona! This is a government grant that GIVES buyers 5% assistance towards the down-payment and closing costs of their new home in Maricopa County. This Government grant has been flying under the radar for a while now and I just realized today after reading the criteria so many people qualify for it! The program gives a buyer 5% at the time of closing as assistance and the 5% does NOT need to be paid back.
Military Get An Additional 1% Making It A Total Of 6% To You.
So How Do I Qualify?
- Available to only 30-year FHA, VA, and USDA-RD loans
- Home must be located within Maricopa County
- Purchase price cannot exceed $300,000
- Home must be professionally inspected
- Home must be a primary residence
- Minimum FICO credit score of 640
- Maximum debt-to-income ratio (percentage of monthly income that goes toward paying debts) of 45 percent
- Borrower income cannot exceed $90,000
- All buyers must attend an eight-hour home buyer education course plus obtain a certificate of completion.
What's the catch?
Honestly there is NO CATCH. The money granted to you through the Phoenix Housing Department does not have to be paid back and the interest rates are the same as current market rates. The home must be in Maricopa or Pinal county and qualify for a loan, so it cant be a fixer upper or a property that wouldn't qualify for a normal loan. There is a 2% administration fee that gets charged to the borrower so technically you are getting 3% after all your fees. Still FREE MONEY!
What Should I Do To Get Started?
The most important step for you in this process is working with a lender and Realtor that understand the program. I can not stress how important that point is because of the underwriting conditions that come from your lender and the requirement to find the right properties by your agent. The program will normally take about 45 days to close escrow after you have found the right home and during these 45 days you will be required to submit documentation to the lender as normal process in buying a home. The Realtor and lender will be able to handle the entire process for you if you work with someone experienced in this type of transaction.
What If I Dont Qualify Yet?
Don't hesitate to contact us even if you don't think you qualify for this program. If it is a credit issue that you may have lets start now and repair it. If it's a Debt To Income ratio lets see what we need to do to pay off and resolve it. We are here to help from the beginning to the end with this process and any of your Real Estate needs. The goal is to take someone even if they don't qualify for a loan and work with them during the time needed to make sure they get ready for the American Dream!
Now You Really Want to Find a Home, Right?
If you are interested in the current Home In 5 Program click on the link. We are ready to sit with you and see how we can get you to qualify for this program.
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