"Free grant" home buyers in Maricopa County, Arizona

By
Real Estate Agent with HomeSmart Real Estate BR632450000

"FREE"....yes you heard correctly. The Home In Five program provides a free 5% grant (6% for veterans) for purchasing a home in Maricopa County, Arizona including cities like Phoenix, Scottsdale, Gilbert, Chandler, Tempe and Glendale. This stimulus program is available through selected lenders. Buyers must use a FHA, VA or USDA-RD loan to qualfiy for the free grant.

 

Benefits

  • 5% Free Grant (6% for Veterans)
  • Current Interest Rate for a 30-year
  • fixed rate mortgage loan is 4.5%
  • $300,000 purchase price
 
Wow! This is a free grant that does not have to be re-paid. 
 
Per the informational Home in Five Free Grant to purchase home in Maricopa County website on the grant, "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."
 
 

The Authority further states, "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 the Participating Lenders listed below.

 
Homebuyer Eligibility (Home In Five Guidlines)
 
Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
 
All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.  list of some HUD approved homebuyer education counseling agencies 
 
 
Program Eligibility (Home in Five Guidelines)

1. Homebuyers may purchase a home anywhere in Maricopa County, including in the City of Phoenix.

Homebuyers without a large downpayment
dream to own their home can become a reality
with the free grant
 
 
2. Buyers must occupy the home as their principal residence within 60 days of closing.

3. The program may only be used to purchase a home (i.e., no refinancing).

4. Income Limits for Eligible Borrowers- Maximum credit qualifying income may not exceed $88,340. There is no income limit for qualified United States military personnel.

5.  $300,000 price cap- Single family homes, townhomes, patio homes and condos (1-4 units) eligible

6. Special Incentives for Qualified United States Military Personnel
 
       a. There is no income limit for qualified United States military personnel.
 
       b.  Down payment/closing cost assistance of an additional 1% for a total of 6%.

       c. This assistance is a grant and does not require repayment.

For more information and details as well as a list of qualified lenders see the Home in Five website.

This is an oppotunity, while funding lasts to get a 5% free grant (6% for Veterans) to purchase a home. Free money is a good thing. More info about Mortgages to purchase home in Phoenix metro
Posted by

Jeffrey Masich, Associate Broker, REALTOR®, MBA, GRI, BS Accounting

HomeSmart

Scottsdale, Arizona

JeffMasich@ArizonaHomesLand.com

http://ArizonaHomesLand.com

480-242-6500

 

 

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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

Arizona Homes and Land Group/ Buy or Sell
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