"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.
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 informationalHome in Five Free Grant to purchase home in Maricopa Countywebsite 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.