Home in 5

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Another Down Payment Assistance program for ANY home in Maricopa County is "Home in 5".

The goal of this program is 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 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, and townhouses on a first-come, first-served basis.

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).

INCOME LIMITS FOR ELIGIBLE BORROWER

Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.

PURCHASE PRICE LIMIT

Maximum purchase price limit of $300,000.

SPECIAL INCENTIVES FOR QUALIFIED UNITED STATES MILITARY PERSONNEL, TEACHERS, FIRST RESPONDERS, FIRE FIGHTERS, EMTS, AND SOME PRISON WORKERS

  • Down payment/closing cost assistance of an additional 1% for a maximum of 4.5%.

“Qualified United States Military Personnel” includes 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 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 a maximum of 4.5%. of the original loan amount to be used for down payment and closing cost assistance.
  • Qualified United States Military Personnel, Teachers, First Responders, Fire Fighters, EMTs, and some Prison Workers will receive an extra 1% DPA grant.
  • THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.

 

 

 

Get on the Path

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One of the great programs that are available to people looking to own a home here in Arizona is the "Pathway to Purchase" program. This is a Program run by the AZ Dept of Housing that provides Down Payment Assistance to qualified homebuyers looking to buy homes in 17 of the hardest hit cities in AZ for Foreclosures. The whole state is represented with cities from Snowflake to Yuma to Sierra Vista. A lot of the smaller Phoenix suburbs are eligible (Laveen, Surprise, Buckeye) and the program is in Tucson as well.

What are some of the Highlights of the program?

·         Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.

·         Borrower(s) Income not to exceed $92,984.00

·         Purchase Price limit not to exceed $371,936.00

·         Existing, previously occupied properties only, new construction, including spec homes are not allowed.

·         The DPA provided is 10% of the purchase price - up to a maximum of $20,000.

·         Each borrower must complete a homebuyer education course before closing.  The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies through another HUD-approved homebuyer education provider.

The loans for the Pathway program must be through approved Mortgage providers, so please let me know if you are interested and we can get started!  It won't be around forever, as Funding for the Pathway to Purchase DPA Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund.  The P2P Program has a $48-million-dollar commitment and is available on a first come first serve basis.