Home in Five Grant Program
Home In Five Grant Program assists First time Homebuyers in purchasing homes in Phoenix, AZ
Through the Home in Five program, individuals or families who qualify, would be able to get a fixed rate loan and 5% toward their purchase of a home.
- Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
- Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
· All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection. A list of some HUD approved homebuyer education counseling agencies can be found at the link: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=AZ
- 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 Borrowers in the Home in Five program
- Maximum credit qualifying income may not exceed $88,340.
Purchase Price Limit
- Maximum purchase price limit in this program is $300,000.
Special Incentives for Qualified United States Military Personnel
· Down payment/closing cost assistance of an additional 1% for a total of 6%. · This assistance is a grant and does not require repayment.
“Qualified United States Military Personnel” include 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 therefrom 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 5% of the original loan amount to be used for down payment and closing cost assistance.
- Qualified United States Military Personnel will receive 6% of the original loan amount.
- This Home in Five assistance is a grant and does not require repayment.