Did you know? Scottsdale Homebuyers could be eligible for a down payment assistance grant. And, If you qualify, you don’t have to pay back the grant money? This is how…
- Qualify for mortgage.*
- Buyers must have a minimum FICO credit score of 640 for FHA, VA or USDA-RD and a 680 for Conventional loans.
- Have a maximum 45 debt-to-income (DTI) ratio.
- Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.
- Attend a homebuyer education course, and obtain a certificate of completion.(online classes available)
- Get a home inspection.
That sounds pretty easy…
What is this program called?
Home in 5 Program
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.
Scottsdale Homebuyers Eligible Property Types
Financing for these loans is available on new or existing homes, condominiums,
townhouses or manufactured homes on a first-come, first-served basis.
How much Down Payment Assistance does Home in 5 offer?
The Home in 5 Program offers 5% of the loan amount towards your down payment in Maricopa County only. Up to $15,000. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score requirements and FHA guidelines.
Home in 5 Program Limitations
- Maximum purchase price shall not to exceed $300,000.
- 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).
- See other limitations with your lender.
We are not mortgage professionals. This post is for informational use only. We cannot guarantee availability or qualification for any programs. All programs are subject to change without notice. There are several programs available in Arizona for down payment assistance. You should consult your mortgage professional to see if any are right for you.
*Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).