The Maricopa County Industrial Development Authority, The City of Phoenix, and The Arizona Industrial Development Authority have come together to assist home buyers with getting VA, USDA-RD or FHA loans to help them buy homes in Maricopa County. Individual or families that qualify via the Home in Five Advantage program can get a 30-year fixed rate loan, along with a grant for 4% that helps to cover their down payment and closing costs. Special incentives are available for U.S military personnel and qualified heroes.
On a first-come, first-served basis qualified persons can get financing for new or existing homes, townhouses, condos or manufactured homes.
Home buyer Eligibility
Purchasers must have a maximum debt-to-income (DTI) of 45% and a minimum 640 FICO credit score.
Regular guidelines are in place to qualify for the loan like a down payment, acceptable credit and sufficient income.
All purchasers will need to go to a home buyer education course and get a certificate of completion. They will also need to get a home inspection done. The HUD.gov website has a listing of HUD authorized Housing counseling agencies that provide Pre-purchase Home buyer Education courses for home buyers.
Home buyers can buy a house in any part of Maricopa County which includes the City of Phoenix.
Purchasers must use the house as their principal residence in 60 daysor less of closing.
Refinancing is not allowed with this program, it can only be used to buy a home.
Eligible Borrowers Income Limits:
Credit qualifying income from ALL borrowers cannot exceed $88,340.
Purchase Price Limit
Maximum $300,000 purchase price limit.
Eligible United States Military Personnel and Qualified Heroes Special Incentives
Extra 1% for help with down payment/closing cost bringing the total to 5%.
âQualified United States Military Personnelâ refer to active United States Reservists, active duty U.S military, active National Guard members and Qualified Veterans. A âQualified Veteranâ (as outlined in 38 U.S.C.Section 101) is anyone that served in the active naval, military or air service, and who was discharged or released therefrom under any other conditions than dishonorable.
Down Payment Assistance
âQualified Heroes are full time paid police officers, firefighters, teachers, etcâŠ
If this is something that you would like to learn more about, contact us for assistance with talking to a lender that can get you qualified..
Author:Vanguard at Treehouse Realty Phone: 480-241-4570 Dated: February 14th 2016 Views: 635 About Vanguard: Two local firefighters from the east valley have teamed up to create a program that gives people who...