Community Corner

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 Scottsdale. 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.

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

·          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.

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 Borrowers

·          Maximum credit qualifying income may not exceed $90,000.

·          There is no income limit for qualified United States military personnel.

Purchase Price Limit

·          There are no purchase price limits in this program.

Special Incentives for Qualified United States Military Personnel

·          There is no income limit 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.

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 assistance is a grant and does not require repayment.

How to Apply for a Mortgage Loan

Simply contact a Participating Lender for details on applying for a Home in Five Advantage mortgage loan and securing the down payment assistance.

Participating Lenders

The following is a list of Participating Lenders:

iMortgage

DHI Mortgage

Universal American Mortgage Company (UAMC)

Homeowners Financial Group

Prospect Mortgage

Guild Mortgage