Sept. 18, 2012
Phoenix and Maricopa County homebuyers now can qualify for a 5 percent down payment assistance grant and a low, competitive mortgage rate through the Home in Five Advantage mortgage origination program issued by the Industrial Development Authorities (IDAs) of the City of Phoenix and Maricopa County. Homebuyers have access to 30-year, fixed-rate mortgage loans (FHA, VA or USDA-RD) that also provide a grant for down payment and closing cost assistance equal to 5 percent of the original loan amount throughout Maricopa County including the city of Phoenix. Special incentives will be given to qualified U.S. Military personnel and qualified veterans.
“The Home in Five Advantage program provides mortgage loans at an attractive interest rate with a down payment assistance grant to families who might otherwise be unable to afford a home,” said Juan Salgado, executive director, Phoenix IDA. “For example, a homebuyer who received a $100,000 loan would receive a $5,000 grant to be used for down payment and closing costs.”
“The largest barrier to home ownership many families face is lack of a down payment,” said Charles Thompson, president, Maricopa County IDA. “We want to continue our long-standing support and encouragement of home ownership by providing a way for families to achieve and afford the American Dream of owning their own home.”
Income limitations for the Home in Five Advantage program include annual qualifying income that does not exceed $90,000. There are no income limits for qualified U.S. Military personnel and qualified veterans.
In addition, Thompson noted that several factors contributed to the competitive mortgage rate achieved with 5 percent down payment assistance grants.
"Our finance team developed an innovative structure which resulted in a very favorable mortgage rate," he said.
The IDAs of the City of Phoenix and Maricopa County have provided single family programs since 1980 and done so on a joint basis since 2000. More than 4,158 Phoenix and Maricopa County families have received in excess of $600 million in mortgage loans and approximately $30 million in down payment assistance grants through these joint programs since 2000.
For more information about the program, contact the Maricopa County IDA Program Hotline at 602-506-7294 or the Phoenix IDA at 602-534-9655. Information also is available at mcida.com and phoenixida.com.
Interested potential homebuyers may contact any of the mortgage lenders participating in the program:
- People's Mortgage
- DHI Mortgage
- Universal American Mortgage Company (UAMC)
- National Bank of Arizona
- Homeowners Financial Group
- Prospect Mortgage
- US Bank