Down Payment Assistance Program for Maricopa County

Last Fall our CTX Mortgage branch signed up with the Home in Five down payment assistance program. I attended the training program earlier this week and in addition to learning how this program works became a participating lender. To become a participating lender you must attend the training in order to help borrowers with this loan. From what I know, I am now part of a select group of loan officers in the Phoenix area who are able to offer this down payment assistance program to deserving borrowers.

Down Payment Assistance ProgramThe Home in Five program provides 5% down payment assistance to any homebuyer who meets the income and acquisition price limits. The household income requirements range depending on the area within Maricopa county. The program targets borrowers with moderate to lower incomes. The other factor that plays a significant role in the program is the area where the property is located.

The program defines three distinct areas within Maricopa county where the program can be used: non-targeted areas, targeted areas and priority areas. These areas are defined by the census tract number (not zip code) and is only for primary residence purchases in Maricopa county. If you’re curious about a particular property feel free to contact me and I’d be happy to check it for you. The income limit and property purchase price limit is then defined per the area your property falls under. So for example if your property happens to be in a targeted area then the income and acquisition price is a bit higher compared to a non-targeted area. A priority area has an even higher limit (since it’s a priority area).

This program is open to all kinds of buyers and you don’t have to be a first time homebuyer. Remember the standard definition of a first time homebuyer is anyone who has not had an ownership interest in a residential property within the past three years. So, if you’ve owned property before three years ago you will be classified as a first time homebuyer. If you are not a first time buyer then to use the Home in Five program you must purchase a property in a targeted or priority area.

Home in Five allows for both newly-constructed or existing homes and can only be used to purchase a home (no refinances allowed). While the most attractive feature is the 5% down payment assistance, the interest rate is also below market. The program works in conjunction with a VA, FHA or Fannie/Freddie loan and as such standard loan guidelines apply. Just so you know the money for this program comes through the Single Family Mortgage Revenue Bond Program administered by the IDA’s of City of Phoenix and Maricopa County.

This is a very brief overview of the program. Feel free to contact me and I can e-mail you a brochure or answer any questions you may have.

Comments

  1. It’s good that the Home in Five program is available to all buyers and not just restricted to first time buyers. That’s what I suppose attracts most buyers. :)

  2. I have a quick question…. The Home in Five program sounds very good and promising…. but I am having a hard time finding information on it like where to apply, what are the criterias to be approved for the program… Can you help?

    Thanks- Kim

  3. Greetings

    Greetings

    I am a Canadian living and working in the Abu Dhabi, United Arab Emirates. I am seeking pre-approval mortgage for future purchases of investment property in the USA.

    Do you assist Canadians with borrowing for foreign investments? If so, could you please provide details of how I may apply for loan consideration.

    I do have assets back in Canada and have excellent credit rating here in the UAE.

    Any advice you may have for me in terms of raising funds for a downpayment for the US market would be greatly appreciated.

    Thank you.

  4. Will your program be impacted with the changes being made to FHA DPA beginning 10/1/08?

  5. Deb,

    Yes it will be. Details forthcoming.

    Thanks for stopping by.

  6. Michelle Goldsmith says:

    I really would like to buy a home again because I am renting and pay $1300 a month and my landlords are horrible mean people. My fiance pasted away one year ago today and I have never missed a payment but my utility bill has been outrageous due to ac and they will not do anything about it. I have steady income and if I have to move again I want to move into my own home. Please help if you can. Thank you

  7. I’m told this does not exist anymore &/or there is no more money for it. Is this true? Today’s date is 4/1/09. Between the programs that don’t exist anymore & the ones that have no money left, is there any help out there for down payments for first-time home buyers in Phoenix, AZ?

  8. Yes this does not exist any more.

Trackbacks

  1. [...] loan programs. Not a risky subprime or teaser rate. These include the Maricopa County ”Home in 5” Bond Program and various Down Payment Assistance programs like [...]

  2. [...] we can. We have a down payment assistance program for both first time home buyers and those folks willing to purchase in targeted [...]

  3. [...] buyer or are willing to purchase within a certain restricted/targeted area than you can use the Home in Five bond program for the down [...]

  4. [...] 3% towards closing costs. Also be aware that the FHA program can be used in conjunction with the Home in Five (bond program), which provides up to 5% down payment [...]

  5. [...] downpayment assistance program, which we participate in, the Home in Five Program (only for Maricopa county) had been running out of funds recently. Actually to be more precise [...]

  6. [...] receive a lot of questions on the Home in Five Down Payment Assistance Program. The most popular question is of course regarding the availability of funds for non-targeted areas. [...]

  7. [...] an e-mail stating that about $3.5 Million was now available for the non-target areas of the Home in Five Program. Money previously assigned to targeted areas were now released as non-target, meaning you [...]

  8. [...] receive a lot of questions from readers on the current status of the Home in Five down payment assistance program. I  might as well answer these questions here. The long and short of it it is that currently I am [...]

  9. [...] restricted/targeted area than you can use the Home in Five bond program for the down [...]

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