Home in 5 Advantage
Homebuyer Down Payment Assistance
Since 2012, over 15,400 new homeowners have taken advantage of the Maricopa County and Phoenix Industrial Development Authorities down payment assistance program.
Through the Home in Five Advantage program, you and your family may be eligible for a 2.5% or 3.5% (depending on your FICO score) down payment/closing cost assistance grant (no repayment is required), with a .5% origination fee.
We offer an additional 1% down payment assistance for qualified United States military personnel, First Responders and Teachers.
How the Home in 5 Advantage Program Works
Meet and apply for a home loan with a Participating Lender to see if you are Eligible for the Program. Participating lenders will provide details for applying along with your Applicable Percentage Rate (APR) as required by law.
Attend a Homebuyer Education Course through a HUD approved housing counseling agency.
At closing receive down payment assistance. (thousands of dollars toward the purchase of your home)
Home in 5 Advantage Eligibility
- Buyers must have a minimum FICO credit score of 640 for FHA, VA or USDA-RD and a 680 for Conventional loans.
- Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.
- Maximum 45% Debt to Income (DTI) Ratio
- Standard loan guidelines apply (i.e., adequate income, acceptable credit, and down payment requirement).
- Must attend an 8-hour homebuyer education course through a HUD Approved Housing
- Counseling Agency located within Arizona, and obtain a certificate of completion. The homebuyer education course may be face-to-face or on-line.
- It is strongly recommended that homebuyers obtain a home inspection prior to close of escrow and/or a home warranty.
- Buyers must occupy the home as their principal residence within 60 days of closing.
- Home can be located anywhere in Maricopa County (including the city of Phoenix)
- Must be for the purchase of a home (i.e., no refinancing).
- Maximum purchase price is $300,000.
- Eligible homes include new or existing homes, condominiums, or townhouses.
- Manufactured homes are not eligible.