Mortgage Assistance for First-Time Home Buyers

Great News for First Time Home Buyers in the Phoenix Metro Area!

The Industrial Development Authority of Maricopa County has released funds to help home buyers purchase their first home.  This Mortgage Assistance program, called “Home in 5“, provides a down payment grant of 5% to qualified buyers of homes in Maricopa County.  Money is released on a first-come, first-served basis.

The income limits for a family of two or less is $64,524 and for a family of three or more is $74,203.  These limits increase slightly in targeted areas.  The purchase price limit for a single family home is $311,625, and increases to $380,875 in the targeted areas.  Current interest rates quoted for a 30-year fixed rate loan is 6.55% for qualifying individuals.

The first-time home buyer in this program is defined as someone who has not owned a house in the past three years.  However, if the home to be purchased is in a targeted area, the three year time limitation is removed too.

I represented a seller earlier this year, where the buyer, a school teacher, utilized this program for their financing, and it was a very smooth transaction for both the buyer and the seller.  The buyer utilized the bond program for her down payment, and with closing costs assistance from the seller, was able to buyer her first home.

Since there are a limited number of lenders approved to handle these home purchases, please contact me for a list of lenders that I have personally worked with and recommend.