Maricopa County Home in Five Advantage Program
Financial Assistance for Homebuyers in Arizona
With the Home in Five program, qualified homebuyers can receive up to 5% assistance for down payment and closing costs, plus a loan with a competitive interest rate. Certain qualified applicants can also receive an extra 1% in assistance funds. This additional assistance is available for K-12 teachers, first responders, U.S. military personnel, veterans, and income-qualified individuals who earn up to $36,450 annually.
To qualify for the Home in Five program, applicants must have a minimum FICO credit score of 640, an annual income up to $108,920, and their debt-to-income ratio must not exceed 50%. They are also required to have completed a homebuyer education course before closing.
Under the program guidelines, applicants must occupy the purchased home as their primary residence within 60 days of closing. The program funds cannot be used for a refinance. Applicants are permitted to purchase a new or existing home, condominium, or townhome located in Maricopa County.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Arizona
The HOME+PLUS Home Buyer Down Payment Assistance Program offers creditworthy renters who cannot afford the down payment and or closing costs the funds to move forward.
Family Housing Resources of Arizona offers the HOME Down Payment Assistance Program for low to moderate income borrowers. The program assists homebuyers with 3.5% of the purchase price on a property in Pima County of Tucson, but only up to the sum of $3,700.
The Arizona Housing Finance Authority's HOME Plus program offers creditworthy homebuyers a 30-year, fixed-rate mortgage, as well as assistance funds that can be applied towards the down payment on the home, or its closing costs.
Maricopa County offers eligible applicants the Home in Five Advantage program. This program helps low- and moderate-income individuals and families buy a home with down payment and closing cost assistance.
The Pathway to Purchase Down Payment Assistance program offers a 30-year fixed-rate mortgage, with a second-mortgage as down payment assistance , which is a five-year lien against the property at 0% interest. The program is strictly limited to 17 Arizona municipalities.
The Pima Tucson Homebuyer’s Solution Program offers down payment assistance to homebuyers. This can go a long a way toward helping to cover out-of-pocket expenses associated with a mortgage transaction that many first-time homebuyers could not afford otherwise.
Do you know what's on your credit report?
Learn what your score means.