Home In 5 is an Outstanding Program that Helps People Get Into Homeownership While They May Not Have Otherwise Been Able.
My preferred lender and I have helped home buyers in the historic districts in Phoenix, AZ and surrounding suburbs, both first-time home buyers and repeat home buyers, use this program countless times in order to successfully buy and own a home. We love turning renters into owners especially with rental prices being at all-time highs and continuing to increase! My preferred lender’s company closes more loans with this program than any other lender in the State of Arizona. It is a simple and wonderful program which helps many people become homeowners when they may not otherwise have been able to do so.
Home In 5, a down payment assistance program for both first time home buyers and previous home owners alike, may get you as much as 3 to 4 percent (3-4%) in money down and closing costs, and this is money you don’t have to pay back *unless you turn around and sell within the first few years, and even then, any paybacks owed are prorated. *Call us for more specifics and details on exact terms of this very generous program.
Annual income up to $92,980
Minimum FICO credit score of 640
Debt-to-income ratio up to 45 percent
Occupy the home as principal resident within 60 days of closing
Complete homebuyer education course (approximately 8 hours)
Must be located within Maricopa County
Priced under $371,000
Must be a new purchase, not a refinance
New or existing houses, condominiums or townhomes
It’s definitely nice to not have to pay back the down payment grant, and the program as well offers additional bonuses for K-12 teachers, first responders, U.S. military personnel and veterans.
On the downside, however, the interest rate is almost a whole percent higher than the standard FHA or 30-year-fixed loan.
In any event, it’s definitely an offer to consider.
THERE IS NO SUCH THING AS A STUPID QUESTION!
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Whether you’re buying or selling a home in Central or Downtown Phoenix, or just have some questions about anything at all in or about any one of the historic districts in Phoenix, I’d be very happy to help you! Just call or email me anytime. THERE IS NO SUCH THING AS A STUPID QUESTION!