New Homeownership Opportunities with Maricopa County’s Home in Five Program
Maricopa County recognizes the challenge that large upfront payments, such as down payments and closing costs, pose for many aspiring homeowners. To address this, the county has established the Home in Five Advantage program, specifically designed to assist low- and moderate-income individuals and families in purchasing a home. This program provides crucial financial support, making homeownership more accessible and achievable.
Available Assistance: The Home in Five Advantage program offers significant financial aid to qualified homebuyers. Participants can receive up to 5% assistance for their down payment and closing costs. Additionally, the program provides a loan with a competitive interest rate, further easing the financial burden of purchasing a home. For certain qualified applicants, including K-12 teachers, first responders, U.S. military personnel, veterans, and income-qualified individuals earning up to $36,450 annually, an extra 1% in assistance funds is available. This additional support underscores the program’s commitment to serving those who contribute significantly to the community and those with limited financial means.
Eligibility Requirements: To be eligible for the Home in Five program, applicants must meet several criteria. They must have a minimum FICO credit score of 640 and an annual income that does not exceed $108,920. Additionally, their debt-to-income ratio should be no more than 50%. Another important requirement is the completion of a homebuyer education course before closing. This educational component ensures that applicants are well-prepared for the financial and practical aspects of homeownership.
Property Guidelines: The program has specific guidelines regarding the properties that can be purchased. Applicants must use the purchased property as their primary residence and occupy it within 60 days of closing. The funds provided by the program are not applicable for refinancing purposes. Eligible properties include new or existing homes, condominiums, or townhomes located within Maricopa County. This flexibility allows applicants to choose a home that best suits their needs and preferences.
In summary, the Home in Five Advantage program in Maricopa County is a vital initiative for individuals and families striving to achieve homeownership. By offering financial assistance for down payments and closing costs, along with a competitive interest rate loan, the program addresses one of the major barriers to homeownership. Its focus on education and the requirement for the property to be the primary residence ensures responsible and sustainable homeownership. The additional assistance for specific groups further demonstrates the program’s commitment to supporting the community’s vital members and those with limited incomes.
