City of Phoenix/Maricopa County first-time home buyer grant available!
Hello!
Good news for first-time home buyers! The Phoenix and Maricopa County Industrial Development authorities have joined together to create a program that is turning renters into homeowners by providing below-market rate mortgage loans and down payment assistance grants!
The "Home in Five" bond program has made available $100 MILLION for first-time home buyers purchasing a home in Phoenix or throughout Maricopa County.
The program offers 6.30%, 30-year fixed rate mortgages and grants equal to 5% of the loan amount to be used toward down payment and closing costs. The lack of a down payment is often the chief impediment to home ownership.
To qualify, first-time home buyers must meet annaul income limitations - $60,100 for families of 1 or 2 persons, and $69,115 for households of 3 or more - and normal FHA, VA, RHS or conventional underwriting requirements that show credit worthiness.
The maximum purchase price for a home is $301,500.
Exceptions to the income limits and home price restrictions are made for homes purchased in certain designated areas of the city and county. In those cases, buyers do not have to be purchasing their first home, their annual incomes can go to $72,684 and the cost of the house can be as high as $368,500.
For additional information, including a list of lenders, contact us at info@weareazrealestate.com - we'd be happy to assist you in applying for this grant, and finding that perfect home!
Sharon Kotula, ABR
Adam Tarr, ePRO
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, AZ
480-483-3333