With an FHA mortgage loan and  Home in 5 my last client was able to purchase a home for 270K, ZERO down, seller concessions, plus a 1 year home warranty plan, and $1000 earnest deposit returned at close of escrow!  Too good to be true? I’m happy to say it’s TRUE!“What is this Home in 5 you speak of?”  Home in 5 is simply an FHA loan with 5% non-repayable down payment/closing cost assistance.  VA loans have an additional 1% for  6% non-repayable down payment/closing cost assistance.

The IDA (Industrial Development Authority) of Maricopa County and City of Phoenix joined together to help home buyers purchase a home anywhere in Maricopa County through the Home in 5 grant program.  Individuals and families who qualify will be able to obtain a 30 year fixed rate loan with non-repayable down payment/closing cost assistance. Financing for these loans are available for new and existing homes, condominiums, townhouses or manufactured homes.

Qualifications for this program:

  • FICO score minimum 640
  • 45% debt to income ratio
  • Household income no greater than 88K
  • Must complete an on-line homebuyer education course (about 10 min)
  • Maximum purchase price 300K
  • Owner occupied
Although this is not just for 1st time homebuyers, it is a great program to make your home purchase affordable and keep a little money in your pocket.  Contact me for more information or to find your perfect home at or 602-625-5754,

Interviewee: Jim Passamonte citywide Home loans Branch Manager/Sr. Loan Officer Direct (480) 729-8532

Leave a Reply

  • (will not be published)