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