Maricopa County and Phoenix residents who are looking for down payment assistance have a unique home loan program. This program allows buyers to take advantage of a special grant on their next home purchase.
The Home in 5 Advantage Program assists buyers in obtaining FHA loan to purchase new or existing homes. The Home in 5 offers a competitive fixed rate mortgage loan for qualified buyers with a 5% grant for down payment assistance and closing costs. And best of all, because this program is a grant, it does not need to be paid back!
And no, it doesn’t have to be paid back, ever.
Down Payment and Closing Cost Assistance Down payment and closing cost assistance is calculated as 5% of the initial principal balance of the mortgage loan.
Up to $15,000 can be used towards the down payment and closing cost of this FHA Loan. All buyers must attend a home buyer education course and obtain a certificate of completion and also receive a home inspection.
The great news about the Home in 5 Advantage Program is that there is no first-time home buyer requirement. This means that previous home owners can still take advantage of all the amazing features this program offers.
Home buyers are able to use this program to purchase homes throughout Maricopa County and Phoenix, so buyers are free to search homes that fit them best.
- This is a grant, no repayment required
- Meets FHA Down Payment Requirements
- Available for all of Maricopa County
- Low 30 year Mortgage Rates
- Primary Residence Only
- Stearns Mortgage provides approved Loan Officer
If you’d like more information or you’re interested in applying for the Home in 5 Advantage mortgage,
please contact us today.