Phoenix and Maricopa County homebuyers can now get a 5 percent down payment assistance grant and a low, competitive mortgage rate through the Home in Five Advantage mortgage origination program issued by the IDAs of the city of Phoenix and Maricopa County.
Homebuyers have access to 30-year, fixed-rate mortgage loans (FHA, VA, or USDA-RD) that also provide a grant for down payment and closing cost assistance equal to 5 percent of the original loan amount throughout Maricopa County including the city of Phoenix.
Special incentives will be given to qualified United States Military Personnel and qualified Veterans.
Income limitations for the Home in Five Advantage program include annual qualifying income that does not exceed $90,000. There are no income limits for qualified United States Military Personnel and qualified Veterans.
The IDAs of the city of Phoenix and Maricopa County have provided single family programs since 1980 and done so on a joint basis since 2000. More than 4,158 Phoenix and Maricopa County families have received in excess of $600 million in mortgage loans and approximately $30 million in down payment assistance grants through these joint programs since 2000.
For more information about the program, contact the Maricopa County IDA Program Hotline at (602) 506-7294 or the Phoenix IDA at (602) 534-9655. Information is also available at www.phoenixida.com and www.mcida.com.
• Briefs compiled from staff and wire reports
Kate Smith posted at 6:32 am on Mon, Jan 28, 2013.
I would say that today taking out a mortgage can be considered as a smart financial move because of many reasons. Interest rates are record low and probably taking out a mortgage has never been so affordable. Middle income families can afford making a downpayment and assistance offered to them is great, but it’s important to keep in mind that low interest rates and all the benefits are not enough in case you will not be able to make payments during all the term. Remember that you will need to make payments during 15 or 30 years and it’s necessary to pay on time because even a small mistake can become a reason for a foreclosure. In some occasions it’s even better to apply to payday lenders online than miss a payment, so consider different options which can help you to pay off the debt and be a happy homeowner.