Home In 5, a down payment assistance program for both first time home buyers and previous home owners alike, may get you as much as 3 to 4 percent in money down and closing costs—and this is money you don’t have to pay back.
- Annual income up to $92,980
- Minimum FICO credit score of 640
- Debt-to-income ratio up to 45 percent
- Occupy the home as principal resident within 60 days of closing
- Complete homebuyer education course (approximately 8 hours)
- Must be located within Maricopa County
- Priced under $371,000
- Must be a new purchase, not a refinance
- New or existing houses, condominiums or townhomes
It’s definitely nice to not have to pay back the down payment grant, and the program as well offers additional bonuses for K-12 teachers, first responders, U.S. military personnel and veterans.
On the downside, however, the interest rate is almost a whole percent higher than the standard FHA or 30-year-fixed loan.
In any event, it’s definitely an offer to consider.