Home Loan Down Payment Assistance Programs in Maricopa County
The median sale price for homes across the valley has risen to $275,819 as of August 2016. Finding affordable housing can indeed be tough, but the good news is that there are three main home loan down payment assistance programs offered in Maricopa County–each program includes flexible debt to income ratios, maximum income ratios based upon applicant income and not household income, loans are available for single family, condo and town home primary residence purchases, grant money can be applied towards down payment and/or closing costs and a home buyer education course is required. Let’s take a look at some of the highlights of each program:
Home in Five
- Home Loan types: FHA, VA, USDA and Conventional
- Grant Amount: 3-5% of loan +1% for qualified military, first responders and teachers
- Income Cap: Yes
- Eligible Areas: Maricopa County only
- Purchase Price Cap: Yes
- Minimum Credit Score Required: 640
Home Plus
- Home Loan Types: Conventional
- Grant Amount: 3-5% of loan +1% for qualified military, first responders and teachers
- Income Cap: Yes
- Eligible Areas: All of Arizona except Pima County
- Purchase Price Cap: Yes
- Minimum Credit Score Required: 640
Pathway to Purchase
- Home Loan Types: Conventional
- Grant Amount: 10% of purchase price (max of $20,000 grant)
- Income Cap: Yes
- Eligible Areas: Arizona City, Buckeye, Avondale, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake and Yuma.
- Purchase Price Cap: Yes
- Minimum Credit Score Required: 640
Note that all terms above are subject to change. The borrower(s) and subject property must meet all guidelines for the above down payment assistance programs. The above information has been provided by The House Team.
To find out more information about down payment assistance programs, contact Jeremy House:
jeremyhouse.com
[email protected]
602.435.2149
