Down Payment Assistance
Don’t let not having a down payment hold you back from your dream home!
In this day and age, coming up with a 20-percent down payment is akin to climbing Mount Everest — a few people are able to manage it, but for most of us, it’s an uphill battle that’s almost impossible to overcome. While there are loans available that don’t require a full 20 percent down, even coming up with 3.5 percent can be like pulling teeth. But, the good news is that not having a down payment saved up doesn’t have to hold you back from becoming a homeowner. We’ve partnered with NOVA® Home Loans to bring you a variety of down payment assistance (DPA) programs in Phoenix and throughout Arizona, and we have options that work with both FHA and Conventional loan.
Highlights of Maricopa County’s Home In 5 DPA Program
With the Home in 5 program, you could get up to 4.5 percent of the total loan amount towards your down payment, which means that you could get up to $15,000 in down payment assistance! Unlike most DPA programs, Home in 5 is not just for first-time homebuyers, and because this is a grant and not an additional loan, there is no requirement for repayment.
Do you qualify for the Home in 5 Program?
In order to be eligible for the Home in 5 Program, you must:
- Have a minimum FICO credit score of 640
- Have a maximum debt-to-income ratio of 45 percent
- Attend a homebuyer education course and obtain a certificate of completion
- Get your home inspected
- Occupy the home as your principal residence within 60 days of closing
- Purchase a home anywhere in Maricopa County
Your income cannot exceed $88,340 in order to qualify, and the maximum purchase price for your home cannot be more than $300,000.
Is the Home in 5 or any of our other DPA programs the right option for you? Contact Traci Gratzek from NOVA® Home Loans today to find out!