The Home In Five Single Family Bond Program

The Home In Five program is designed to help homebuyers purchase a newly constructed or existing home by providing a below-market introductory mortgage loan interest rate of 6.55% with a 5.00% grant for down payment assistance. This program is targeted to low and moderate income households, and loans will be made on a first-come, first-served basis (hurry, before the money runs out).

Eligible Buyers

·       First-time homebuyers may purchase a home anywhere in Maricopa county, including in the City of Phoenix.

·       Other buyers, who have owned a home during the past three years, may only purchase a home in the Target Areas.

·       Buyers must occupy the home as their principal residence.

·       The program may only be used to purchase a home (i.e., no refinancing).

·       Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).

·       The Purchase price limit for non-targeted areas is $311,625 while in targeted areas it is $380,875 (Targeted areas are areas in which buyers do not have to be first-time homebuyers and are subject to higher income and purchase price limits as shown on the table.)

·       Household income may not exceed the limits shown in the table below.

Eligible Homes

·       Program mortgages can be made for the following types of residences:

-Single family detached houses

-Condominiums

-Town homes

-Duplexes older than five years

-Planned Unit Developments (PUDs)

-Manufactured Homes

·       Purchase prices are limited to the amount show on the table above.

Down Payment Assistance

All qualifying homebuyers in the program will receive a non-repayable grant equal to 5.00% of the original loan amount to be used for down payment assistance.

Please Call me if you have any questions.  Jared Brooks 480-275-7979 or househome@cox.net.