Get free money for a down payment on a house in Maricopa County

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A new assistance program makes it easier for first time home buyers. (Source: 3TV/CBS 5) A new assistance program makes it easier for first time home buyers. (Source: 3TV/CBS 5)
MARICOPA COUNTY, AZ (3TV/CBS 5) -

There are numerous down payment assistance programs for home buyers. Most of them only offer help to first time home buyers. However, some actually help people who have owned a home before.

One of those programs is called Home In 5. Potential home buyers could get as much as 3 to 4 percent for down payments and closing costs. And they don’t have to pay back the money. 

Eligibility Requirements:

  • 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)

Home Requirements:

  • 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

The pros:

  • The down payment grant does not have to be paid back
  • K-12 teachers, first responders, U.S. military personnel, veterans qualify for another 

The cons:

  • Interest rate is about a percent higher than the standard FHA or 30-year-fixed loan.

Jeff Wilde at ONQ Financial, a Valley mortgage firm, says there are multiple down payment assistance programs available.

“It’s free money,” Wilde says.

[RELATED: How We Made Our Down Payments (Infographic)]

For more information on the Home In 5 program, click here.

For a list of other down payment assistant programs, click here.

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Copyright 2018 KPHO/KTVK (KPHO Broadcasting Corporation). All rights reserved.


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