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

Posted: Updated:
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)

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.

Click/tap here to download the free azfamily mobile app.

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

  • Social Connect

  • Contact

    AZ Family