Home in Five Advantage loan program offers down payment up to $15k

By Angie Johnson
(480) 570-5500
Google Profile

Sun Point Appraisals is a paid advertiser of ABC15

If you've always wanted to purchase a home, but are having a hard time coming up with the down payment, maybe you won't have to.  A new program is touting a free 5 percent down payment program.  Read more below. 

That's right, qualified home buyers can get the Industrial Development Authorities, or IDAs, of the City of Phoenix and all of Maricopa County to pay 5 percent of your original loan amount to cover your down payment and closings costs.

For a home priced at $300,000, that's $15,000 in down payment and closing cost assistance that you would not be required to pay back.  Yes, you read that right.  It does not have to be paid back, ever.

The Home in Five Advantage launched last fall, but has been keeping a low profile.  I imagine it's because home buyers are skeptical and think it's just a sales pitch of sorts but it is not.  For a list of eligibility requirements email Angie today

Caveats of the program?  A 2 percent administrative fee the program charges to each borrower and the slightly higher interest rate.  Lenders and Realtors are getting around the 2 percent administrative fee by asking that the Seller give a buyer credit to cover the costs therefore making it a truly no cost loan other than the $1,000- $1,500 earnest money deposit.

All things considered, it's a pretty awesome program!  If you or someone you know is in search of a new home, share this article with them. To Search Phoenix Real Estate simply follow this link

Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable 5% down payment/closing cost assistance grant.  Qualified United States Military Personnel will receive 6% of the original loan amount.

How Can I Get More Questions Answered?  Additional information can be obtained by contacting Angie Johnson direct at (480) 570-5500 or email Angie today

Sun Point Appraisals is a paid advertiser of ABC15

Print this article Back to Top