Home in Five First-Time Home Buyers Program
Phoenix and Maricopa County homebuyers can now get a five percent down payment assistance grant and 6.30 percent mortgage rate through the Home in Five bond program issued by the Industrial Development Authorities (IDAs) of the city of Phoenix and Maricopa County.
The IDAs have a $25 million single family bond program for 2006 that helps borrowers purchase their first home. homebuyers have access to mortgage loans (FHA, VA, RHS and Fannie Mae- and Freddie Mac- eligible conventional) that also provide a grant for down payment and closing cost assistance equal to 5 percent of the original loan amount throughout Maricopa County, including the city of Phoenix.
“The Home in Five program provides mortgage loans at an attractive intrest rate with a down payment assistance grant to families who might otherwise be unable to afford a home,” said Ruben Ramos, president of the Phoenix IDA. “For example, a first-time homebuyer who received a $100,000 loan would receive an additional $5,000 grant, which could be used for down payment and closing costs.”
To read the full article click here