Home Ownership

Current Home Ownership Programs
 
 
Funds are now very limited. 
This site will be updated as information becomes available for future programs.
 

Home Ownership
Could Be Within Your Reach


 
Single Family Mortgage 
Revenue Bond Program 
2007

Please Click Here to Download a PDF File of the Home In Five Brochure

Dream Homes With Affordable Payments
The Industrial Development Authorities of the City of Phoenix and Maricopa County have joined together to offer up to $60 million to help first-time homebuyers obtain FHA, VA, RHS, or other eligible loan or conventional financing to purchase a home anywhere in Maricopa County. Individuals or families who qualify would be able to obtain a 30-year fixed rate loan at a 6.55% interest rate, with 5% down payment/closing cost assistance. This assistance is a grant and does not require repayment. 

Financing for these fully-assumable loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis, only through the Participating Lenders listed below.

Priority Lending Areas
The City of Phoenix has designated certain areas as Priority Lending Areas within its city limits.  In the Priority Lending Areas, homebuyers will be able to obtain a 30-year fixed rate loan at a 6.29% interest rate, with 6% down payment/closing cost assistance.  This assistance is a grant and does not require repayment.  Up to 20% of the funds available under this program can be used to make Priority Lending Area mortgages.  All Targeted Areas throughout Maricopa County will be treated as Priority Lending Areas until this 20% of funds is used.

Financing for these mortgage loans is available on new or existing homes, condominiums, townhouses, or manufactred homes on a first-come, first-served basis.

Veterans' Exception
On December 20, 2006, President Bush signed HR 6111, the Tax Relief and Health Care Act of 2006, which provides the Veteran's exception to the first-time homebuyer requirement.

A "Qualified Veteran" is a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable (as provided in 38 U.S.C. Section 101) who has not previously obtained a loan financed by single family mortgage revenue bonds utilizing the veterans exception to the 3-year requirement set forth in Section 416 of the Tax Relief and Health Care Act of 2006.

*Qualified Veteran's do not need to meet the first-time homebuyer requirement on any loan funded through a program issued prior to December 31, 2007.

How to Qualify
Your annual income must fall within the levels specified below for the area in which you wish to buy a home. And you must not have owned a home for at least the last three years unless the home you are buying is located in one of the designated “Targeted Areas” or you are a Qualified Veteran and your income is within the maximum allowable limits listed below. Check with your Participating Lender for details.  Potential homebuyers must meet credit requirements.
 
 Income Limits for Eligible Borrowers
 
Family of:
Non-Targeted
Areas
Targeted
Areas
Two or fewer $64,524 $74,203
Three or more $74,203 $77,542

Homes must be located within Maricopa County, Arizona. The following home purchase price limitations apply for eligible residences:

 Purchase Price Limits
 
Non-Targeted
Areas
Targeted
Areas
New or Existing
Housing
 $311,625 $380,875
Duplexes $350,988 $428,985
 
 
 Down Payment Assistance
All homebuyers qualifying for down payment assistance will receive 5% of the original loan amount (unless the home is located within a Priority Lending Area) to be used for down payment and closing cost assistance.  Homebuyers purchasing a home in one of the Priority Lending Areas and the Targeted Areas will receive 6% of the original loan amount, until the Priority Lending Area funds are depleted.
 
 
 
Loan Amount
Down
Payment/Closing
Cost Assistance
Amount at 5%
Down
Payment/Closing
Cost Assistance
Amount at 6%
$90,000

$4,500

$5,400

$135,000

$6,750

$8,700

$185,000

$9,250

$11,700

$220,000
$11,000

$15,000

$250,000
$12,500

$18,000

$300,000

$15,000

$21,000

 
 Targeted Areas Census Tracts
Targeted areas are neighborhoods that have historically been under served in mortgage loan origination and typically contain a high percentage of lower income households. Please see map. The initial Targeted Area consists of the “census tracts” as designated on the Bureau of Census; map for the 2000 census as set forth below:
 
0614.00
0929.00
1033.06
1072.01
1086.01
1086.02
1090.00
1102.00
1107.01
1112.02
1112.03
1116.02
1125.07
1126.02
1128.00
1132.01
1132.02
1132.03
1133.00
1135.00
1136.01
1137.00
1138.00
1139.00
1142.00
1143.02
1144.01
1144.02
1145.00
1147.01
1147.02
1147.03
1148.00
1149.00
1152.00
1153.00
1158.01
1159.00
1161.00
1166.02
 9410.00 
     
9411.00
 
 
 
 
Priority Lending Areas Census Tracts
The majority of Priority Lending Areas are located within the Phoenix city limits; however, all Targeted Areas throughout the County are also considered Priority Lending Areas and will receive the same benefits.  Up to $8,000,000 aggregate principal amount of funds are avilable for Priority Lending Area loans, on a first-come, first-served basis. 
The Priority Lending Areas consist of the "census tracts" as designated on the Bureau of Census map for the 2000 census, as set forth below. 
 

 1033.04

 1033.05

 1036.15

 1037

 1045.01

 1045.02

 1046

 1047

 1052

 1053

 1054

 1080

 1081

 1082

 1083

 1084

 1085

 1087

 1088.01

 1088.02

 1089.01

 1089.02

 1091

 1092

 1093

 1094

 1095

 1096.01

 1096.02

 1096.03

 1096.04

 1097.01

 1097.02

 1097.03

 1097.04

 1097.05

 1098.01

 1098.02

 1099

 1100.01

 1100.02

 1101

 1103

 1104

 1105

 1106

 1107.02

 1108

 1109

 1110

 1111

 1112.01

 1113

 1114.01

 1114.02

 1115.01

 1115.02

 1116.01

 1117

 1118

 1119

 1120

 1121

 1122.01

 1122.02

 1123.01

 1123.02

 1124.01

 1124.02

 1125.02

 1125.03

 1125.04

 1125.05

 1125.06

 1125.08

 1126.01

 1127

 1129

 1130

 1131

 1134

 1136.02

 1141

 1143.01

 1146

 1154

 1156

 1157

 1158.02

 1160

 1162.02

 1162.03

 1162.04

 1162.05

 1163

 1164

 1165

 1166.01

 1167.02

 1167.03

 1167.04

 1167.05

 

 

 

 
Check an Address to Verify the Census Track Number
Click on this link http://www.ffiec.gov/Geocode/default.aspx to input an address and found out the census track number.

Targeted Areas Census Tracts as Priority Lending Areas
Targeted Areas will receive the benefits of both Target Areas and Priority Lending Areas.  For example, the higher income limit, higher purchase price limit, no first-time homebuyer requirement, interest rate of 6.29% and 6% down payment/closing costs assist, as long as Priority Lending Area funds are available.  At the point those funds are depleted, Target Area loans will receive a mortgage interest rate of 6.55% with a 5% down payment/closing assistance grant.
 
About Recapture Tax
When you receive a first-time homebuyer loan, you are receiving the benefit of a lower mortgage interest rate and/or down payment/closing cost assistance that is not customarily available on other mortgage loans.  The tax-exempt mortgage revenue bond program used to fund your mortgage loan is governed by federal law.  The law mandates a "recaputure" of some of the benefit of the program if buyers meet ALL three of the following criteria -- the property ceases to be the principal residence in the first full nine years of ownership; there is a profit on the sale of the home AND the household income increases significantly (generally over the program limits in the first year and an additional 5% over the previous year every year thereafter.)

If "Recapture Tax" is owed, it is computed and paid to the IRS for the tax year in which the home is sold.  For the average buyer in these programs, it is very unlikely that they will be required to pay because their income is lower than that allowed.  But if Recapture Tax must be repaid, it will never exceed the lesser of 6.25% of the original loan amount or one-half of the gain on the sale of the home.

To find out more about Recapture Tax, please see: 

http://www.irs.gov/instructions/i8828/index.html

and/or  http://www.ehousing.cc/Phoenix%2006/06%20RecaptureBrochure.pdf


How to Apply for a Mortgage Loan
Simply contact a Participating Lender for details on applying for a mortgage loan and securing the down payment assistance.

Participating Lenders:
(Below are links to a list of names of the top producing Participating Lenders.  It is not a complete list of lenders.)
 
Click on each link below for loan officer contact information.
 
 
 
 
 
 
 
 
 
 
 

Participating Lenders will provide specific APR information as required by law.
 
How Do You Become a Participating Lender in the Program?
In order to become a participating lender in the Home in Five bond program, participants must be able to underwrite, fund, and close all loans within their company name.  In addition, lenders must be a Fannie Mae or Freddie Mac seller/servicer, and a FHA and VA approved mortgagee. 
 
If you meet these qualifications and would like to become a Participating Lender in the Home in Five bond program, please execute and return the Invitation and Application to Participate, along with the Lender Information Worksheet found below.  Further instructions, including where to send the executed paperwork are provided within the documents.

If you are a mortgage broker and would like to offer the Home in Five bond program to your clients, an existing Participating Lender could assist you on a wholesale or third party basis if they chose to provide this option.

Lender Information Worksheet (DOC)

Invitation To Participate (DOC)


 How Can I Get More Questions Answered?
Additional information can be obtained by contacting one of the Participating Lenders listed above or by calling the Maricopa County IDA Hotline at (602) 506-7294.