Home in 5 Advantage Eligibility
- Buyers must have a minimum FICO credit score of 640 for FHA, VA or USDA-RD and a 680 for Conventional loans.
- Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.
- Maximum 45% Debt to Income (DTI) Ratio
- Standard loan guidelines apply (i.e., adequate income, acceptable credit, and down payment requirement).
- Must attend an 8-hour homebuyer education course through a HUD Approved Housing Counseling Agency located within Arizona, and obtain a certificate of completion. The homebuyer education course may be face-to-face or on-line.
- It is strongly recommended that homebuyers obtain a home inspection prior to close of escrow and/or a home warranty.
- Buyers must occupy the home as their principal residence within 60 days of closing.
- Home can be located anywhere in Maricopa County (including the city of Phoenix)
- Must be for the purchase of a home (i.e., no refinancing).
- Maximum purchase price is $300,000.
- Eligible homes include new or existing homes, condominiums, or townhouses. Manufactured homes are not eligible.
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Or Call the Maricopa County IDA at (602) 506-7294 or the Phoenix IDA at (602) 534-9655