The Home in Five Advantage program, a down payment assistance program designed to facilitate home ownership for low and moderate-income families, veterans and active military personnel, while also stabilizing neighborhoods that have been negatively affected by the economic downturn, recently surpassed the $100 million mark for loans to qualified homebuyers in Maricopa County.
The Phoenix and Maricopa County IDAs partnered to create the Home in Five Advantage program which provides qualified homebuyers a 30-year, fixed-rate mortgage loan with a non-repayable grant to be used for closing costs and down payment assistance. The Home in Five Advantage program does not rely on taxpayer revenue.
“We are thrilled with the success of the Home in Five Advantage program so far and happy to have provided more than $5.5 million in down payment assistance grants to families who may not have otherwise been able to purchase a home,” said Shelby Scharbach, executive director of the Maricopa County IDA. “Lack of funds for down payment and closing costs can be the largest barrier to home ownership,” added Scharbach.
Since its launch in September 2012, 713 families have qualified to participate and achieve home ownership in neighborhoods throughout the city of Phoenix and Maricopa County. The program aims to assist qualified low- and moderate-income homebuyers, making them eligible for the fixed mortgage rate and a grant equal to 5% of the mortgage. In addition, qualified active military personnel and veterans are eligible for the fixed-rate mortgage and to receive a 6% grant for down payment and closing cost assistance.
“To date, we have provided down payment assistance funds to 47 active military, reserve and veteran’s families. We plan to continue assisting U.S. military families and share our appreciation for their service to our country,” said Juan Salgado, executive director of the Phoenix IDA. “There is no better way to help repair our housing market and communities than by continuing to open the doors of homeownership to qualified buyers, including our military families,” he added.
The IDAs plan to continue to make funds available through the Home in Five Advantage program. Additional information about the program, including a list of approved participating lenders who can help to determine whether a buyer is qualified, is available at www.mcida.com or www.phoenixida.com.