Maricopa County Down Payment Reports

Credit Challenges?

Since the mortgage crisis, virtually all loans for people with bad credit have disappeared. However, they are making a slow comeback. More and more, there are lenders that are willing to lower their credit score requirements as their underwriting guidelines focus on your ability to repay the loan. Currently, in Arizona you typically need a 620 minimum credit score to qualify for down payment assistance.

Your credit history is just one of eight factors that lenders focus on when deciding if it is likely that you will be able to pay your mortgage. These factors include:

➡️Current or reasonably expected income or assets
➡️Current employment status
➡️Monthly payment on the covered transaction
➡️Monthly payment on any simultaneous loan
➡️Monthly payment for mortgage-related obligations
➡️Current debt obligations
➡️Monthly debt-to-income ratio or residual income
➡️Credit history
➡️Don’t let credit challenges scare you away from trying to buy a home. Arizona lenders will work with you to help you qualify.

Call us today! You will be surprised to learn that you may be able to buy your own home!

If you are renting, have you considered what type of home you may be able to buy?

Buying a home is not a mystery as some would think! Our programs are helping 100's of Maricopa County Families every month.

Call us today!

The Home in 5 Program

The HI5, offers up to 4.5% of the loan amount towards your down payment in Maricopa County only. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score requirements and FHA guidelines. Maximum purchase price shall not exceed $300,000.

Home in 5 Advantage Loan PROGRAM DETAILS
The Industrial Development Authority of the Maricopa County and The Industrial Development Authority of the City of Phoenix, Arizona have joined together to help homebuyers obtain FHA, VA, or USDA-RD loan financing to purchase a home anywhere in Maricopa County, including the city of Phoenix. 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, with special incentives for qualified United States military personnel.

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