Free money still out there to buy a home in the Phoenix area
Oct 24, 2015, 6:47 AM
If you’re in the market to buy a home and need a little help with the down payment or closing costs, we have the answer to your prayers.
Well, Maricopa County and the federal government do: The Maricopa County Home in 5 Advantage Program.
It’s a grant provided by the federal government to help people buy a home. It’s been around for about two years, but there’s been a few changes recently.
We sat down with Kim Harland, vice president and area manager of PrimeLending, one of the country’s largest lenders, and one of the program-approved lenders in the Valley. She said the program is still incredibly beneficial, but there’s been some tweaks.
“The down payment assistance is now 4 percent versus 5 percent offered previously,” she said. “That doesn’t mean that consumers are getting less. It’s the cost of the program decreasing.”
Harland said those buyers who are looking to purchase a home in Maricopa County, have a minimum FICO credit score of 640 and make less than $88,340 are eligible for the program.
“This program continues to help facilitate people who don’t have the down payment into home ownership,” she said.
Harland said the program is not exclusive to first-time buyers.
A homebuyers’ education course is required to participate in the program.
“It’s an eight-hour course that you can take in the convenience of your home,” Harland said.
Join Kim Harland and Realtor Diane Brennan every Sunday at 8 a.m. for That Real Estate Show on KTAR News 92.3 FM