Yesterday, Phoenix Mayor Greg Stanton announced the expansion of the Home in 5 Down Payment Assistance Program. The emphasis here is to help teachers, paramedics, firefighters, police and first responders be able to purchase a home using grant money to help with down payment assistance.
According to the Phoenix Business Journal article, the program is an expansion of the Home in Five Advantage Program that has been in place since 2012.
The only difference between the two programs is that the new enhancements for qualified* Military, First Responders, and Teachers adds an additional 1% of the loan amount in gift funds. Taking the total gift to 5% of the loan amount for these heroes. While the programs are not wildly different, the emphasis continues to be the same. Help people purchase homes.
The borrower must have less than $88,340 in annual income and be purchasing a home for less than $300,000 (FHA loans are subject to a maximum loan amount of $271,050) in Maricopa County. If you wonder if this kind of gift is “too good to be true”, please know that other qualifications and requirements DO apply.
While many down payment assistance programs are out there, we are always glad to see programs for teachers, paramedics, firefighters, police and first responders. If you fall into any of those groups, we would LOVE to help you purchase a home.
Please feel free to contact us for any information and to see homes for sale that qualify for Home in 5 Down Payment Assistance.
*Qualified Personnel as defined by the program guidelines
- Qualified Veteran
- Active Duty Military
- Active Reservist
- Active member of National Guard
Peace Officers, as defined in A.R.S. § 1-215, certified by the Arizona peace officer standards and training Board, and employed full-time as:
- Sheriffs, Deputy Sheriffs of Counties, Constables, Policemen of Cities and Towns Commissioned Personnel of the Department of Public Safety.
- Personnel Employed by the State Department of Corrections or the Department of Juvenile Corrections.
- Police Officers appointed by Community College District Governing Boards, Arizona Board of Regents or Governing Body of a Public Airport Pursuant to Section 28-8426
- Special Agents from the Office of the Attorney General, or of a County Attorney, including Police Officers employed by a Tribal Police Agency.
- Detention Officers, as defined by A.R.S. § 13-3907, means a person other than an elected official who is employed by a county, city or town and who is responsible for the supervision, protection, care, custody or control of inmates in a county or municipal correctional institution. Detention officer does not include counselors or secretarial, clerical or professionally-trained personnel.
- Professional Firefighter, as defined in A.R.S. § 9-901, employed full time as a member of an organized paid Fire Department.
- Emergency Personnel, whose primary responsibility is the care of patients in an ambulance and is employed full-time, to include the following occupations, defined in A.R.S. § 36-2201 Emergency medical technician, Advanced Emergency Medical Technician, Emergency medical technician I-99 , Paramedic
- A teacher employed full-time by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12.