City and county officials are holding a press conference October 27 to announce the expansion of the Home in Five Advantage program to provide additional mortgage down payment assistance for first responders and teachers.
More than 7,600 individuals have purchased homes through the program, receiving over $60 million in down payment assistance on $1.3 billion in loans during the last three years.
WHAT: Phoenix Mayor Greg Stanton, Vice Mayor Daniel Valenzuela, Councilwoman Laura Pastor, County Supervisor Clint Hickman, and the boards of the directors of the Phoenix IDA and Maricopa County IDA are holding a press conference to announce additional mortgage down payment assistance for first responders and teachers.
WHEN: 10 a.m. Tuesday, October 27
WHERE: Franklin Police and Fire High School, 1645 W. McDowell Road, Phoenix
Through Home in Five, qualified homebuyers obtain a 30-year fixed rate loan with a 4 percent grant for down payment and closing cost assistance (a net 3% to the homebuyer after a 1.00% origination fee, payable by the borrower or seller, plus customary closing costs which are due at closing). Qualified military personnel have been provided an additional 1 percent grant up to 5 percent. Now, first responders and teachers are also eligible for the additional 1 percent grant (in this case, the homebuyer would receive a net 4% DPA after a 1.00% origination fee to the Participating Lender).