Home In Five Advantage Down Payment Assistance Loan Program

Home In Five Advantage Down Payment Assistance Loan Program

There's a lot of misinformation going around about the changes to the Home-in-Five Advantage (down payment assistance) loan program that went into effect on December 1st.  Thought I would straighten it out for you.  The minimum (middle) FICO credit score is still 640; however, the borrower only gets a 3% grant if their credit score is under 660 (so between 640 and 659).  If the borrower's mid-score is 660 or higher, the borrower gets a 4% grant.  Moreover, if the borrower is a veteran, teacher, or "first-responder" (policeman, fireman, nurse, etc.), they get an additional 1% (so, the 3% grant becomes a 4% grant, and the 4% grant becomes a 5% grant).  (Note: We can combine the Home-in-Five Advantage loan with either FHA or USDA.  We don't, though, combine it with VA because we interpret this to be a RESPA violation.)  A few other things to remember about this program:

- It can only be used in Maricopa County.

- The closing costs are a more (i.e. the grant provider charges a 1% loan origination fee, plus about $700 of their own fees).  And,

- The interest rate is a littel higher (about a 1/2%).

Let me know if you have any questions, need additional information, or want to discuss further.  

Source: Academy Mortgage-Randy Bongard, Senior Loan Officer
 



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Phone: 602-549-9242
Dated: December 7th 2015
Views: 246
About Penny: Buying and selling a home is a very important event in your life. Whether it be your first home, a ...

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