Home in Five Advantage 6% Heroes
Best For: First Time Homebuyers, Lowest Rates, Zero Down
The Home in Five Heroes program provides up to 6% down payment assistance for military, teachers, and first responders.
Program Description
The Home in Five Heroes Program provides a valuable opportunity for first responders, qualified US military personnel or veterans, and K-12 teachers in Maricopa County, TX residents to achieve their dream of homeownership. It offers up to 6% of the first mortgage loan amount in down payment and closing cost assistance. It comes as a 3-year second mortgage, which is forgiven after the term—meaning that the borrower does not need to make any payments and the debt is fully discharged after 3 years.
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Home in Five Advantage 6% Heroes
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 6.00% of 1st Loan Amount
Type: Bond Deferred Payment Program - Forgivable
Home in Five Advantage Heroes down payment assistance comes in the form of either a 4%, 5%, or 6% 3-year, no interest, no payment, deferred soft second mortgage—forgiven monthly at a rate of 1/36 over the term of the loan.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
Pros & Cons
- Not limited to first time homebuyers
- No purchase price limits
- Down payment assistance can be forgiven after 3-year term
- Allows up to 50% DTI (Debt-to-Income)
- Subject to availability of funds (not always available)
- Subject to income limits
- Only available for 1-unit primary residences
- Not available outside of Maricopa County, AZ
Program Availability
Home in Five Advantage 6% Heroess are available in 1 state.
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“The Home in Five Heroes Advantage program provides an extra 1% in assistance; providing an additional boost for military, teachers and first responders."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$122,100
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Down payment and closing cost assistance up to 6% of the first loan amount
- Can be combined with the Home in Five Government (FHA/VA) first mortgages
- Credit scores as low as 640 allowed
Additional Conditions
- Property must be located in Maricopa County
- Only new purchases (no refinancing) and must be repaid if home is sold before 36 months
- Only available to low-income borrowers, first responders, US military personnel or veterans, and K-12 teachers
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: ARC Online Homebuyer Education or Other
To become eligible for purchasing a home, it is mandatory for all homebuyers to complete an 8-hour homebuyer education program through a housing counseling agency approved by Arizona, and acquire a certificate of completion. The homebuyer education course can be taken in-person or online.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: Lakeview Servicer's Fee and Other
These fees include a Tax Service Fee, a Flood Cert and a Funding Fee from the loan servicer.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2% 0.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Home in Five Advantage 5%
Best For: First Time Homebuyers, Lowest Rates, Zero Down
The Home in Five program provides up to 5% down payment and closing cost assistance for Maricopa County homebuyers.
Home in Five Advantage 7%
Best For: First Time Homebuyers, Zero Down
The Home in Five program provides up to 7% down payment and closing cost assistance when combined with a Conventional Loan.
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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