Home in Five Conventional Loan - Median Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for median income Maricopa County residents seeking down payment assistance from the Home in Five Program.
Program Description
The Phoenix IDA and Maricopa IDA partner to offer a 30-year Conventional loan option for households making more than 80% of AMI (Area Median Income). This program can be paired with the Home in Five Down Payment Assistance Program.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
Home in Five Conventional Loan - Median Income
Min. Credit Score
640
Min. Down Payment
3%
Max Loan Amount
$726,200
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.
Pros & Cons
- Higher income limits than the low income conventional option
- Flexible qualifying guidelines with perfect credit not required
- Assistance available, up to 7% of the first loan amount
- Higher mortgage insurance cost than the low income conventional option
- Not available outside of Maricopa County, AZ
- High-balance loans not permitted
Program Availability
Home in Five Conventional Loan - Median Incomes are available in 1 state.
*Limited Availability: Property must be located in Maricopa County, AZ.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“The Home in Five Conventional Median Income option comes in handy when using Home In Five down payment assistance and your income exceeds the low income conventional program."
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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Home in Five Conventional loan program option with higher income limits
- Credit scores as low as 640
- Down payment assistance amounts can range between 3% and 7%
Additional Conditions
- Property must be located within Maricopa county, including the City of Phoenix
- New purchases only (no refinancing)
- Additional assistance available to targeted borrowers and for all in low-income census tracts
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.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this Home in Five MI program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Home in Five Advantage 7%
|Home in Five MIThe Home in Five program provides up to 7% down payment and closing cost assistance when combined with a Conventional Loan.
Max. Loan Amount
$726,200
Min. Credit Score
640
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Home in Five BOOST
A new product named Home in Five BOOST has been introduced to provide additional assistance to homebuyers in qualified low-income neighborhoods. This initiative aims to increase homeownership in such areas by offering a 0.5% boost in aid to eligible buyers. Check with an RMM PROLender to see if you may qualify.
Arizona Mortgage Credit Certificate (MCC)
CIC Tucson's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce your federal income tax responsibility each year. It is specifically for first time homebuyers and veterans and can be paired with most Arizona down payment assistance programs.
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 Conventional Loan - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for low income Maricopa County residents seeking down payment assistance from the Home in Five Program.
Home in Five FHA Loan
Best For: First Time Homebuyers, Low Down Payments
FHA program for Maricopa County, AZ residents seeking down payment assistance through the Home in Five Program.
Related Resources
2023 Credit Score Guide and Tips for Improvement
Many borrowers often misunderstand what all goes into calculating a consumer’s credit score, focusing on the negatives such as delinquent payments and collection accounts. Let’s dive in and look at factors that impact your FICO credit score, how lenders factor your credit score into your mortgage rate, and ways to improve your credit score before you submit your mortgage application.
Read More
Tips for a Simple Loan Approval
Believe it or not, following these simple tips can not only make or break your home buying experience, but it can also either save or cost you valuable time and money. If you aren’t completely sure if something you’re planning to do will help or hurt the status of your loan approval, you should always contact your loan officer to advise before you act.
Read More
Knowing Your Mortgage Insurance Options (Conventional Loan PMI)
PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read MoreVisit our Mortgage Education Center for more resources.
* 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
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch