Home in Five Mortgage Assistance for First-Time Homebuyers 

Dream Homes With Affordable Payments

The Industrial Development Authorities of the City of Phoenix and Maricopa County have joined together to offer up to $100 million to help first-time homebuyers obtain FHA, VA or other eligible loan or conventional financing to purchase a home anywhere in Maricopa County. Individuals or families who qualify would be able to obtain 30-year fixed loan at a competitive rate, along with five-percent assistance for down payment and closing costs.

Financing for these fully assumable loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis.

Qualified Veterans are exempt from the first-time homebuyer requirement. In addition, the Authorities provide Veterans with a low 5.85% mortgage rate and a down payment assistance grant of 6.00% of the loan amount while funds are available. Please contact a participating lender or the City of Phoenix IDA for additional information. 

How To Qualify

Your annual income must fall within the income limits for eligible borrowers. Our definition of a first-time homebuyer is someone who has not owned a home for at least the last three years. All homebuyers must meet credit requirements.

If you purchase in a designated "Targeted Areas", you do not have to be a first-time homebuyer.

Remember, for first-time homebuyers, the home can be anywhere in Maricopa County. 

Income Limits for Eligible Borrowers

Family of  Non-targeted Area             Targeted Area 

Two or fewer    $65,158                          $72,684 

Three or more  $72,684                          $72,684 

Homes must be located within Maricopa County, Arizona. 

The following home purchase price limitations apply for eligible residences:

Purchase Price Limits

                                                Non-target Area                                   Target Area 

Maximum Sales Price                  $311,625                                        $380,875 

Down Payment Assistance

All qualified homebuyers will receive 5% of the original loan amount to be used for down payment and closing costs assistance.

Loan                               Down Payment

Amount                     Assistance Amount 

$75,000                             $3,750 

$90,000                             $4,500 

$125,000                           $6,250 

$165,000                           $8,250 

How To Apply

Contact me for more information or Onur Coskun with Great Southwest Mortgage, onur.coskun@greatswmortgage.com