Dream Homes With Affordable Payments
The Industrial Development Authorities of the City of Phoenix and Maricopa County, AZ have joined together to offer 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. 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 $64,524 $74,203
Three or more $74,203 $77,542
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 $311,625 $380,875
Sales Price
Down Payment Assistance
All qualified homebuyers will receive 5% of the original loan amount to be used for down payment and closing costs assistance.
$75,000 $3,750
$90,000 $4,500
$125,000 $6,250
$165,000 $8,250
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