Mountain West Financial is proud to re-introduce the Phoenix/Maricopa Home in Five Mortgage Origination Program (Home in Five). This new and improved first mortgage with a down payment assistance grant program provides low-to-moderate income Arizonians more opportunities to purchase their home. Borrowers receive a competitive rate FHA, Conventional, USDA, Fannie Mae Preferred or Freddie Mac Advantage first mortgage with a fixed rate and 360 level payments. The Home in Five Program automatically comes with the Home in Five Grant.
This grant is a true grant (forgiven immediately and no lien position) and is based off the note amount. Assistance is in the form of a set percentage of 2.5%, 3.5% or 4.5%, depending upon the underlying first mortgage type, borrower FICO and special incentive factors such as qualified military, first responders, teachers or income qualified borrowers. “We are happy to expand our affordable housing options in Arizona by participating in the down payment assistance grant program offered by the IDAs of Phoenix/Maricopa. It’s also nice to see they offer additional help for Qualified Military, First Responders, and Teachers, those who serve our communities” said Tonya Todd, Senior VP of Strategic Products.