Down Payment Assistance

Home in 5

Since 2012, over 10,700 new homeowners have taken advantage of the Maricopa County and Phoenix Industrial Development Authorities down payment assistance program.

Through the Home in Five Advantage program, you and your family may be eligible for a 2.5% or 3.5% (depending on your FICO score) down payment/closing cost assistance grant (no repayment is required).

The Home in Five Program applies to new or existing homes, condominiums and townhouses. Castle & Cooke Mortgage has the experience to help determine if you qualify for this exceptional program and can help guide you through the loan approval process from start to finish.

Military, First Responders and Teachers Grant

We offer an additional 1% grant as a reward for the hard work and dedication of Qualified United States Military Personnel, First Responders, and Teachers.

Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard.

A “Qualified Veteran” is a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable (as provided in 38 U.S.C. Section 101.

First Responders” include:

  • Peace Officers, as defined in A.R.S. §1-215, certified by the Arizona peace officer standards and training board, and employed as: 1) sheriffs (or deputy sheriffs) of counties; 2) constables; 3) marshals; 4) policemen of cities and towns; 5) commissioned personnel of the department of public safety; 6) personnel who are employed by the state department of corrections and the department of juvenile corrections; 7) police officers appointed by community college district governing boards, the Arizona board of regents, or the governing body of a public airport pursuant to section 28-8426; 7) special agents from the office of the attorney general, or of a county attorney; and 8) police officers employed by a tribal policy agency.
  • Professional firefighter, as defined in A.R.S. §9-901, employed as a member of an organized and paid fire department.
  • Emergency personnel, whose primary responsibility is the care of patients in an ambulance, to include the following occupations, defined in A.R.S. §36-2201; 1) emergency medical technician; 2) advanced emergency medical technician; 3) emergency medical technician I-99, and 4) paramedic.
  • Detention Officer, as defined in A.R.S. §13-3907, means a person other than an elected official who is employed by a county, city or town and who is responsible for the supervision, protection, care, custody or control of inmates in a county or municipal correctional institution. Detention officers does not include counselors or secretarial, clerical or professionally trained personnel.

Teachers: a full-time teacher employed by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12.

MCIDA. (n.d.). Retrieved June 09, 2016, from http://www.mcida.com/

Special Benefits

* Receive up to 3.5% in down payment assistance*

* Low money down options

* Minimum FICO credit score of 640

* Maximum debt-to-income ratio of 45

* You do not have to be a first time homebuyer

Pathway to Purchase

The Arizona Department of Housing (ADOH), acting with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC), to provide down payment assistance to qualified homebuyers purchasing a primary residence in 17 targeted municipalities in Arizona. The assistance is an incentive to purchase in targeted housing markets that have been hardest-hit by foreclosures.
The ADOH “Pathway to Purchase” P2P Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to 10% of the purchase price, up to a maximum of $20,000.

Program Details:
• 30-year fixed-rate mortgage
• The DPA second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments.
• The down payment assistance (DPA) can be used toward the down payment and / or closing costs. DPA is only available in conjunction with a Pathway to Purchase first mortgage and is funded by AHFPFC / ADOH at the mortgage loan closing.

Homebuyer Eligibility Requirements

Homebuyer Eligibility Requirements:

  • Mortgage for the purchase of a Owner occupied, Primary Residences only.
  • Borrower(s) Income not to exceed $92,984.00
  • Purchase Price limit not to exceed $371,936.00
  • Availble on Fannie Mae HFA Preferred mortgages only.
    • Maximum LTV / CLTV of 95.0% / 105%
    • Minimum Credit Score of 640
    • Existing Single-Family, Townhomes or Condo’s – new construction is not allowed.
    • 12% charter min. MI on LTV’s 90.0%, 16% charter min. on LTV’s 90.01%- 95.0%.
      • (MI payment options, borrower paid monthly, single and split premium).
    • Maximum 45% debt-to-income ratio and Fannie Mae HFA Preferred (variation of FNMA HomeReady) underwriting guidelines apply.
  • All homebuyers are required to complete a pre purchase homebuyer education course through a HUD-approved homebuyer education provider. Options include online, over-the-phone and in person.

Pathway to Purchase Eligible Cities:

  • The Program is limited to the following 17 Cities:
    • Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave,Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.

Restrictions may apply. Not all who apply will qualify. Program qualifications and offerings are subject to change at any time. The duration of the loan process is conditional upon credit approval and starts with the receipt of all required information provided by the borrower and/or any third party. Castle & Cooke Mortgage, LLC cannot be held responsible for any required documentation that is not received in a timely manner or unforeseen occurrences that may delay the loan process.