April 19, 2024 4:50 pm
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Program helps finance Phoenix-area homes

homein5By Michelle Ye Hee Lee | The Republic | azcentral.com

The dream of homeownership has been brought within reach of many lower-income Valley residents by a local finance program that also stabilizes neighborhoods hurt by the recession and the housing-market crash.

More than 1,500 low- to middle-income residents and veterans have bought houses through the Home in Five Advantage Program since it began in September 2012.

The program, run through the Industrial Development Authority of Phoenix and and the Industrial Development Authority of Maricopa County, has helped homeowners obtain more than $244 million in 30-year fixed-rate mortgages with a competitive mortgage-loan interest rate. The program helps homeowners obtain certain types of federally backed loans to purchase any home within Maricopa County — from Waddell to Queen Creek.

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