ADOH Home Plus Program

ADOH – “Home Plus” Mortgage Loan Program
Note – for details, see the Guidelines under GUIDE & FORMS

 

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PROGRAM FUNDS 
  • Continuous Funding
RESERVATIONS
  • Reservation/Locks- OPEN 7:00AM – 5:00 PM MST (10-8 EDT) 
  • eHP System available 24/7
ELIGIBLE AREAS 
  • Conventional Mortgages – State of Arizona excluding Pima county
  • Government Mortgages – State of Arizona excluding Maricopa & Pima counties
LOAN TIME LINE REQUIREMENTS PLEASE DO NOT RESERVE EARLY

  • Timeline
    • Reservation to UW Certification: 10 days
    • Reservation to Close and delivery of closed files to eHP and US Bank: 35 days
    • Reservation to Loan Purchase: 60 days
EXTENSION
  • If a Mortgage Loan is not purchased within such sixty (60) day period, an extension is available for a fee that is applicable to the extension time necessary.  See guidelines for details.
ELIGIBLE MORTGAGE TYPES
  • Conventional – Fannie Mae HFA Preferred, Freddie Mac HFA Advantage
  • Government – FHA, VA, USDA-RD
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement
  • Borrowers must occupy the property as their primary residence and reside in the subject property within 60 days of closing
DPA
  • Non repayable grant
  • Multiple DPA options – see Rates Tab for details
  • Qualified U.S. Military Personnel may receive any additional 1% DPA on any mortgage type
  • Lender funds at closing and is reimbursed by US Bank at purchase
INCOME LIMIT CRITERIA
  • $92,984 – all borrower(s)
  • Borrower(s) income= Household income = 1003 Credit Qualifying Income (not co-signor’s)
HOME ACQUISITION LIMITS
  • $371,936
HOME BUYER EDUCATION
  • Required for borrower(s) prior to closing
    • Through HUD approved housing counseling agency.  view
    • Other options include online, over-the-phone and in person.  (see guidelines)
  • not required for co-signors
FICO/DTI REQUIREMENT
  • Max DTI 45%
    • Conventional Mortgages –
      • FICO 640
    • Government Mortgages –
      • FICO 660 on FHA
      • FICO 640 on USDA & VA
  • manual UW is not allowed on FHA loans
  • no manufactured housing
FORMS AND DOCUMENTATION
  • All forms and guidelines are located within the system (once logged in to eHP system)
  • for Sample forms and Guidelines – see Guide & Forms Tab
PROGRAM ADMINISTRATION 
  • eHousingPlus
  • Program Guidelines, see Guide & Forms Tab
  • If you need assistance, click here
THE MASTER SERVICER
  • US Bank
  • Servicer Lender Guides, Click here
  • If you need assistance getting to the Servicer Lender Guides, Click hereTo contact US Bank Lender Help Desk, Click here.

Reservation/locks are available on Business days between 7am-5pm MST  (10-8 EDT)

Current Rates & DPA

Options / Offerings    DPA    Min FICO  Lock Rate Effective Date Origination Points Lender Fee (SRP)
  Fannie Mae HFA Preferred (conventional)
HFA Preferred 3% 640 5.000% 3/21 pm 0 2.50%
4% 5.125% 3/23
5% 5.375% 3/21 pm
  Freddie Mac HFA Advantage (conventional)
HFA Advantage  4% 640 5.125% 3/23 0 2.50%
  Government
FHA 3% 660 4.625% 3/22  0  2.50%
4% 5.00% 3/22
USDA-RD  2% 640 4.25%  3/21 pm 1.00%
VA 2% 4.25% 3/21 pm 1.00%
  • for loans
  • 30 Year, Fixed Rate, Amortized
  • No manual UW
  • Manufactured homes are not allowed 
  • Interest rate buy-ups or buy-downs are not available
DPA
Assistance is based on the Final Loan Amount

  • Non repayable grant
  • Multiple DPA options – as per rate/offerings
  • Additional 1% DPA on any mortgage type for Qualified U.S. Military Personnel      
  • DPA is Lender funded at closing and is reimbursed by US Bank at purchase      

 

eHousingPlus Is the Program Administrator, and Provides Some of the Following Services:

Home Plus Logo
Administrator Guidelines EXTERNAL_LINK_EHOUSINGPLUS_32x32      (8/22)     3/31

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.        
  • Need help, Click here

form (1/11) Program Sample Forms

flyericon  HOME Plus Flyer

 

Program Updates
  • 8/22 – Conventional loans, 640 FICO
  • 8/1- Updated rate/offerings, for details see the guidelines and program flyer.
  • 7/10-rate/offerings updated for LTV
  • 5/25- Effective with 6-1 …
    • DPA Funding Process Change.  On loan closing 6/1 and later ADOH will no longer table fund the DPA.  The lender will need to fund the DPA and be reimbursed when the mortgage is purchased by US Bank.  See guidelines
    • New Income Limit $92,984
    • New Purchase Price Limit $371,936
    • Clarification on Non-occupant co-signors for FHA and Fannie Mae HFA Preferred. See guidelines for details
    • Change in credit package delivery to master servicer, US Bank. See guidelines for details
  • 12/1 – as of 12/1 reservations; Increase minimum credit score to 660 on FHA, Elimination of manual underwriting on FHA,  Elimination of manufactured housing property type on ALL mortgage types
  • 8/17 – program updated with multiple rate/offerings
  • 2/9/15 – Funds wire Req updated
  • 10/1 – HFA Preferred Launched which includes Maricopa County, Income & Acquisition Limits restructured one number all areas, Household income is defined by borrower(s) on 1003 application used to credit qualify.  See Guidelines & Flyer (under the Guide Tab) for details.   –  Program now has multiple offerings.  When you reserve, you will need to select either GOVERNMENT  or HFA Preferred.
  • 8/1 – Applied new income & Acquisition Limits
  • 7/22 – Program streamlined, retire the MCC program
  • 6/9 – Updated Guidelines – Servicer fee
  • 6/3 –  Purchase Price Limits change
  • 5/31 – Carl Kinney who has served as Program Administrator of the Arizona Housing Finance Authority is retiring as of today, May 30th.  Dirk Swift will be stepping into the role of Program Administrator.   The DPA request process will have Dirk replace Carl on the list of those receiving the DPA funding request forms.
  • 5/1 – change to US Bank Fee
  • 3/25 – additional 1% assistance for Qualifying Veterans, read more.  Please see guidelines for details.
  • 3/7/2014 – New Income Limits
  • 10/18 – USDA-RD – resumed reservations
  • 10/12 – Guidelines updated – Clarification of the Timeline
  • 10/1 – USDA-RD – New reservations temporarily suspended due to government shutdown
  • 4/8 – New Rate, 3.75%
  • 3/26/2013 Program Start Date, Interest Rate 4.0%

http://ehousingpl.us/azhfa