IDA City of Phoenix & County of Maricopa

IDA City of Phoenix & County of Maricopa – Home in Five Advantage Mortgage Origination Program     Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

IDA logo Maricopa     IDA logo Phoenix.png
PROGRAM FUNDS
  • Continuous Funding
RESERVATIONS
  • Reservations open 7:00am-5:00pm Mountain (10-8 EDT excluding weekends & holidays)
  • eHP System available 24/7
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY

  • Reservation to UW Cert: 15 days (loans cancel if not certified)
  • Reservation to Close and Delivery: 45 days
  • Reservation to Loan Purchase: 70 days
EXTENSIONS
  • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.
  • To request a one-time 30-day extension, click here.  Extensions are not granted to extend the 15 days from Reservation to UW Certification. If that is not met, the loan will be cancelled.
ELIGIBLE AREAS
  • Maricopa County including the City of Phoenix
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
  • Borrower(s) & Spouses must occupy the property as their Primary Residence
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RHS
  • Fannie Mae HFA Preferred
  • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE 
  • See Rate/Offerings Tab
  • 4% Assistance Grant
  • 5% Assistance Grant for Qualified Military, First Responders, Teachers 
    • (within the SF system it is labeled as Special Incentives)
  • Lender up fronts. US Bank will reimburse at purchase.
  • Cash back is not allowed.
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
  • For all household sizes income cannot exceed $88,340
HOME ACQUISITION LIMITS
  • $300,000
HOME BUYER EDUCATION
  • Required for all homebuyers
  • Face to Face, HUD approved housing counseling agency view
  • see guidelines – 3 approved online providers
FICO SCORE REQUIREMENT
  • See Guidelines 
  • Debt-to income ratios – Max 45%
CO-SIGNERS
  • Follow Agency Guidelines (FHA, VA, USDA, Fannie Mae). They cannot have any ownership interest (cannot be on the Mortgage/Deed/Warranty Deed).
LENDER PARTICIPATION
  • Approval by IDA City of Phoenix & County of Maricopa & by US Bank
FORMS AND DOCUMENTATION
  • Available online, under FORMS
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • To contact US Bank Lender Help Desk, Click here.

 

Reservation/locks – AVAILABLE from 7:00am-5:00pm Mountain (10-8 EDT excluding weekends & holidays)

Current Rate/Offerings

Rate/Offerings Lock Rate FICO DPA Effective Date
   GOVERNMENT
 USDA-RD or VA 4.625%   640 w/3.5% 1/10
 FHA 660 w/3.5%
 FHA   640-659   w/2.5%
   CONVENTIONAL
Fannie Mae HFA Preferred 5.00%  640   w/3.5% 1/13
Freddie Mac HFA Advantage 
     
  **  Special Incentives  (Qualified Military, First Responders, Teachers, Qualifying Income 50% AMFI – 31,450)  **      the detailed qualifying criteria is in the Guidelines, please make sure you qualify before you reserve.
   GOVERNMENT       
 USDA-RD or VA  4.625%   640 w/4.5% 1/10
 FHA 660 w/4.5%
 FHA  640-659 w/3.5%
  CONVENTIONAL 
Fannie Mae HFA Preferred  5.00% 640 w/4.5% 1/13
Freddie Mac HFA Advantage 
 
 Phoenix Home Access MCC Program (only for City of Phoenix)  click to view

 

  • Assistance is Automatically Calculated on the Final Loan Amount (Grant)
  • Various Levels as per Above Chart.
  • Special Incentives – please see guidelines for qualifying descriptions (they are very specific).
    • Qualified Military, Qualified First Responders, Qualified Teachers
  • Lender Up Fronts. US Bank Will Reimburse at Purchase
  • Cash Back is Not Allowed.
  • Manufactured Homes Not Allowed
  • Manual UW Not Allowed

eHousingPlus is the Program Administrator, and provides some of the following services:

     

 Administrator Guidelines (1/11)    Administrator's Guidelines 5/26 6/12 7/28 7/29 8/7

  • 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 heremail

 Program Sample Forms  form                           

The Following Lenders have been approved to originate loans:

     

 Academy Mortgage Corporation
 All Western Mortgage Inc
 Alliance Financial Resources, LLC
 Alterra Group, LLC.
 American Financial Network, Inc.
 American Mortgage & Equity Consultants, Inc
 American Neighborhood Mortgage Acceptance Company, LLC. DBA AnnieMac
 American Pacific Mortgage
 AmeriFirst Financial, Inc.
 AmeriPro Funding, Inc.
 Aspire Financial, Inc.
 Bank 34
 BOKF, NA dba Bank of Arizona
 Bay Equity LLC, DBA Bay Equity Home Loans
 Bell Mortgage, A Division of Bell State Bank and Trust
 BMO Harris Bank, N.A.
 BNC National Bank
 Broker Solutions, Inc. DBA New American Funding
 CalAtlantic Mortgage, Inc. fka RMC Mortgage Corporation
 CalCon Mutual Mortgage LLC dba OneTrust Home Loans
 Caliber Home Loans, Inc.
 Castle & Cooke Mortgage LLC
 Cherry Creek Mortgage
 Churchill Mortgage Corporation
 Citiwide Home Loans
 Citizens Home Loans of America, Inc.
 CMG Financial
 Cobalt Mortgage, Inc
 Cornerstone Home Lending, Inc.
 Corridor Mortgage Group, Inc.
 Cross County Mortgage, Inc.
 CLM Mortgage, LLC.
 CStone Mortgage, Inc.
 Devere Mortgage Corporation dba Hunt Mortgage
 Dubuque  Bank and Trust(FHA) Arizona Bank And Trust (Conventional)
 DHI Mortgage
 Envoy Mortgage
 Everett Financial, Inc. d/b/a Supreme Lending
 Evergreen Moneysource Mortgage dba Evergreen Home Loans
 Evolve Bank and Trust
 Equity Loans, LLC.
 Fairway Independent Mortgage Corporation
 FBC Mortgage LLC
 Finance of America Mortgage, LLC
 First Choice Loan Services, Inc.
 First California Mortgage Company
 First Colony Mortgage Corporation
 First Continental Mortgage Ltd
 First Mortgage Company, LLC  (First Mortgage Home Lending)
 FirstNational Bank Texas dba First Community Mortgage
 First Option Mortgage, LLC
 First State Bank Mortgage (First State Bank of St. Charles, MO)
 Fisher Financial Group, Inc. dba NationsChoice Mortgage
 Franklin American Mortgage Company
 Gateway Mortgage Group, LLC
 Goldwater Bank, N.A.
 GSF Mortgage Corporation
 Guaranteed Rate, Inc.
 Guild Mortgage
 HomeAmerican Mortgage Corporation
 Homeowners Financial Group
 HomeStreet Bank
 International City Mortgage, Inc.
 Integrity First Financial Group, Inc.
 K. Hovnanian American Mortgage, LLC.
 Land Home Financial Services
 LeaderOne Financial Corporation
 LendSmart Mortgage
 LHM Financial dba CNN Mortgage Inc.
 Loan Simple, Inc.
 LoanDepot.com dba iMortgage
 LoanStar Home Loans, LLC dba LoanStar Home Lending
 MegaStar Financial Corporation
 Michigan Mutual, Inc.
 MidFirst Bank
 Mortgage Capital Associates, Inc.
 Mortgage Management Consultants, Inc.
 Mortgage Solutions of Colorado LLC
 Mountain West Financial, Inc.
 Movement Mortgage
 National Bank of Arizona
 Nationstar Mortgage LLC.
 New Penn Financial, LLC
 New West Lending
 Network Funding LP
 NFM, Inc. dba NFM Lending
 NOVA Financial & Investment Corp
 OCMBC, Inc
 OnQ Financial, Inc.
 Paramount Residential Mortgage, Group, Inc.
 People’s National Bank
 Peoples Home Equity d/b/a Redstone Mortgage
 Peoples Mortgage
 Pinnacle Capital Mortgage Corporation
 Primary Residential Mortgage Inc
 PrimeLending
 PrimeSource Mortgage, Inc.
 Priority Lending
 Prospect Mortgage
 Pulte Mortgage
 Real Estate Mortgage Network (REMN) – HomeBridge Financial Services, Inc.
 Renew Lending, Inc.
 Republic Mortgage Home Loans
 Residential Bancorp, Inc.
 Right Start Mortgage, Inc
 RPM Mortgage, Inc.
 Sacramento 1 st Mortgage, Inc dba Comstock Mortgage
 Security National Mortgage Company
 Service First Mortgage Company
 Shea Mortgage
 Sierra Pacific Mortgage
 Skyline Financial Corporation
 South Pacific Financial Corporation
 Starboard Financial Management, LLC
 Stearns Lending LLC
 Stonegate Mortgage Corporation
 Suburban Mortgage, Inc.
 Summit Funding, Inc
 Sun American Mortgage Company
 Sun West Mortgage Company, Inc
 Sunstreet Mortgage LLC
 The Lending Company
 Total Mortgage Services, LLC.
 Union Home Mortgage Corporation
 Universal American Mortgage Company (UAMC)
 US Bank Home Mortgage
 V.I.P. Mortgage
 Venta Financial Group, Inc
 Veritas Funding, LLC
 W J Bradley Mortgage Capital LLC
 Wallick & Volk
 Waterstone Mortgage
 Wells Fargo Home Mortgage
Interested in becoming a participating lender?  Contact us.
Program Updates
  • 1/11 – cosigner language revised
  • 10/19 – Special Incentives is expanded to include households at/below  50% AMFI  ($31,450)
  • 9/23 – Freddie Mac HFA Advantage will start on 10/3
  • 7/18 – Grant DPA Assistance and lender compensation will change 7/18- Please see guidelines
  • 5/3- Phoenix Home Access MCC Program Training today
  • 12/1 – MANUFACTURED HOMES are eliminated
  • 12/1 – FHA – no manual underwriting
  • 11/9 – The following are the ONLY three approved online homebuyer education providers. 8-hour online homebuyer education courses are offered by Trellis (formerly known as Neighborhood Housing Services
    of Phoenix), Newtown CDC and Take Charge America.
  • 10/1 – HFA Preferred – Fannie Mae is offered
  • 10/1 – Vetereans additional 1% assistance is redefined-Qualified Military, First Responders, Teachers – see Guidelines
  • 7/29 – Assistance changes from 5% to 4%, also changes to fee structure
  • 6/12 – revised – non-permanent residents, follow Agency (FHA, VA, RD) guidelines.
  • 5/26 – Non Traditional Credit see U.S. Bank Bulletin 2015-07
  • 7/1 – Loans closing 7/1/2014 & after will have lenders fund the DPA (down payment assistance) at closing. Lenders will be reimbursed at loan purchase by Master Servicer. 
  • 6/9 – Updated Guidelines – servicer fee
  • 6/5 – effective 7/1-Funding fee-Lenders will upfront the DPA, US Bank will net at purchase
  • 5/1 – change to USB Fee
  • 4/22 – Online Home buyers education – NHS & Genesis
  • 1/1/2014 – 2014 Program, NHS home buyers education, funds request
  • 10/15 – Guidelines updated
  • 7/1/2013 – Mortgagee Letter 2013-14
  • 1/14 – NEW DPA Funding Guidelines:  DPA is now funded prior to closing.  Please refer to Guidelines
  • 1/14 –  The IDAs selected this afternoon a new 3.75% mortgage rate for their 2013 Home in Five Advantage program.
IMPORTANT !

Loan Processing, Delivery and Purchase Timetable:

Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be:

  1. underwriter certified within 15 days of loan reservation
  2. closed and delivered to the Servicer within 45 days of loan reservation and
  3. purchased within 70 days of loan reservation.

Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.

EhousingPlus University
eHP Lender Program Training

  1. Required for everyone participating in the program
  2. offered 24/7
  3. Click here to attend Program training
eHP System Training*

  1. After you complete the online Lender Program Training, information is provided as to what happens next.
  2. Visit our systems training page  to register for eHP System Training
Should you have any questions on training, please contact jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.