PT_p2p

IDA’s of City of Tucson & Pima County/ – Tucson P2P Program

Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

Please note that as loans fall out, funds may become available.  You can check daily at 8am (11 am Eastern) in case an interest rate has been posted.

 

Pima_Tucson_Logos_Final

Tucson P2P Program

 

 

 

Lender/Program Portal

 

 

 

Tucson P2P Program

PROGRAM FUNDS
  • First Mortgage 200 million
  • 2nd Mortgage 20 million
RESERVATIONS
  • eHP System available 24/7, 365:
  • Reservations Locks are open on business days 8:00am-6:00pm PDT (11-9 pm EDT)
LOAN TIME LINE REQUIREMENTS
  • DO NOT RESERVE EARLY
  • Reservation to UW Cert: 25 days (cancelled on 26th day)
  • Reservation to Loan Purchase: 70 days
EXTENSION
  • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.
  • To request an extension, click here.
    Note: Extensions are not granted to extend the 25 days UW Certification requirement.
ELIGIBLE AREAS
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
  • At the time of closing, cannot have ownership interest.
  • Principal residence, must occupy the property within 60 days of closing.
ELIGIBLE LOAN TYPES
  • Conventional – Fannie Mae HFA Preferred
DPA
  • P2P
  • Hardest-Hit Funds  (U.S. Department of the Treasury through the Trouble Asset Relief Program)
  • First Come First Serve
  • DPA Second Mortgage is 10% of the subject property purchase price up to a maximum of $20,000.
  • DPA Second Mortgage is a lien against the subject property with the following components,
    •  Five-year, deferred loan 100% forgiven after five years
    •  0% interest rate
    •  No monthly Payment
  • DPA is table-funded by ADOH-HHF  at the mortgage closing
  • DPA needs to be RESERVED in the program with the first mortgage & also needs to be REGISTERED with ADOH.  Please see the Rates/Offerings tab.
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
    • Limit is $92,983 for all household sizes
HOME ACQUISITION LIMITS
  • Only Existing Properties $371, 932
HOME BUYER EDUCATION
  • Required for ALL Borrowers (Note or Warranty Deed)
  • Any HUD approved housing counseling agency. view
  • The ONLY approved online course is offered by MGIC http://www.mgichome.com
FICO/DTI REQUIREMENT
  • FICO –  640 see guidelines
  • DTI – Max DTI ratio is 45%
CO-SIGNERS
  • Co-Signers are NOT permitted
LENDER PARTICIPATION
  • Approval by the IDA’s of Pima/Tucson & US Bank. See Participating Lender Tab
FORMS AND DOCUMENTATION
  • Forms are located within the system.
    • Login, and within the loan, click on Forms or from menu select 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
  • If you need assistance getting to the Servicer Lender Guides, Click here. To contact US Bank Lender Help Desk, Click here.
 For Loans reserved before 11/4 – the process has not changed 
  • Forms are located within the system.  (DPA funds request & Closing Packages to eHousingPlus and ADOH )
  • Login, and within the loan, click on Forms or from menu select FORMS
 For Loans reserved on/after 11/4 – the process HAS changed 
 

 DPA REGISTRATION

  • the P2P DPA requires an additional registration
  • Lender creates registration by importing FNMA 3.2 file   click here
  • All program documents are generated from the registration site
  • For Step-by-Step process on P2P DPA 2nd Mortgage  click here
  • If you need assistance, please email
Reservation/locks – AVAILABLE from 8:00am-6:00pm PDT (11-9 EDT excluding weekends & holidays)

Current Rate/Offerings                          (3/20 – NO funds available)              

  Rate/ Offering  Lock Rate   DPA  Min FICO  Effective Date
  Fannie Mae     
 HFA Preferred    4.625% HHF 10% of Purchase Price up to $20,000   640    3/22

 NO available fallout allocation

  • 30 Year, Fixed Rate, Amortized
  • manufactured homes not allowed
  • Interest rate buy-ups or buy-downs are not available
  • Most current rates are available online after you login   

DPA 

  • Assistance is 10% of Purchase Price up to 20,000
  • the DPA is reserved as a second Mortgage
    •  Five-year, deferred loan 100% forgiven after five years
    •  0% interest rate
    •  No monthly Payment
  • DPA is table-funded by the IDA at the mortgage closing    
  • Easy Steps to adding the P2P DPA Second 
DPA RESERVATION
  • The P2P DPA is reserved in the program with eHousingPlus along with the first mortgage. 
  • how to reserve the dpa. click here
DPA REGISTRATION
  • The P2P DPA requires an additional registration
  • Lender creates registration by importing FNMA 3.2 file   click here
  • All P2P DPA program documents are generated from the registration site
  • For Step-by-Step process on P2P DPA 2nd Mortgage  click here
  • If you need assistance, please email sohazsupport@azhousing.gov

 

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

Tucson P2P Program

Administrator Guidelines (11/10) Administrator's Guidelines 6/30 7/8

  • 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 mail

 

For loans reserved before 11/4

DPA Process – click to view the step by step instructions

  • 1 is the DPA instructions
  • 1a is the Funds Request
  • 1b are the documents that need to be sent with the Funds Request
    • (includes the Homebuyer Certification & Affidavit, Declaration of Eligibility, Household Composition Affidavit, Dodd Frank, Third Party Authorization, Initial Til)
  • 2 is the Compliance file package sent to eHousingPlus after the loan closes
    • (includes the Checklist, Homebuyer Certification & Affidavit, Declaration of Eligibility, Household Composition Affidavit, Dodd Frank, Third Party Authorization)
  • 3 is the DPA checklist of all the documents and instructions uploaded to the ADOH ftp
  • 3a is the closing package
    • (includes the Applicant Certification, Promissory Note, Deed of Trust, Disclosure Statement to Borrower, W-9, Initial Til, Final Til)
  • 3b is the Escrow Instructions

 

For loans reserved on/after 11/4

DPA Process – click to view the step by step instructions

The Following Lenders are approved to originate loans (attended training & institutions returned the required program amendments).  The ones crossed are pending approval.

Tucson P2P

Academy Mortgage Corporation
 American Neighborhood Mortgage Acceptance Company, LLC (AnnieMac)
AmeriFirst Financial, Inc.
Bay Equity LLC
Broker Solutions, Inc. DBA New American Funding
Castle & Cooke Mortgage, LLC.
Citywide Home Loans
Cornerstone Home Lending, Inc
 Corridor Mortgage Group
Cross Country Mortgage
DHI Mortgage
Envoy Mortgage
Everett Financial, Inc. d/b/a Supreme Lending
Fairway Independent Mortgage
Finance of America
First Mortgage Company, LLC.
Guild Mortgage
Home Community Mortgage
Homeowners Financial Group USA, LLC
HomeServices Lending LLC dba Long Mortgage Company
 Intercontinental Capital Group, Inc.
LendSmart Mortgage, LLC
 LoanDepot.com, LLC dba iMortgage
Loan Star Home Loans, LLC.
Movement Mortgage LLC
NFM, Inc
Nova Home Loans
Peoples Home Equity, Inc.
Peoples Mortgage (Moria Development Inc dba Peoples Mortgage Company)
Platinum Home Mortgage
Primary Residential Mortgage
Prime Lending, A Plains Capital Company
Priority Lending
Pulte Mortgage
 Residential Bancorp, Inc.
 Right Star Mortgage, Inc.
 RPM Mortgage
 Stearns Lending LLC
Summit Funding, Inc.
Sunstreet Mortgage, LLC
Universal American Mortgage Co.
V.I.P. Mortgage, Inc.
Wallick & Volk Inc.
Waterstone Mortgage Corporation

 

Interested in becoming a participating lender? Contact us.
Program Updates
  • 11/4 – PLEASE NOTE THAT RESERVATIONS IN THIS PROGRAM ARE NOT AVAILABLE TODAY FRIDAY 11/4.  read me
  • DPA Process – click to view the step by step instructions
  • 7/18 – Lender call
  • 6/15  – P2P  webinar
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.