IDA City of Phoenix MCC

IDA City of Phoenix – Home Success MCC Program

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

 
PROGRAM FUNDS
  •  TBD
RESERVATIONS
  • Reservations open
  • 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
ELIGIBLE AREAS
  • City of Phoenix
ELIGIBILITY CRITERIA
  • Home Success MCC standalone
  • Home in Five (city of Phoenix only) First Mortgage Program / Home Success MCC as additional
    • All Borrower(s) & Spouse (including NPS) must qualify First-Time Homebuyers
    • IRS Tax Transcripts for past 3 yrs.
  • Must be Principal Residence
  • Must occupy within 60 days of closing
  • Property must Qualify click here
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RHS
  • Fannie Mae HFA Preferred
INCOME LIMIT CRITERIA
  • Household income = must consider income from all household members 18 or older
  • 1 or 2 Person Household: $64,000
  • 3 or more Person Household: $73,600
HOME ACQUISITION LIMITS
  • $258,690
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
  • MCC standalone – 640
  • Home in Five (city of Phoenix only) First Mortgage Program/MCC as additional – follow Home in Five limits
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
FORMS AND DOCUMENTATION
  • Available online, under FORMS
Reservation/locks – AVAILABLE from 7:00am-5:00pm Mountain (10-8 EDT excluding weekends & holidays)

Current Rate/Offerings

TBA

  • MCC Credit 25%

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

 

 Administrator Guidelines (5/8)    Administrator's Guidelines 5/26 6/12 7/28 7/29 8/7                 Webinar Presentation

  • 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 MCC loans  –  Approval by IDA City of Phoenix –  click here for lender agreement

        

Academy Mortgage Corporation
 Bay Equity LLC, DBA Bay Equity Home Loans
 Cornerstone Home Lending, Inc.
 Fairway Independent Mortgage Corporation
 HomeStreet Bank
 LHM Financial dba CNN Mortgage Inc.
 Mountain West Financial, Inc.
 Movement Mortgage
 Network Funding LP
 Peoples Mortgage Company (Moira Development)
 Prospect Mortgage
 South Pacific Financial Corporation
 Wallick & Volk
 

PENDING APPROVAL

 All Western Mortgage Inc
 Alliance Financial Resources, 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.
 Bank 34
 BOKF, NA dba Bank of Arizona
 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.
 Cobalt Mortgage, Inc
 Cross County Mortgage, Inc.
 CStone Mortgage, Inc.
 Devere Mortgage Corporation dba Hunt Mortgage
 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.
 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
 Home Community Mortgage
 Homeowners Financial Group
 International City Mortgage, Inc.
 Integrity First Financial Group, Inc.
 K. Hovnanian American Mortgage, LLC.
 Land Home Financial Services
 LeaderOne Financial Corporation
 LendSmart Mortgage
 Loan Simple, Inc.
 LoanDepot.com dba iMortgage
 LoanStar Home Loans, LLC dba LoanStar Home Lending
 Michigan Mutual, Inc.
 MidFirst Bank
 Mortgage Capital Associates, Inc.
 Mortgage Management Consultants, Inc.
 Mortgage Solutions of Colorado LLC
 National Bank of Arizona
 New Penn Financial, LLC
 New West Lending
 NOVA Financial & Investment Corp
 OCMBC, Inc
 OnQ Financial, Inc.
 People’s National Bank
 Peoples Home Equity d/b/a Redstone Mortgage
 Pinnacle Capital Mortgage Corporation
 Primary Residential Mortgage Inc
 PrimeLending
 PrimeSource Mortgage, Inc.
 Priority Lending
 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
 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
 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
 Waterstone Mortgage
 Wells Fargo Home Mortgage

 

 

Interested in becoming a participating lender?  Approval by IDA City of Phoenix –  click here for lender agreement
Program Updates
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.