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
 Caliber Home Loans
 Cornerstone Home Lending, Inc.
 Fairway Independent Mortgage Corporation
 Guild Mortgage
 HomeBridge Financial Services, Inc.
 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

 

 

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.