Program Page: Layout/Mobile Update (Arizona Sample1)
Arizona Housing Finance Authority – “Home Plus” Mortgage Loan Program
ProgramSummaryParticipating LendersBlackboardTraining
Note-Program details are available in the Administrator’s Guidelines, click on the Guide & Forms Tab
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Note-Program details are available in the Administrator’s Guidelines
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PROGRAM FUNDS |
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RESERVATIONS |
- Reservation/Locks- OPEN 7:00AM – 5:00 PM MST (10-8 EDT)
- eHP System available 24/7
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ELIGIBLE AREAS |
- Conventional Mortgages- State of Arizona excluding Pima county
- Government Mortgages – State of Arizona excluding Maricopa & Pima counties
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LOAN TIME LINE REQUIREMENTS |
DO NOT RESERVE EARLY
- Current Timeline – Effective 8/17
- Reservation to UW Certification: 15 days
- Reservation to Close: 45 days
- Reservation to Loan Purchase: 60 days
- Previous Timeline – Loans reserved prior to 8/17
- Reservation to UW Certification: 15 days
- Reservation to Close: 45 days
- Reservation to Loan Purchase: 70 days
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EXTENSION |
Any mortgage not purchased within the timeline is ineligible for purchase unless the lender chooses a one-time extension. Extensions are not granted to extend the 15 day UW Certification requirement.
- Current – Effective 8/17
- two options are available, a 15 day or 30 day extension.
- To request an extension, click here
- Previous – Loans reserved prior to 8/17
- one option is available, a 30-day extension
- To request an extension, click here
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ELIGIBLE MORTGAGE TYPES |
- Conventional – Fannie Mae HFA Preferred, Freddie Mac HFA Advantage
- Government – FHA, VA, USDA-RD
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ELIGIBILITY CRITERIA |
- There is no first-time homebuyer requirement in this program
- Primary Residence, must occupy the property within 60 days of closing
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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
- DPA is table-funded by AzHFA at the mortgage closing
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INCOME LIMIT CRITERIA |
- $89,088 – all borrower(s)
- Borrower(s) income= Household income = 1003 Credit Qualifying Income (not co-signor’s)
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HOME ACQUISITION LIMITS |
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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
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FICO/DTI REQUIREMENT |
- Max DTI 45%
- Conventional Mortgages –
- FICO 640 – LTVs 95% or less
- FICO 680 – LTVs 95.01-97%
- Government Mortgages –
- FICO 660
- FHA – no manual UW
- no manufactured housing
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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
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DPA WIRE REQUEST |
- System generated, actual closing date must match closing date in system
- DPA Funds are requested prior to closing
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PROGRAM ADMINISTRATION |
- eHousingPlus
- Program Guidelines, see Guide & Forms Tab
- If you need assistance, click here
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THE MASTER SERVICER |
- US Bank
- 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.
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The Following Lenders Have Been Approved to Originate Loans in This Program. |
Academy Mortgage Corporation |
All Western Mortgage |
Alliance Financial Resources |
American Financial Network |
American Neighborhood Mortgage Acceptance Co. (Annie Mac) |
American Pacific Mortgage |
Amerifirst Financial Inc. |
AmeriPro Funding |
Bank 34 |
Bay Equity, LLC |
BMO Harris Bank |
BNC National Bank |
Broker Solutions dba New American Funding |
Caliber Home Loans |
Castle and Cooke Mortgage |
Cherry Creek Mortgage |
Citywide Home Loans |
Cornerstone Home Lending, Inc |
Cross Country Mortgage |
DHI Mortgage |
Ditech Mortgage |
Envoy Mortgage |
Everett Financial, Inc. d/b/a Supreme Lending |
Evergreen Moneysource Mortgage Company dba Evergreen Home Loans |
Fairway Independent Mortgage |
Finance of America Mortgage, LLC. |
First California Mortgage |
First Choice Loan Services |
First Mortgage Home Lending |
Gencor Mortgage |
Goldwater Bank |
Guild Mortgage |
Home Community Mortgage |
Homeowners Financial Group USA, LLC |
HomeServices Lending |
HomeStreet Bank |
Integrity 1st Financial Group |
K. Hovnanian American Mortgage |
Land Home Financial Services |
LeaderOne Financial |
Lendsmart Mortgage |
LHM Financial Corp dba CNN Mortgage |
Loan Star Home Loans |
LoanDepot dba iMortgage |
Mann Mortgage |
Mattamy Home Funding, LLC |
Michigan Mutual, Inc. |
Mohave State Bank |
Movement Mortgage |
National Bank of Arizona |
New West Lending |
NOVA Financial & Investment Corp. |
OCMBC, Inc |
ON Q Financial |
Peoples Home Equity, Inc. |
Peoples Mortgage DBA Moria Development |
PHH Home Loans, LLC |
Pinnacle Capital Mortgage, Corp. |
Platinum Home Mortgage |
Priority Lending LLC |
Primary Residential Mortgage, Inc. |
Prime Lending |
Prime Source Mortgage |
Prospect Mortgage |
Pulte Mortgage |
Real Estate Mortgage Network – HomeBridge Financial Services, Inc. |
Renew Lending |
RMC Mortgage |
Shea Mortgage |
Skyline Financial |
South Pacific Financial, Corp. |
Stearns Lending |
Suburban Mortgage Inc |
Summit Funding, Inc. |
Sun American Mortgage |
Sunstreet Mortgage |
Taylor Morrison Home Funding LLC |
Universal American Mortgage Company |
US Bank Home Mortgage |
VIP Mortgage, Inc. |
Wallick & Volk Mortgage |
Waterstone Mortgage |
Wells Fargo Home Mortgage |
Weststar Mortgage |
Western State Bank |
Interested in becoming a participating lender? email us! |
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Program Updates” textColor=”#ffffff”][image_frame style=”reflect_shadow” align=”center” height=”100″ width=”100″]http://www.ehousingplus.com/wp-content/uploads/chalk.png[/image_frame]
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.
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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% |
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eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
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eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Visit our systems training page to register for eHP System Training
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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. |