Home Ownership

 

Home in Five Advantage

Home in Five Advantage

Mortgage Origination Program

 
 
 
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PROGRAM MILESTONES
 
The Maricopa IDA is proud to announce that through its valued Participating Lenders, the Home in Five Advantage Mortgage Origination Program has now originated over $1.5 billion of mortgage loans to residents of Maricopa County.
 
That's right - over one billion dollars in loans to our residents.  We have helped over 8,932 families fulfill their dream of owning their own home.
 
Academy Mortgage Corporation has originated over $172 million of mortgage loans since the beginning of the Home in Five Advantage Mortgage Origination Program in September 2012.  Way to go Academy Mortgage Corporation!
 
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The Industrial Development Authority of the County of Maricopa and The Industrial Development Authority of the City of Phoenix, Arizona have joined together to help homebuyers obtain FHA, VA, USDA-RD, or Fannie Mae HFA Preferred Conventional loan financing to purchase a home anywhere in Maricopa County, including the city of Phoenix. Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable down payment/closing cost assistance grant.
 
Qualified United States Military Personnel & Veterans, Teachers and First Responders may receive additional down payment assistance.  Please refer to the down payment assistance chart below.
   

Financing for these loans is available on new or existing homes (one to four units), condominiums or townhouses  only through a Participating Lender as listed below.

 

 

Homebuyer Eligibility
 

·       Homebuyers must have a minimum FICO credit score.

 

·       Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).

 

·       All homebuyers must attend a homebuyer education course through a HUD-approved housing counseling agency located within Arizona and obtain a certificate of completion.  The homebuyer may attend an 8-hour face-to-face homebuyer education course or take an 8-hour equivalent course on-line.
 
     If taking an on-line course, you must complete the course through one of the following agencies: 
 of  A list of some HUD-approved housing counseling agencies can be found at the link:

 

      http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=AZ 

 

·         A home inspection is recommended; however it is not required. 

 
Program Eligibility
 

·        Homebuyers may purchase a home anywhere in Maricopa County, including in the city of Phoenix.

 

·        Buyers must occupy the home as their principal residence within 60 days of closing.

 

·        The program may only be used to purchase a home (i.e., no refinancing).

 

Income Limits for Eligible Borrowers
 

·         Maximum credit qualifying income may not exceed $88,340. 

  

Purchase Price Limit
 

·         Maximum purchase price limit in this program is $300,000.

 

Special Incentives for Qualified United States Military Personnel & Veterans, Teachers and First Responders
 
·        Qualified individuals may receive additional down payment/closing cost assistance.
 
·        This assistance is a grant and does not require repayment. 

 

Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard.

 

"Qualified Veteran" is a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable (as provided in 38 U.S.C. Section 101.
 
"Teachers" are individuals who are employed full time by a state-accredited public or private school that provides direct services to students in grades pre-kindergarten through 12.
 

First Responders” include:

 

Peace Officers, as defined in A.R.S. § 1-215, certified by the Arizona peace officer standards and training board, and employed full-time.

 

Professional firefighter, as defined in A.R.S. § 9-901, employed full-time as a member of an organized and paid fire department.

 

Emergency personnel, are those individuals who are employed full-time and whose primary responsibility is the care of patients in an ambulance, to include the occupations as defined in A.R.S. § 36-2201.
 
Detention Officers, as defined by A.R.S. § 13-3907, means a person other than an elected official who is employed by a county, city or town and who is responsible for the supervision, protection, care, custody or control of inmates in a county or municipal correctional institution.  Detention officer does not include counselors or secretarial, clerical or professionally-trained personnel.

 

Down Payment Assistance

 
    The table below sets forth the amount of down payment assistance for which a homebuyer may be eligible: 
 
 

Loan Type

FICO Required

DPA Amount

Qualified Military Personnel/First Responders/Teachers

FHA

660

4%

5%

FHA

640-659

3%

4%

Conventional

(LTV up to 95%)

 

640

4%

5%

Conventional

(LTV 95% to 97%)

 

680

4%

5%

USDA-RD

640

4%

5%

VA

640

4%

5%

 
 
·          This assistance is a grant and does not require repayment. 

 

Simply contact a Participating Lender for details on applying for a Home in Five Advantage mortgage loan and securing the down payment assistance.


Participating Lenders
 

The following is a list of Participating Lenders.  For a contact list of trained loan officers please click on the individual company names below.

 


 

(over $128 million of mortgage loans originated)

 

(over $23 million of mortgage loans originated)

 

dba Eagle Home Mortgage
(over $20 million of mortgage loans originated)

 

(over $45 million of mortgage loans originated)

 

(over $80 million of mortgage loans originated)

 

(over $33 million of mortgage loans originated)
 
(over $24 million of mortgage loans originated)
 
(over $62 million of mortgage loans originated)
 
(over $36 million of mortgage loans originated)
 
(over $107 million of mortgage loans originated)
 
(over $2 million of mortgage loans originated)
 
(over $4 million of mortgage loans originated)
 
(over $20 million of mortgage loans originated)
 
(over $127 million of mortgage loans originated)
 
(over $25 million of mortgage loans originated)
 
(over $87 million of mortgage loans originated)
  
(over $172 million of mortgage loans originated)
 
(over $8 million of mortgage loans originated)
 
(over $12 million of mortgage loans originated)
 
(over $63 million of mortgage loans originated)
   
 
(over $35 million of mortgage loans originated)
 
(over $7 million of mortgage loans originated)
 
(over $4 million of mortgage loans originated)
 
(over $24 million of mortgage loans originated)
 
Real Estate Mortgage Network, Inc.
(over $5 million of mortgage loans originated)
 
 
 
(over $10 million of mortgage loans originated)
 
(over $13 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $57 million of mortgage loans originated)
 
(over $4 million of mortgage loans originated)
 
(over $26 million of mortgage loans originated)
 
(over $11 million of mortgage loans originated)
 
 
(over $4 million of mortgage loans originated)
 
(over $35 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $5 million of mortgage loans originated)
 
(over $6 million of mortgage loans originated)
 
(over $28 million of mortgage loans originated)
 
(over $13 million of mortgage loans originated)
 
 
(over $1 million of mortgage loans originated)
 
 
 
(over $2 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
 
(over $4 million of mortgage loans originated)
 
 
(over $5 million mortgage loans originated)
 
(over $4 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $2 million of mortgage loans originated)
 
 
 
 
 
(over $11 million of mortgage loans originated)
 
(over $2 million of mortgage loans originated)
 
 
 
 
(over $3 million of mortgage loans originated)
 
(over $4 million of mortgage loans originated)
 
 
(over $20 million of mortgage loans originated)
 
 
 
(over $12 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $7 million of mortgage loans originated)
 
(over $8 million of mortgage loans originated)
(over $1 million of mortgage loans originated)
 
 
(over $2 million of mortgage loans originated)
 
 
(over $3 million of mortgage loans originated)
 
 
 
 
(over $6 million of mortgage loans originated)
 
 
 
(over $1 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
 
(over $1 million of mortgage loans originated)
 
 
 
 
 

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Participating Lenders will provide specific APR information as required by law.

 

How Do You Become a Participating Lender in the Program?

In order to become a participating lender in the Home in Five Advantage mortgage origination program, participants must be a mortgage banker and become an approved lender with master servicer, US Bank Home Mortgage.  In addition, lenders must be an FHA, VA, USDA-RD, and Fannie Mae HFA Preferred approved mortgagee.

 

If you meet these qualifications and would like to become a Participating Lender in the Home in Five Advantage mortgage origination program, please execute and return the Lender Agreement, the US Bank Lender Contact Information Sheet found below, and a total lender participation fee of $2,000 (two checks - one made payable to “Phoenix IDA" in the amount of $1,000 and one made payable to "Maricopa IDA" in the amount of $1,000).  Please return the requested items to Jennifer Payne at Raymond James, Two Buckhead Plaza, Suite 702, 3050 Peachtree Road, N.W., Atlanta, GA 30305.

 
Administrator Guidelines - You can find the Administrator Guidelines under the tab entitled "Summary" in the "Program Administrator" section at the following link:  http://webcdn6.ehousingplus.com/wp-content/uploads/Phoenix-Guide-Rev-10-26-15.pdf?11d3e7
 
 

How Can I Get More Questions Answered?
 

Additional information can be obtained by contacting one of the Participating Lenders listed above or by calling the Maricopa County IDA Hotline at (602) 506-7294 or the Phoenix IDA at (602) 534-9655.