Home Ownership

 

Home in Five Advantage

Home in Five Advantage

Mortgage Origination Program

 
 
Current Interest Rate for a 30-year
fixed rate mortgage loan is 4.750%
(rate effective February 12, 2014)
 
  
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, or USDA-RD 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 5% down payment/closing cost assistance grant.  Qualified United States Military Personnel will receive 6% of the original loan amount.
  

Financing for these loans is available on new or existing homes (one to four units), condominiums, townhouses or manufactured homes on a first-come, first-served basis, only through the Participating Lenders listed below.

 

 

Homebuyer Eligibility

·          Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.

 

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

 

·          All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.  A list of some HUD approved homebuyer education counseling agencies can be found at the link:  http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=AZ
 

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  

·          Down payment/closing cost assistance of an additional 1% for a total of 6%.
 
·          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.

 

A "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.

 

Down Payment Assistance

·          All homebuyers qualifying for down payment assistance will receive 5% of the original loan amount to be used for down payment and closing cost assistance.

 

·          Qualified United States Military Personnel will receive 6% of the original loan amount.

 

·          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.

 


 

LoanDepot d/b/a iMortgage

 

DHI Mortgage

 

Universal American Mortgage Company (UAMC)

 

Homeowners Financial Group

 

Prospect Mortgage

 

Guild Mortgage
 
PrimeLending
 
Peoples Mortgage
 
National Bank of Arizona
 
V.I.P. Mortgage
 
AmeriFirst Financial
 
MidFirst Bank
 
K. Hovanian American Mortgage
 
LHM Financial Corp, dba CNN Mortgage
 
Nova Home Loans
 
OnQ Financial, Inc.
 
Primary Residential Mortgage
  
Academy Mortgage
 
Citywide Home Loans
 
Castle & Cooke Mortgage
 
Wallick & Volk
   
US Bank
 
Waterstone Mortgage Corporation
 
New West Lending, Inc.
 
Pulte Mortgage, LLC
 
Wells Fargo Home Mortgage
 
HomeBridge Financial Services, Inc.
 
Republic Mortgage Home Loans, LLC
 
New Penn Financial, LLC
 
Envoy Mortgage
 
New American Funding (d/b/a Broker Solutions, Inc.)
 
Cornerstone Home Lending
 
Fairway Independent Mortgage Corporation
 
Evergreen Moneysource Mortgage d/b/a Evergreen Home Loans
 
Stearns Lending, Inc.
 
Pinnacle Capital Mortgage Corporation
 
Sun West Mortgage Company
 
GSF Mortgage
 
Bay Equity LLC, d/b/a Bay Equity Home Loans
 
Alliance Financial Resources
 
The Lending Company
 
American Mortgage & Equity Consultants, Inc.
 
LendSmart Mortgage, LLC
 
Sacramento 1st Mortgage, Inc. dba Comstock Mortgage
 
Movement Mortgage, LLC
 
Cobalt Mortgage, Inc.
 
RPM Mortgage, Inc.
 
Gencor Mortgage
 
BNC National Bank
 
First Continental Mortgage, Ltd.
 
First Option Mortgage, LLC dba First Option Lending
 
W. J. Bradley Mortgage Capital, LLC
 
American Pacific Mortgage Corporation
 
Everett Financial, Inc. dba Supreme Lending
 
Shea Mortgage
 
Sun American Mortgage Company
 

Click here  for a contact list of trained loan officers.

 

 


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, and USDA-RD 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 lender participation fee of $2,000 (check made payable to “Raymond James & Associates, Inc.”).  Please return the requested items to Stacy Houston at Raymond James, 5956 Sherry Lane, Suite 1900, Dallas, Texas 75225.

 
Administrator Guidelines - You can find the Administrator Guidelines under the tab entitled "Summary" in the "Program Administrator" section at the following linkhttp://www.ehousingplus.com/available-programs/arizona/ida-city-of-phoenix-county-of-maricopa/
 

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.