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 4.375%
(rate effective beginning October 8, 2014)
 
 
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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 $601 million of mortgage loans to residents of Maricopa County.
 
That's right - over a half billion dollars in loans to our residents.  We have helped over 3,712 families fulfill their dream of owning their own home.
 
LoanDepot, d/b/a iMortgage has originated over $72 million of mortgage loans since the beginning of the Home in Five Advantage Mortgage Origination Program in September 2012.  Way to go LoanDepot!
 
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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, 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:
 

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 costs, which includes lender compensation of a 1% origination fee and 1% discount fee.

 

·          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.  For a contact list of trained loan officers please click on the individual company names below.

 


 

(over $72 million of mortgage loans originated)

 

(over $15 million of mortgage loans originated)

 

dba Eagle Home Mortgage
(over $9 million of mortgage loans originated)

 

(over $16 million of mortgage loans originated)

 

(over $44 million of mortgage loans originated)

 

(over $14 million of mortgage loans originated)
 
(over $10 million of mortgage loans originated)
 
(over $35 million of mortgage loans originated)
 
Over $1 million of mortgage loans originated)
 
(over $16 million of mortgage loans originated)
 
(over $46 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $3 million of mortgage loans originated)
 
(over $9 million of mortgage loans originated)
 
(over $58 million of mortgage loans originated)
 
(over $8 million of mortgage loans originated)
 
(over $38 million of mortgage loans originated)
  
(over $41 million of mortgage loans originated)
 
 
(over $4 million of mortgage loans originated)
 
(over $32 million of mortgage loans originated)
   
 
(over $14 million of mortgage loans originated)
 
(over $3 million of mortgage loans originated)
 
 
(over $10 million of mortgage loans originated)
 
Real Estate Mortgage Network, Inc.
(over $2 million of mortgage loans originated)
 
 
 
(over $2 million of mortgage loans originated)
 
(over $2 million of mortgage loans originated)
 
 
(over $5 million of mortgage loans originated)
 
 
(over $9 million of mortgage loans originated)
 
(over $6 million of mortgage loans originated)
 
 
 
(over $11 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $1 million of mortgage loans originated)
 
(over $2 million of mortgage loans originated)
 
(over $6 million of mortgage loans originated)
 
(over $6 million of mortgage loans originated)
 
(over $13 million of mortgage loans originated)
 
 
(over $1 million of mortgage loans originated)
 
 
 
 
 
 
 
 
(over $3 million 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, 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 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 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.