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 4.75%
(rate effective beginning September 18, 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 $475 million of mortgage loans to residents of Maricopa County.
 
LoanDepot, d/b/a iMortgage has originated over $63 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.

 


 

LoanDepot d/b/a iMortgage
(over $63 million of mortgage loans originated)

 

DHI Mortgage
(over $14 million of mortgage loans originated)

 

Universal American Mortgage Company (UAMC)
(over $6 million of mortgage loans originated)

 

Homeowners Financial Group
(over $13 million of mortgage loans originated)

 

Prospect Mortgage
(over $36 million of mortgage loans originated)

 

Guild Mortgage
(over $11 million of mortgage loans originated)
 
PrimeLending, a Plains Capital Company
(over $7 million of mortgage loans originated)
 
Peoples Mortgage
(over $32 million of mortgage loans originated)
 
National Bank of Arizona
Over $1 million of mortgage loans originated)
 
V.I.P. Mortgage
(over $13 million of mortgage loans originated)
 
AmeriFirst Financial
(over $37 million of mortgage loans originated)
 
MidFirst Bank
(over $1 million of mortgage loans originated)
 
K. Hovanian American Mortgage
(over $2 million of mortgage loans originated)
 
LHM Financial Corp, dba CNN Mortgage
(over $6 million of mortgage loans originated)
 
Nova Home Loans
(over $46 million of mortgage loans originated)
 
OnQ Financial, Inc.
(over $5 million of mortgage loans originated)
 
Primary Residential Mortgage
(over $32 million of mortgage loans originated)
  
Academy Mortgage
(over $30 million of mortgage loans originated)
 
Citywide Home Loans
 
Castle & Cooke Mortgage
(over $3 million of mortgage loans originated)
 
Wallick & Volk, Inc.
(over $26 million of mortgage loans originated)
   
US Bank
 
Waterstone Mortgage Corporation
(over $10 million of mortgage loans originated)
 
New West Lending, Inc.
(over $2 million of mortgage loans originated)
 
Pulte Mortgage, LLC
 
Wells Fargo Home Mortgage
(over $7 million of mortgage loans originated)
 
HomeBridge Financial Services, Inc.
 
Republic Mortgage Home Loans, LLC
 
New Penn Financial, LLC
 
Envoy Mortgage
(over $1 million of mortgage loans originated)
 
Broker Solutions, Inc. dba New American Funding
 
Cornerstone Home Lending
 
Fairway Independent Mortgage Corporation
(over $2 million of mortgage loans originated)
 
Evergreen Moneysource Mortgage d/b/a Evergreen Home Loans
 
Stearns Lending, Inc.
(over $6 million of mortgage loans originated)
 
Pinnacle Capital Mortgage Corporation
(over $4 million of mortgage loans originated)
 
Sun West Mortgage Company
 
GSF Mortgage
 
Bay Equity LLC, d/b/a Bay Equity Home Loans
 
Alliance Financial Resources
(over $7 million of mortgage loans originated)
 
The Lending Company
(over $1 million of mortgage loans originated)
 
American Mortgage & Equity Consultants, Inc.
(over $1 million of mortgage loans originated)
 
LendSmart Mortgage, LLC
(over $1 million of mortgage loans originated)
 
Sacramento 1st Mortgage, Inc. dba Comstock Mortgage
(over $6 million of mortgage loans originated)
 
Movement Mortgage, LLC
(over $4 million of mortgage loans originated)
 
Cobalt Mortgage, Inc.
(over $8 million of mortgage loans originated)
 
RPM Mortgage, Inc.
 
Gencor Mortgage
(over $1 million of mortgage loans originated)
 
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
(over $2 million mortgage loans originated)
 
First Choice Loan Services, Inc.
 
American Financial Network, Inc.
 
International City Mortgage, Inc.
 
Land Home Financial Services
 
Right Start Mortgage, Inc.
 
Veritas Funding, LLC
 
Mountain West Financial, Inc. dba Mortgage West Financial
 
OCMBC, Inc.
 
Suburban Mortgage, Inc.
 
All Western Mortgage, Inc.
 
PrimeSource Mortgage, Inc.
 
Nationstar Mortgage
 

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 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.