Have a $1,000 and Want To Own A Home? We Can Help With This Pathway To Purchase Program

    If your looking to buy your first home, but just missing the down payment? There is a new government grant program available with no down payment, low rates and a 30 year fixed mortgage!  Take a look inside all the program entails below and fill in the form at the bottom of the page so we can follow up with you to get started.

    PROGRAM FUNDS
    • Continuous Funding
    RESERVATIONS
    • Reservation/Locks- OPEN 7:00AM – 5:00 PM MST (10-8 EDT)
    • eHP System available 24/7
    ELIGIBLE AREAS
    • Conventional Mortgages in select cities – Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachua City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
    • Tucson reservation are not presently being accepted.
    LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY

    • Timeline
      • Reservation to UW Certification: 10 days
      • Reservation to Close and delivery of closed files to eHP and US Bank: 35 days
      • Reservation to Loan Purchase: 60 days
    EXTENSION
    • If a Mortgage Loan is not purchased within such sixty (60) day period, an extension is available for a fee that is applicable to the extension time necessary.  See guidelines for details.
    ELIGIBLE MORTGAGE TYPES
    • Conventional – Fannie Mae HFA Preferred
    ELIGIBILITY CRITERIA
    • There is no first-time homebuyer requirement in this program
    • Borrower(s) must NOT have ownership interest in any principal residence at any the time of the loan closing.
    • Primary Residence, must occupy the property within 60 days of closing
    DPA 
    • Hardest-Hit Funds  (U.S. Department of the Treasury through the Trouble Asset Relief Program)
    • 48 Million – First Come First Serve
    • DPA Second Mortgage is 10% of the subject property purchase price up to a maximum of $20,000.
    • DPA Second Mortgage is a lien against the subject property with the following components,
      •  Five-year, deferred loan 100% forgiven after five years
      •  0% interest rate
      •  No monthly Payment
    • DPA is table-funded by AzHFA at the mortgage closing
    • Adding the HHF 
    INCOME LIMIT CRITERIA
    • $92,984– all borrower(s)
    • Borrower(s) income= Household income = 1003 Credit Qualifying Income (not co-signor’s)
    HOME ACQUISITION LIMITS
    • $371,936
    • only existing homes
    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
    FICO/DTI REQUIREMENT
    • Max DTI 45%
    • FICO 640 – LTVs 95% or less
    • no manufactured housing
    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
    DPA WIRE REQUEST
    • System generated, actual closing date must match closing date in system
    • DPA Funds are requested prior to closing
    PROGRAM ADMINISTRATION
    • eHousingPlus
    • Program Guidelines, see Guide & Forms Tab
    • If you need assistance, click here
    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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