Arizona State

Single Family MRB 2010
First-Time Homeowner Program

Administrator Guidelines, All Forms

, DPA, Contacts

Program Size

Total Program Issued $25,000,000 million

..non-target & targeted areas, First-Come, First-Served

First Mortgage Options

30 year fixed rate - 1% Origination or Discount

Interest Rate & description

Lot 4 - 4.75% Eff 02/14/2011
Lot 3 - 4.50% Eff 12/20/2010
Lot 2 - 4.50% Eff 09/09/2010
Lot 1 - 4.99% Eff 03/03/2010

Target Set-aside - Current rate

Second Mortgages
DPA

DPA is up to 5% of the Purchase Price

Eligible Loan Types

FHA, VA, USDA-RHS

Refinances are not allowed

Eligible Borrowers
/Homebuyers

First time homebuyer - Applicants who have not owned their legal residence in the last 3 years. OWN & OCCUPY. Does not apply to homes in Federally designated target-areas.
three years.

Buyers and their spouses must be able to permanently reside in the US. Work visas, student visas, any temporary visas do not qualify.

Borrower Contribution

Borrowers must contribute $1,000 of their own funds

Debt to Income Ratios

ratios considered for credit qualification purposes cannot exceed 31%/43%. There are no exceptions

FICO

The HFA requires a minimum credit score of 620 (the mid score must be 620 or above). Manual underwrites are permitted for non-traditional credit loans or when there is no FICO score

Home Buyer Education

Homebuyers and everyone on the mortgage/deed must take homebuyer education from a HUD approved provider. A list of qualified courses appears on the website.

Co-Signors

Cosigners are NOT PERMITTED IN THIS PROGRAM

Eligible Areas

All of the State of Arizona BUT NOT the counties of Maricopa and Pima.

Income Limits

eff 6/14/2010	Non-Targeted Areas
	1-2 hhld	3 plus
Coconino	63,900	76,680
Pinal	66,600	79,920
All Other	61,500	73,800

See Administrators Guidelines for details.

Acquisition Limits

eff 6/23/2010
Apache County	$253,125
Coconino County	405,000
Gila County	292,500
Mohave County	290,250
Navajo County	277,875
Pinal County	311,625
Yavapai County	351,000
All Other	243,945

See Administrators Guidelines for details.

Active Participating Lenders

CNN Mortgage
DHI Mortgage
Evergreen Home Loans
Guild Mortgage
Mohave State Bank
National Bank of Arizona
Prospect Mortgage
Republic Mortgage Home Loans
Suburban Mortgage
US Bank
Wallick and Volk
Waterstone Mortgage

Construction to perm

not permitted

TIMELINE

Reservation to Underwrite Certification

Reservation to Close & Delivery

Reservation to Loan Purchase