Arizona State

Single Family MRB 2010
First-Time Homeowner Program

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

4.99% Lot 1

4.99% Target Set-aside

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.

fees

Eligible Property Types

Single Family detached or attached, Condos and manufactured homes that meet FHA, VA requirements and are acceptable to the Certificate Provider.

Income Limits

	Non-Targeted Areas
	1-2 hhld	3 plus
Coconino	60,900	70,035
Pinal	65,900	75,785
All Other	60,400	69,460

See Administrators Guidelines for details.

Acquisition Limits

Apache County	$245,752
Coconino County	393,203
Gila County	283,980
Mohave County	281,796
Navajo County	269,781
Pinal County	302,548
Yavapai County	340,776
All Other	236,839

See Administrators Guidelines for details.

Participating Lenders

Bank of America

DHI Mortgage

Evergreen Home Loans

Guild Mortgage

Mohave State Bank

National Bank of Arizona

Prospect Mortgage

US Bank

Waterstone Mortgage

Construction to perm

not permitted

TIMELINE

Reservation to Underwrite Certification

Reservation to Close & Delivery

Reservation to Loan Purchase

Program Information and Materials- Administrator's Program

Guidelines, ALL Program Forms, Shipping Checklists and Stacking Sheets, Guidelines (Underwriting, Delivery & Funding, Fannie, Freddie, FHA) All Presentations, Homebuyer Education, Bulletins, DPA & Second Mortgages, Manufactured Homes, PMI, Closing Docs, Marketing Materials.....