|
Program Size |
Total $50,000,000
$25 mil - City of Tucson IDA
$25 mil - IDA of the County of Pima
10% allocation (for 90 days) for loans for Manufactured Housing
30% allocation (for 60 days) for
loans to Low Income Households
5,000,000 set aside for Targeted Areas |
First Mortgage
Interest Rates |
4.55% - 30 year fixed
rate |
Eligible Homebuyer(s)
(borrowers)
|
First time homebuyer - Applies to all borrowers...
Cannot have owned/occupied own home in past three (3) years.
OWN & OCCUPY. Does not apply to homes in Federally designated
target-areas.
|
| Co-Signors |
Co-Signors are allowed. Only guaranteeing the loan.
CANNOT have ownership interest in the property. Not on the warranty/Deed.
Cannot occupy the property
|
|
Home Buyer Education |
only required if the borrower(s) is receiving DPA.
|
| Eligible
Areas |
Pima County including the City of
Tucson
|
|
Eligible Loan Types |
FHA, VA and USDA (RHS)
6/22-Conventional-Freddie HP & Fannie MCM
|
|
Eligible Property Types |
Single Family detached
or attached, Condos and manufactured homes that meet FHA,
VA and USDA requirements and are acceptable to the Certificate
Provider.
|
|
Refis |
Not allowed |
Income
Limits - ANNUALIZED
include income of borrower(s) and spouse (occupant or non) & any person
who will live in household who is 18 or older. |
1-2 person families 3 or more
Non Target 69,000
79,675
Targeted 72,480
79,675
Low Income 43,397
62,002
|
|
Acquisition Limits
|
1 Unit
2 Units
Non Target 276,334
353,753
Targeted 337,741
432,363
|
Participating Lenders
|
Bank of America
Chase
National Bank of Arizona
Nova Home Loans
Suburban Mortgage
|
MUST HAVE A FULLY EXECUTED CONTRACT.
New Construction, foreclosed, short sales -WAIT TILL 30 days prior to
closing. Do not reserve unless you have a closing date, not an
estimate an actual closing. |
-
Your team must be aware of timeline
-
30
 Reservation
to
Underwriter Certification is
30 days- loans will be canceled on the 46th day.
-
60
Reservation
to files
Delivered to US Bank is 60 days
loans will be canceled on the 81st day.
-
90
Reservation
to Loan Purchase
is 90 days
loans will be canceled
on the 116th day.
Program Information and Materials-
Administrator's Guidelines
lender participation docs, program forms, closing forms, shipping forms,
presentations, marketing materials, home buyers education, etc
All contacts. Delivery and Funding links. US Bank Bulletin link.
|
