home in 5 phoenix down payment program fha
TRANSCRIPT
Home in Five AdvantageMortgage Origination ProgramMaximum purchase price limit in this program is $300,000.
HOME BUYER EL IGIB IL ITY
PROGRAM EL IGIB IL ITY
INCOME L IMITS FOR EL IGIBLE BORROWERS & DOWN PAYMENT ASSISTANCE
SPECIAL INCENTIVES FOR QUALIF IED UNITED STATES MIL ITARY PERSONNEL
Current Interest Rate
for a 30-year fixed
rate mortgage loan is
(CONTACT ME)
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 home buyers 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 4% down payment/closing cost assistance grant. Qualified United States Military Personnel will receive 5% of the original loan amount.
•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 home buyer education course and obtain a certificate of completion, and receive a home inspection.
•Home buyers 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).
•Maximum credit qualifying income may not exceed $88,340•All home buyers qualifying for down payment assistance will receive 4% of the original loan amount to be used for downpayment and closing cost assistance.•Qualified United States Military Personnel will receive 5% of the original loan amount.•This assistance is a grant and does not require repayment.
Down payment/closing cost assistance of an additional 1% for a total of 5%.•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.)
Financing for these loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis, only through the Participating Lenders listed below.
EXTENDED LOCK OPTIONS
Do you want to take advantage of today’s low interest rates, but you or your home builder needs more time?
Academy’s Extended Lock options let you lock-in an interest rate for up to 90 or 120 days. Our Extended Lock options are available on these three types of loan products:
• Conforming Fixed-Rate Mortgages• FHA-Insured Fixed-Rate Mortgages• VA Fixed-Rate Mortgages
These loans will be priced off of the current 60-day rate and price. The following upfront commitment fee1 applies; notethat this fee is non-refundable and is not applied to closing costs:
• 90-Day Lock: .75% of the proposed loan amount • 120-Day Lock: 1.25% of the proposed loan amount
Float-Down OptionBoth the 90-day and 120-day locks include a fl oat-down option, which allows you to reduce the interest rate if market rates decline. The fl oat-down can only be applied once during the lock period and must be exercised within 30 days prior toclosing. The fl oat-down will be allowed down to the current 60-day going rate and is applicable for the lesser of 30 days orthrough the remainder of the lock-in period, whichever expires fi rst. This does not extend the rate lock period.2
1The commitment fee is due within fi ve Academy business days of the interest rate lock-in agreement. Fees not received in Academy’s home offi ce inSandy, Utah, within fi ve Academy business days will result in the lock being canceled. The commitment fee is refundable if the loan application is deniedbut is not refunded if the lock is canceled or expires.
2To extend beyond the current lock, standard extension fees apply. If an extended lock expires, worst-case pricing applies, along with additional fees tore-lock.
for 90 Days and 120 Days
Contact Academy Loan Officer Joe Edwards to discuss a rate lock, including when to lock and a plan for closing bythe lock expiration date.
Only rate and price protection are guaranteed. The interest rate is based on the current published rate for an owner-occupied, single-family residentialdwelling. This is not a commitment to lend. Additional conditions, qualifications, and restrictions may apply. Please call Joe Edwards at (480) 246-3680for more information.
Joe EdwardsLoan Officer(480) 246-3680Fax: (480) 619-62531750 East Northrop Boulevard, Suite #230, Chandler, AZ [email protected] |www.AcademyMortgage.com/joeedwardsNMLS #205013 | State Lic #0913714 | Corp Lic #0904081 | Corp NMLS #3113
LENDEREQUAL HOUSING
EXTENDED LOCK OPTIONS
Do you want to take advantage of today’s low interest rates, but you or your home builder needs more time?
Academy’s Extended Lock options let you lock-in an interest rate for up to 90 or 120 days. Our Extended Lock options are available on these three types of loan products:
• Conforming Fixed-Rate Mortgages• FHA-Insured Fixed-Rate Mortgages• VA Fixed-Rate Mortgages
These loans will be priced off of the current 60-day rate and price. The following upfront commitment fee1 applies; notethat this fee is non-refundable and is not applied to closing costs:
• 90-Day Lock: .75% of the proposed loan amount • 120-Day Lock: 1.25% of the proposed loan amount
Float-Down OptionBoth the 90-day and 120-day locks include a fl oat-down option, which allows you to reduce the interest rate if market rates decline. The fl oat-down can only be applied once during the lock period and must be exercised within 30 days prior toclosing. The fl oat-down will be allowed down to the current 60-day going rate and is applicable for the lesser of 30 days orthrough the remainder of the lock-in period, whichever expires fi rst. This does not extend the rate lock period.2
1The commitment fee is due within fi ve Academy business days of the interest rate lock-in agreement. Fees not received in Academy’s home offi ce inSandy, Utah, within fi ve Academy business days will result in the lock being canceled. The commitment fee is refundable if the loan application is deniedbut is not refunded if the lock is canceled or expires.
2To extend beyond the current lock, standard extension fees apply. If an extended lock expires, worst-case pricing applies, along with additional fees tore-lock.
for 90 Days and 120 Days
Contact Academy Loan Officer Joe Edwards to discuss a rate lock, including when to lock and a plan for closing bythe lock expiration date.
Only rate and price protection are guaranteed. The interest rate is based on the current published rate for an owner-occupied, single-family residentialdwelling. This is not a commitment to lend. Additional conditions, qualifications, and restrictions may apply. Please call Joe Edwards at (480) 246-3680for more information.
Joe EdwardsLoan Officer(480) 246-3680Fax: (480) 619-62531750 East Northrop Boulevard, Suite #230, Chandler, AZ [email protected] |www.AcademyMortgage.com/joeedwardsNMLS #205013 | State Lic #0913714 | Corp Lic #0904081 | Corp NMLS #3113
LENDEREQUAL HOUSING
Sample loan scenario: $250,000 purchase price, $245,471 full loan amount, 3.5% down payment, $1,643.40/month (PITI+MIP), 30-year fixed 4.5% interest rate, 5.495% APR. Subject to property type, loan-to-value, and credit score. Maricopa County AZ only. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. MAC815-1436314
DDeeaann WWeeggnneerrMortgage Originator | NNMMLLSS ##222200774411
(602) 432-638815333 N Pima RD, Ste 210, Scottsdale, AZ [email protected]/deanwegnerAZ 0911804CCoorrpp NNMMLLSS ##33111133 | Corp State Lic AZ #BK-0904081