First Time Homebuyer
Buying a home will be the biggest purchase of your life. It makes sense to do your research and really break down what to be prepared for. No need to be overwhelmed – as it is our job to make sure you can enjoy the process!
We take care of our First Time Homebuyers.
It’s all about service at Academy Mortgage Yuma, and our company has been meeting the needs of homebuyers across the United States since 1988. We understand how important a home investment is to you and the impact it will have on your life. Therefore, our team of experienced mortgage professionals will make every effort to find a great loan program and pricing for your situation.
Our sole focus is on you—the customer—and you can count on us for exceptional service. A big part of this service experience is that every step of the mortgage loan transaction—processing, underwriting, closing, and funding—is handled locally, which results in our proven track record of closing loans as quickly and efficiently as possible.
Our purpose is to build, nurture, protect, preserve, and promote a culture that Inspires Hope, Delivers Dreams, and Builds Prosperity in the lives of our employees, partners, homeowners, and communities.
Our People are the most valuable currency we hold. We are invested in and committed to attracting, retaining, and bonding with like-minded individuals (People who share our Passion for Purpose).
We are Passionate about creating FANS. We do this through the delivery of FANomenal experiences to homeowners, partners, and employees, which separates and differentiates us from our competition in ways that will drive market share.
We commit to continuous improvement, measurement, and accountability, with a hyper-focus on key practices and behaviors that increase personal, team, and organizational Productivity.
Performance is about winning, which at Academy Mortgage is about our ability to sustainably drive profit, to Build Prosperity for our People, and achieve our Purpose.
Senior Loan Officer
State Lic: LO-0944489
PHONE: (928) 920-2831
PHONE: (928) 247-9089
Senior Loan Officer
State Lic: AZ LO-0915882, TN 238287
PHONE: (928) 246-5937
PHONE: (928) 247-9089
State Lic: AZ LO-0942496, CA-DBO01621885, MLO-54015VA
PHONE: (928) 366-1639
PHONE: (928) 247-9089
USDA Loan/Home Plus/Home Buyer Down Payment and Closing Costs Assistance Program
How does it work?!
Here are some of the following terms/conditions of this loan:
- Three-year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien.
- The DPA second mortgage is fully forgiven after the 36th month (3-years).
- The homeowner can choose to refinance or sell their HOME PLUS first mortgage at any time, however, if a refinance or sale occurs in the first 36 months, the DPA 2nd lien would need to be paid (note amount less the number of forgiven months from closing date).
- AzIDA does not subordinate or provide exceptions to the DPA repayment terms.
- Home Plus has a home buyer education requirement that must be met by taking a course during the loan process. The course completion certificate is good for one year and must be completed prior to closing.
- Debt-to-Income Ratio and Credit Score are taken into account. (Please ask your Loan Officer what these requirements look like.)
Common Questions and Answers:
Can a buyer use DPA funds to bridge the gap when the purchase price is greater than the appraised value? Is it allowed? How would it work?
Yes. It will, however, require the buyer to contribute some of their own funds. For more info, ask your Academy Mortgage Loan Officer.
Do I have to buy from a specific list of eligible homes?
No. The Home Plus program allows home buyers to buy either new OR existing single-family, townhomes, condos, manufactured homes, and 2-unit properties throughout the state. Currently, 3-4 unit properties are not eligible.
Is mortgage insurance required?
If the new underlying first mortgage is a Fannie Mae or Freddie Mac mortgage, with less than 20% down, yes mortgage insurance is required. On the Fannie and Freddie products, the charter minimum mortgage insurance coverage is much lower than mortgage insurance coverage outside of the Home Plus program. Your lender should be able to provide you interest rate and mortgage payment (including mortgage insurance) comparisons between the Home Plus program options and a standard mortgage in which you provide the down payment and closing costs. You can then determine your best course of action.
My credit score is below the program minimum, what can I do now?
If your credit score falls below the minimum program requirements you are not currently eligible for the Home Plus program. However, here at Academy Mortgage in Yuma- all of our Loan Officers offer Credit Repair and Plan Services. Call us today to schedule an appointment! (928) 247-9089.
How do I apply for the HOME+PLUS Down Payment Assistance Program?
The Home Plus program does not require a direct application from the home buyer. All you have to do is select your Loan Officer of choice to see if you qualify!
Is this a big government, taxpayer funded program?
The Home Plus program is a true public / private sector partnership. We raise funds in the national capital markets and form partnerships with lending institutions to deliver the Home Plus program throughout the State. NO taxpayer funds are used for the Home Plus program.
My elderly parent lives with us and collects social security. Is this income counted against the program income limit?
The Home Plus income limit is based on “borrower” income, not “household” income. If your parent will be a borrower on the new underlying first mortgage, the income is counted. If your parent will NOT be a borrower on the new underlying first mortgage, the income is NOT counted.
Do I need to shop different HOME+PLUS approved mortgage lenders for the best interest rate?
The interest rates for the respective new underlying first mortgages are set by the Home Plus program and are the same regardless of which program-approved participating mortgage lender you use. Expertise in down payment assistance can vary by Loan Officer. Luckily, here at Academy Mortgage Yuma, we are very educated on this loan program, and are ready to help!
Why can’t my mortgage lender lock my interest rate immediately?
Great question. The Loan Officer has ten days from the interest rate lock date to finalize ALL aspects of the new underlying first mortgage. If the mortgage is not within ten days of completion, the interest rate lock should not occur. It is the lender’s responsibility to manage each stage of the Home Plus process and to communicate and coordinate with the homebuyer and Realtor accordingly.