Tucson P2P Program


Tucson P2P Program

Good afternoon,

The IDAs of Tucson/Pima would like to thank you for originating a very successful Tucson P2P program!  As of this afternoon, the program has been fully originated.

So what does this mean?  No new reservations will be accepted in the program.  No additional funds will be made available. And a waitlist will not be created.  If you have reserved funds it is extremely important to follow the program timeline.  There is no guarantee that if a loan cancels that it can be reinstated.  Loans must be Underwriter Certified within 25 days of reservation.  And loans must be purchased by US Bank within 70 days of reservation.

As a reminder, the Homebuyer’s Solution Program is continuously funded and still available.


Thank you,



Other Great Programs Available

Call or Text us Today To Get Started: (520) 495-0222

FHA Lowers MIP Rate Which Could Boost Home Sale

In a letter from the U.S. Department of Housing and Urban Development (HUD), dated January 9, 2017, HUD has announced the reduction of annual Mortgage Insurance Premium (MIP) rates for homes closed on or after January 27, 2017. This will save borrowers money on their monthly payments which can lead to bigger savings and better financial well-being for homeowners. It will also allow for more families to get into the home of their dreams.

How does FHA Mortgage Insurance Work?

When a borrower applies for an FHA loan, they are able to make a down payment of as low as 3.5% of the home’s purchase price. For any loan in which the borrower cannot put a full 20% down payment, they are required to pay mortgage insurance, which is generally added to their monthly mortgage payment.

Since FHA loans are insured and backed by the US Government, the mortgage insurance paid by the borrower will reimburse the lender in the event that the borrower cannot make their monthly payment and go into default.

FHA Passes Down Mortgage Insurance Savings

The money which borrowers pay towards their mortgage insurance goes into FHA’s Mutual Mortgage Insurance Fund (MMIF), a pool of funds designed to aid lenders in the event of another housing market crash. According to HUD officials, the MMIF has grown in value significantly since 2012, by $44 billion, as evidence of an increase in quality lending and a decrease in borrowers defaulting on their loans.

Therefore, due to the increased pool of funds in the MMIF, HUD has chosen to reduce the annual MIP rates, lowering its annual rate by 25 basis points, or 0.25%. This will lower the typical FHA house payment by an average of $500 per year in 2017. That’s more than $41 per month for the average borrower! Homeowners taking out larger loans will see even larger savings.

Here is a chart from the official policy change letter by HUD, showing current annual MIP as well as the new reduced premiums which will soon take effect.

Who Will this Effect?

This new FHA discount on MIP affects all FHA Title II forward mortgage programs, with terms greater than 15 years and closing on or after January 27, 2017. This new change will not affect Single Family forward streamline refinances which were endorsed on or before May 31, 2009. It will also not affect Section 247 mortgages (Hawaiian Homelands).

Going Forward

Now that the cost of an FHA loan is going down, more borrowers and their families should be able to qualify for an FHA loan. This could incentivize more first-time homebuyers to enter the housing market.

If you or your clients have questions about how this may affect their home loan, or if they are interested in taking advantage of the new lower MIP, give The Polder Group at Summit Funding a call. We would love to help!

New Year’s Financial Resolution 2017


The New Year is here! And with it, comes a chance for everyone to make a fresh start. An important change that many people make in this season is one which will improve their financial situation. Everyone should set at least one financial goal in 2017 to keep them on track with specific and tangible objectives.

New Year’s Financial Resolution

In Fidelity’s 2017 New Year Financial Resolutions Study, they found that out of the people who were “successful at keeping their financial resolution, 66% also said they were in a better financial situation than last year, compared to 38% of those who didn’t come as close to achieving their resolution.” Setting financial goals can make a difference for anyone committed to their future financial success.

Financial goals may include:

  • Paying off debt
  • Saving for retirement
  • Building an emergency fund

In a time where interest rates are low, and housing prices are high, refinancing can help pay off debt, or kick-start retirement saving or an emergency fund.

Term and Rate Refinance

A term and rate refinance will allow the borrower to refinance only the term and the rate of their mortgage. This refinance replaces the loan terms with a new interest rate and payment term. This could significantly lower monthly payments, allowing borrowers to save money over the long term.

Cash-Out Refinance

With cash-out refinancing, the mortgage is refinanced for more than is currently owed, and the borrower pockets the difference. They then make mortgage payments on the new loan amount. With this option, the borrower can pay off large amounts of credit card/car/student loan debt, or they could place a lump sum in retirement or an emergency fund for savings.

If used wisely, a home loan refinance could use home equity to lead borrowers to a more stable financial future. If you know of clients who are considering a home loan refinance, give The Polder Group at Summit Funding a call! We would love to reach out to them.