Southern California Home Financing Authority

Southern California Home Financing Authority – First Home Mortgage Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

PROGRAM FUNDS Revolving Funds
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY:

  • Reservation to UW Cert: 15 days (loans cancel if not certified)
  • Reservation to Close and Delivery: 45 days
  • Reservation to Loan Purchase: 70 days
EXTENSIONS
  • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.
  • To request a one-time 30-day extension, click here. Extensions are not granted to extend the 15 days from Reservation to UW Certification. If that is not met, the loan will be cancelled.
ELIGIBLE AREAS
  • All of Los Angeles County (excluding the City of Los Angeles), and all of Orange County.
    • Please note: If a property is located in Los Angeles County and has a Census Tract Number of 2999.00 or lower it does not qualify in this program.  See guidelines
ELIGIBILITY CRITERIA
  • First-time Homebuyers
  • Borrower(s) & Spouses, occupant or non-occupant
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac HFA Advantage    NEW 1/12
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Assistance payment equal to 4% (non-repayable) of the note amount to apply toward down payment or closing costs. Cash back is not allowed.
  • funds are requested prior to closing and are up-fronted by SCHFA
INCOME LIMIT CRITERIA
  • Household income is considered for ALL Borrower(s)
  • Spouses
  • Any other adult who will live in the household and be secondarily liable on the note or on the title.
    • Los Angeles County: 1-2 Persons = $104,160 and 3+ Persons = $121,520  
    • Orange County: 1-2 Persons = $117,000 and 3+ Persons = $136,500
HOME ACQUISITION LIMITS
  • 1 Unit dwellings (2-4 Not Permitted)
    Non Target = $589,785 & Target = $720,848
  • Maximum loan amount 424,100 details in guidelines
HOME BUYER EDUCATION
  • Required, see eligible providers (not required for co-signors)
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO score – see guidelines
  • Max 45 debt-to-income (DTI) ratio
  • no manual UW
CO-SIGNERS
  • Permitted for FHA loans, use FHA guidelines
  • May NOT have ownership interest
  • May NOT reside in the residence
  • income is not counted as part of the household income
FORMS AND DOCUMENTATION 
  • Log into system, under FORMS
  • Samples provided – see Guide & Forms Tab
LENDER PARTICIPATION
  • Approval by Southern California Home Financing Authority & UB Bank
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides,Click here
  • If you need assistance accessing the Servicer Lender Guides, Click here.
  • To contact US Bank Lender Help Desk, Click here.

 

Reservation/locks – AVAILABLE from 7am-5pm Pacific Time (10-8 EDT excluding weekends & holidays)

Current Rate/Offerings

Rate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
USDA-RD or VA 640 4.500%   w/4% 1/17
FHA 660 w/4%
FHA 640-659 w/3%
CONVENTIONAL     
 Freddie Mac HFA Advantage   NEW 1/12 640  5.00% w/4%  1/18

 

  • Term: 30 Year Fixed Rate
  • Assistance is automatically calculated on the Final Loan Amount (Grant)
  • funds are requested prior to closing and are up-fronted by SCHFA
  • Various levels as per above chart.
  • manufactured homes not allowed 
  • manual UW not allowed 

 

eHousingPlus is the Program Administrator, and provides some of the following services:

Administrator Guidelines (1/12)     Administrator's Guidelines 6/2, 6/9

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here
 Program Sample Formsform

 

 

 

The Following Lenders have been approved to originate loans in this Program:

  • Academy Mortgage Corporation
  • American Financial Network Inc.
  • American Pacific Mortgage Corporation
  • Broadview Mortgage Corp.
  • Broker Solutions Inc, DBA New American Funding
  • Citywide Home Loans
  • CityLights Financial Express Inc.
  • Cherry Creek Mortgage
  • Data Mortgage Inc dba Essex Mortgage
  • Essex Mortgage
  • Evergreen Moneysource Mortgage Company, dba Evergreen Home Loans
  • Fairway Independent Mortgage Corporation
  • Finance of America
  • Georgetown Mortgage, LLC
  • Golden Empire Mortgage
  • Guild Mortgage
  • iMortgage.com, Inc.
  • Metropolitan Home Mortgage, Inc.
  • Movement Mortgage
  • On Q Financial
  • Platinum Home Mortgage
  • Primary Residential Mortgage
  • PrimeLending
  • Prospect Mortgage
  • Stearns Lending, Inc.
  • South Pacific Financial Corporation
  • Summit Funding
  • Universal American Mortgage Company

 

Even though your company is approved, you may not be. Please confirm at SCFHA, click here. (scroll to bottom of page)

Interested in becoming a participating lender? Contact us.

Program Updates
  • 1/12 – Freddie Mac HFA Advantage is offered
  • 6/15- Income & Acquisition limits revised. See guidelines.  Max Loan Amount is still 417,000
  • 12/1- MANUFACTURED HOMES are eliminated
  • 12/1- FHA – no manual underwriting
  • 6/3-New income & acquisition limits. Max Loan Amount is still 417,000
  • 7/1-REMINDER- If a property is located in Los Angeles County and has a Census Tract Number of 2999.00 or lower, that property is located in the City of Los Angeles and does not qualify in this program.
  • 6/11- SALES PRICES AND MAXIMUM LOAN AMOUNTS There is a difference. While the program has very high sales price limits, the driving force is still the maximum loan amount of $417,000. If the buyer has another source of funds or subsidy that brings the loan down to the $417,000, then the sales price can be an amount above $417,000. While the program permits 100% financing, the maximum mortgage can still be only $417,000. SCHFA sells their loans in to the secondary market. The Maximum loan amount is the lesser of the current conforming loan limit of $417,000.00 or maximum loan amount for the county as permitted by the loan product (FHA, VA or RHS/RD).
  • 6-9 Updated Guidelines – servicer fee effective on all loans reserved on/after 6/9
  • 5-8 Grant Requisition revised
  • 4-1 Targeted area census tract numbers revised
  • 4-1 Grant Requisition revised; All forms language updated
  • 10/28 SCHFA is pleased to announce some exciting changes to the First Home Mortgage program! Effective for all loan reservations made on and after today (Monday, 10/28), the following changes have been implemented:
    • The SCHFA First Home mortgage rate has been reduced to 4.375%!
    • Lender compensation increased to 2.25%! The SRP on each loan will increase by 0.25% when purchased by US Bank.
    • There is no longer a $550 maximum limit of fees that can be charged by the lender. Lenders are allowed to charge your usual and customary fees that would be charged on any other loan. Excessive or junk fees are not permitted in the program.
  • 10/15 Guidelines updated
  • 8/27- SCHFA has clarified the difference between the program sales prices and maximum loan amounts. Please review the information below.
    • There is a difference. While the program has very high sales price limits, the driving force is still the maximum loan amount of $417,000. If the buyer has another source of funds or subsidy that brings the loan down to the $417,000, then the sales price can be an amount above $417,000. While the program permits 100% financing, the maximum mortgage can still be only $417,000.
      SCHFA sells their loans in to the secondary market. The Maximum loan amount is the lesser of the current conforming loan limit of $417,000.00 or maximum loan amount for the county as permitted by the loan product (FHA, VA or RHS/RD).
  • 7/1/2013 – Mortgagee Letter 2013-14
  • REMINDER: SIGN UP FOR SYSTEM TRAINING: DON’T PUT YOUR LOAN CLOSING AT RISK!
  • 2/20/13 – Program starts TODAY!
  • 2/15/13 – Program Training

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7
    • Click here to attend Program training
  2. eHP System Training*
    • After you complete the online Lender Program Training, information is provided as to what happens next.
    • Click here to register for system training

 

Should you have any questions on training, please contact jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.