Florida Housing Finance Corporation (FHFC) – Government Loan Programs

Florida Housing Finance Corporation – Government Loan Programs

Current Rates

Options/Offerings Lock Rate (45 day) DPA   Mid FICO  Effective Date
GOVERNMENT  –  Entire State excluding HHF Counties   
FL FIRST  5.25% FL ASSIST  up to $7,500  640 4/2
FL MILITARY 5.00%

 

  • 0%, 30 year, deferred
  • 115 Day TIME LINE REQUIREMENTS – Do not reserve early,  clock starts at Reservation
    • 45 days from reservation to underwrite Certification = The lock must be underwrite certified online by the 45th day.  Loans will cancel automatically
    • 115 days from Reservation to eHP Compliance & USB Loan Purchase
  • EXTENSION 
    • a 30 day extension is available but NOT to extend the 20 day milestone
    • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days and will be netted from purchase whether or not there is a request ti extend.  click here to request extension

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

  • Provides the web-based program loan reservation and management system, Programs web page, Daily Rates, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews/Approves Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Contact for Compliance Questions and System Support
  • Need help, Click here
  Government Program Guidelines          Lender Guide 6/15 7/22 8/7    
Preclosing – Notices and RecaptureClick Here
  Previous limits
The HHF Government Programs for HHF loans ended 12/29.  The below HHF Program Guidelines are ONLY for loans reserved  prior to 12/30/2017.  

     Lender Guide 6/15(10/2)

 

  FL First Government Loan with FL Assist DPA     Note – for details, see the Program Guidelines under GUIDES & DOCS
PROGRAM FUNDS
  • 2017 SF Series 1 MRB 
  • Government Loan Programs
  • Continuous funding
ELIGIBLE AREAS
  • Statewide 
ELIGIBILITY CRITERIA
  • First Time Homebuyer, applies to all borrower(s) and Spouses.
ELIGIBLE LOAN TYPES
  • FHA, VA Guaranteed, RHS
FL ASSIST DOWN PAYMENT ASSISTANCE
  • Florida Assist
  • Loan up to $7,500
  • 0%, 30 year Deferred
  • DPA Funds – Lender upfronts. US Bank will reimburse at purchase
  • Cash back is not allowed.
  • fees -see term sheet & guidelines
INCOME LIMITS NEW
  • Limits are defined by Household Size, County and FL Housing Product used.
    • please see the guidelines
ACQUISITION LIMITS NEW
  • Limits are defined by County and FL Housing Product used.  Please see the guidelines
HOME BUYER EDUCATION
  • Pre-purchase course is required for ALL first time home borrowers.
  • Face-to-face counseling is preferred – HUD approved or  a unit of local government  www.hud.gov 
  • Online Education permitted – HUD approved, a unit of local government, a mortgage insurance provider, or an Agency or GSE sponsored course.
    • Education Certificates acceptable for a period of 2 year
CREDIT REQUIREMENTS
  • All loans must have mid FICO scores greater than or equal to 640 for all borrowers on the application.
  • All Loans have must have a maximum DTI (debt to income) of 45.00%
  • no manual UW
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
  • if you need the Notices to Buyers to disclose up-front, Form can be found on the “Guidelines & Docs” Tab
THE AGENCY
THE LENDER
  • Take applications into Programs & Reserve in eHousingPlus system
  • process, underwrite, approve, fund, close and sell qualified loans to the program’s Master Servicer.
  • Check with your company on how to reserve a loan in your own system so that you have funds available for closing.
  • Responsible for servicing first and second program loans in accordance with Agency requirements until they’re purchased by the Master Servicer.
  • Lenders are approved by Florida Housing to participate in their programs. Florida Housing’s Loan Officer Recognition is provided via the FHFC Wizard. Click to view.
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the first and second mortgage loans
  • Servicer Lender Guides, Click here   If you need assistance getting to the Servicer Lender Guides, Click here.
QUESTIONS?
  • Contact eHousingPlus for questions related to the compliance file, income, first-time buyer, Tax requirement, access to the program, training, eHP system, web site, administrator guidelines
  • Contact US Bank for questions related to the mortgage file, escrow, DU findings, insurance, high priced loans, MDIA, Respa, payments
Program Updates
  • 6/18 – revised income and acquisition limits.  Effective 5/10
  • 12/30/2017 – HHF Originations have ended.  Thank you for the huge success of the FHFC HHF Programs.  Business as usual with the FL Assist (7,500) and the 3% Grant options.
  • Reservation/locks are available on Business days between 10am-8pm
  • Did you Reserved the DPA Second Mtg?  Reserving the First Mtg does NOT automatically reserve the FL Assist or HHF Second.
  • 12-11 – FLORIDA HOUSING – Final HHF Allocation Reminders
  • http://ehousingpl.us/fhfc