Florida Housing Finance Corporation (FHFC) – FL HFA Preferred Loan Programs

Florida Housing Finance Corporation – HFA Preferred Conventional Loan Programs (w/HHF or FL Assist) 

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
  • Reminder that the Gift Letter & Obligation letter are not required on the HFA Preferred (conventional) loans

  Fannie Mae HFA Preferred Programs 

  • All Counties       

  HHF – Fannie Mae HFA Preferred Program

  • Only HHF Counties

  Program Guidelines     Lender Guide 6/15 7/22 8/7 (12/8)  

 

  CCA $1,500 (80% AMI) Term Sheet   

  Program Guidelines  HHF  Lender Guide 6/15 (10/2)

 

 

  ..
  Preclosing – Notices and Recapture – Click Here
  Sample Forms

  HFA Preferred  w/ FL Assist form

  HFA Preferred Plusform

  Sample Forms 

  HFA Preferred  w/ HHF Sample Forms

 

  Previous limits   Previous limits

HHF =  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties

 FL HFA Preferred (Fannie Mae) Plus Loan Program   – Note – for details, see the Program Guidelines under GUIDES & DOCS
PROGRAM
  • Continuous funding
  • Reservation locks are available on Business days between 10am-8pm 
  • other system functions are available 24/7
ELIGIBLE AREAS
  • Statewide Florida excluding the Hardest Hit Fund (HHF) Counties
    • (effective 9/1 – excludes HHF: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.)
RATE 
  • Daily Pricing, see Rates/Offerings Tab
TIME LINE REQUIREMENTS Do not reserve early,  60 day Lock starts at Reservation

  • 20 days = Reservation to UW Certification
    • Loans will be system cancelled if not certified by 20th day
  • 40 days = Reservation to Close & Deliver Files to eHP & USB
  • 60 days = Reservation to eHP Compliance & USB Loan Purchase
EXTENSION 
  • a 30 day extension is available, if needed to clear exceptions (not to extend reservation lock)
  • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days.
  • click here to request
FTHB ELIGIBILITY CRITERIA
  • First Time Homebuyer, applies to all borrower(s) who will appear on the Universal Residential Loan Application (URLA) or “1003”
ELIGIBLE LOAN TYPES
  • Fannie Mae HFA Preferred
DOWN PAYMENT ASSISTANCE
  • Non-repayable 3% grant based on the Purchase price
  • DPA Funds – Lender upfronts. US Bank will reimburse at purchase
  • Cash back is not allowed.
INCOME LIMITS
  • Household income = 1003 Credit Qualifying Income
  • Limits in this program are defined by Household Size & County.  Please see the guidelines
ACQUISITION LIMITS
  • Limits are defined by County and FL Housing Products 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
FICO Score REQUIREMENTS
  • Mid FICO 640
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
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
 FL HFA Preferred (Fannie Mae) Loan Program with FL Assist DPA  Note – for details, see the Program Guidelines under GUIDES & DOCS
PROGRAM
  • Continuous funding
  • Reservation locks are available on Business days between 10am-8pm 
  • other system functions are available 24/7
ELIGIBLE AREAS
  • Statewide Florida excluding the Hardest Hit Fund (HHF) Counties
    • (effective 9/1 – excludes HHF: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.)
RATE 
  • Daily Pricing, see Rates/Offerings Tab
TIME LINE REQUIREMENTS Do not reserve early,  60 day Lock starts at Reservation

  • 20 days = Reservation to UW Certification
    • Loans will be system cancelled if not certified by 20th day
  • 40 days = Reservation to Close & Deliver Files to eHP & USB
  • 60 days = Reservation to eHP Compliance & USB Loan Purchase
EXTENSION 
  • a 30 day extension is available, if needed to clear exceptions (not to extend reservation lock)
  • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days.
  • click here to request
FTHB ELIGIBILITY CRITERIA
  • First Time Homebuyer, applies to all borrower(s) who will appear on the Universal Residential Loan Application (URLA) or “1003”
ELIGIBLE LOAN TYPES
  • Fannie Mae HFA Preferred
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 and guidelines
INCOME LIMITS
  • Household income = 1003 Credit Qualifying Income
  • Limits in this program are defined by Household Size & County.  Please see the guidelines
ACQUISITION LIMITS  
  • Limits are defined by County and FL Housing Products 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
FICO Score REQUIREMENTS
  • mid FICO 640
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
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

 

  FL HFA Preferred (Fannie Mae) Loan Program with HHF DPA  Note – for details, see the Program Guidelines under GUIDES & DOCS
PROGRAM
  • Continuous funding
  • Reservation locks are available on Business days between 10am-8pm 
  • other system functions are available 24/7
ELIGIBLE AREAS
  • Hardest Hit Fund – HHF
  • Effective 9/1 HHF includes: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.
RATE 
  • Daily Pricing, see Rates Tab
TIME LINE REQUIREMENTS Do not reserve early,  60 day Lock starts at Reservation

  • 20 days = Reservation to UW Certification
    • Loans will be system cancelled if not certified by 20th day
  • 40 days = Reservation to Close & Deliver Files to eHP & USB
  • 60 days = Reservation to eHP Compliance & USB Loan Purchase
EXTENSION 
  • a 30 day extension is available, if needed to clear exceptions (not to extend reservation lock)
  • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days.
  • click here to request
FTHB ELIGIBILITY CRITERIA
  • First Time Homebuyer, applies to all borrower(s) who will appear on the Universal Residential Loan Application (URLA) or “1003”
ELIGIBLE LOAN TYPES
  • Fannie Mae HFA Preferred
HHF DOWN PAYMENT ASSISTANCE 
  • HHF – Hardest Hit Funds
  • up to $15,000
  • 0%, 5 year, deferred loan, forgiven at the rate of 20% per year
  • Lender upfronts. US Bank will reimburse at purchase
  • Cash back is not allowed.
  • fees-see term sheet or guidelines
INCOME LIMITS 
  • Household income = 1003 Credit Qualifying Income
  • Limits in this program are defined by County.  Please see the guidelines
ACQUISITION LIMITS 
  • Limits are defined by County.  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
FICO Score REQUIREMENTS
  • mid FICO 640
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
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  
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
Options/Offerings DPA  Lock Rate Effective Date
Fannie Mae HFA Preferred
FL HFA Preferred Plus – Excluding HHF Counties w/3% Assistance

 1- Non Repayable Grant – Based on Purchase Price

 2- CCA $1,500

5.00% 11/21
FL HFA Preferred – Excluding HHF Counties FL ASSIST

 1- up to $7,500 *

 2- CCA $1,500

CCA $1,500 – See Term Sheet located under Guides & Docs Tab
FL HFA Preferred – Only HHF Counties Hardest Hit Funds HHF up to $15,000 **

 

….
Entire State excluding HHF Counties * 0%, 30 year, deferred
HHF Counties  effective 9/1 – HHF =  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties ** 0%, 5 year, deferred loan, forgiven at the rate of 20% per year

 

 

Program Updates
  • 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.
  • 12-4 – FLORIDA HOUSING HHF  Wind-down/Transition ANNOUNCEMENT
  • 12-7 – FLORIDA HOUSING Reminders & Updates
  • 9/8- HURRICANE IRMA – Florida Housing will NOT be posting rates for the Conventional Programs Friday 9/8/17 thru Tuesday 9/12/17.  Program should be available on Wednesday 9/13 
  • 7/25 – Closing Cost Assistance CCA $1,500.  This additional DPA is ONLY for Fannie Mae HFA Preferred loans in NON HHF Counties.  Can be used with the HFA Preferred Plus & the HFA Preferred with FL Assist.
  • 6/22-realtor commission & fees defined
  • 6/12-revised income limits.
  • 4/17/17 revised Purchase Price limits
  • 9/1- Effective 9/1 HHF includes: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties. Click to view notice
  • 6/9- revised income and acquisition limits effective 6/13.  please see notice sent.
  • 9/15- the Borrower Authorization of Release of Private Information, will be required for ALL Florida Housing loan products that close on or after September 15, 2015 and are purchased by U.S. Bank.
  • 7/22-updated income & acquisition (purchase) limits for the HFA Preferred Loans & HFA Preferred Plus Loans
  • 7/1-Important Announcement … Lenders Originating Program Loans in the HHF Counties. BREVARD, DUVAL, HILLSBOROUGH, ORANGE, AND VOLUSIA COUNTIES ONLY.  Read more
  • HFA Preferred Training Presentation – Click Here
  • USB Training Presentation – Click Here
  • 6/2-10k FL Assist will change to 7.500.  Last day to reserve is 6/12 – read more
    •4/6- New income limits for the HFA Preferred effective 4/7. (no changes to the FHA Preferred Plus)