Escambia County HFA

Escambia County HFA – Big Splash SF (Multi-County) Program 

Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

PROGRAM FUNDS
  • Continuous Funding
  • Can be combined with an MCC
ELIGIBLE AREAS
  • Alachua, Bay, Bradford, Escambia, Franklin, Gadsden, Indian River, Jackson, Jefferson, Leon, Marion, Martin, Okaloosa, Santa Rosa, St. Lucie, Wakulla and Walton counties.
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to Underwriter Certification – 20 days (can’t extend)
  • Reservation to Closed & Delivered First Mortgage Loan – 40 days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 60 days
DOWN PAYMENT ASSISTANCE  
  • See Rate Tab for details
  • up to 7,500
INCOME CRITERIA 
  • Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • Income Limits are by county & household size.
  • see guidelines
ACQUISITION LIMITS  
  • Home Acquisition (purchase  price) limits are by county.
  • see guidelines
HOME BUYER EDUCATION
  • see guidelines
FICO SCORE  & DTI REQUIREMENT
CO-SIGNERS
PROGRAM FEES
LENDER PARTICIPATION
  • Lenders are approved by both US Bank and ECHFA. Once your Company is approved, your Company name will be listed in the Approved Lender TAB  and given access to the Program. Everyone associated with the program must attend Program and System Training. For information on how your company can participate in this program, Click hereDownload Brochure
FORMS
  • Program Forms are available on-line and automated.  After you login to Lender Portal, click on FORMS
AGENCY WEB
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 with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.
EXTENSION
  • A one-time extensions of up to 20 days must be request prior to expiration at 60 days.
  • Extension Request, Click here

 

 

Applies only to the 2012 SF Government Loan Program
ELIGIBILITY CRITERIA
  • First-time Homebuyers – Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • 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
INCOME CRITERIA 
  • Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • Income Limits are by county & household size.
  • see guidelines

 

 

Applies only to the Freddie Mac Conventional Loan Program
ELIGIBILITY CRITERIA 
  • First-time Homebuyers – Applies to All Borrower(s)
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
ELIGIBLE LOAN TYPES
  •  Freddie Mac HFA Advantage
INCOME CRITERIA 
  • Household income is ONLY the 1003 Borrower(s) credit qualifying income
  • Income Limits are by county, household size and by Target/Non-Target.
  • see guidelines

 

Applies only to the MCC Program
PROGRAM 
  • 25 million
  • 50% MCC Rate
  • Final Certificate date 12/31/2019
  • Standalone MCC – Only the MCC
  • Combo MCC – Combined with First Mortgage Programs
ELIGIBILITY AREA
  • Excluding– Franklin, Gulf, Hernando and Jefferson Counties
ELIGIBILITY CRITERIA 
  • First-time Homebuyers – Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
ELIGIBLE LOAN TYPES
  •  FHA, VA, USDA-RD, Freddie Mac
INCOME CRITERIA 
  • Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • Income Limits are by county, household size and by Target/Non-Target.
  • see guidelines

Current Rate/Offerings  

 Rate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
FHA, USDA-RD, VA  640 4.625% up to 7,500 1/24
CONVENTIONAL – FREDDIE MAC  
HFA Advantage  640 4.875% up to 7,500 2/14
  • Origination Fee & Discount Point – see guidelines
  • Term: 30 Year Amortizing
  • min FICO 640

DPA

  • up to 7,500
  • 30 Year Deferred loan for Down Payment and/or Closing Costs Assistance.
  • Must be used for Down Payment and Closing Costs.
  • Cash back is NOT allowed.  (zero)

 

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

        Administrator Guidelines (1/1)      Guidelines 4/22 , 6/9, 7/2                                MCC Administrator Guidelines (2/1)      Guidelines 4/22 , 6/9, 7/2      

  • 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

 

 

The following is a list of Approved Lenders (both U S Bank & ECHFA) and have attended Program Training:

MCC 1st/2nd  
  Alarion Bank
  American Eagle of Ohio LLC
  ✔  American Mortgage Service Company
  ✔  Capital City Bank
✔  Centennial Bank
  ✔  DHI Mortgage
✔  ✔  E Mortgage Management, LLC
  ✔  Everett Financial, Inc. , dba Supreme Lending
✔  ✔  Fairway Independent Mortgage
✔  ✔  FBC Mortgage, LLC
  ✔  FBT Mortgage LLC
  ✔  Fidelity Bank
  ✔  First Federal Bank
  Goldwater Bank, N.A.
  ✔  GSF Mortgage Corporation
  ✔  Hamilton Group Funding
  ✔  Hancock Bank (Whitney)
  ✔  HeritageBank of the South
✔  ✔  Hometrust Mortgage Company d/b/a Home Mortgage of America, Inc.
  ✔  Movement Mortgage, LLC.
 
On Q Financial
  ✔  Premier Nationwide Lending (NTFN, Inc.)
  ✔  Primary Residential Mortgage
✔  ✔  PrimeLending
  ✔  Shelter Mortgage
  ✔  Southern Home Loans
  ✔  Synovus Mortgage Corporation
  ✔  Trustmark National Bank
  ✔  University Lending Group
✔  ✔  Waterstone Mortgage Corporation

Interested in becoming a participating lender?  Contact us.

Program Updates
  • 2/14 – DPA is back to 7,500
  • 2018-The DPA is temporarily at $8,500 as a Holiday Special
  • 10/24- Franklin County is added to the program
  • 8/1 – Freddie Mac Option starts.  Updated income & Acquisition limits.  Added Jackson County.  Tax Exempt Rider
  • 5/15-for new loan reservations, second mortgages are exempt from intangible tax.
  • 4/3- FHA FICO requirement is 640 with loans reserved on after 4/3
  • 5/18/2017 – revised income & acquisition limits.  effective 6/15 – please see guidelines
  • 12/1- MANUFACTURED HOMES are eliminated (eff 12/1 reservations)
    12/1- FHA – no manual underwriting (eff 12/1 reservations)
    12/1- Min FICO is 660 (eff 12/1 reservations)

 

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 trainer@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.