Florida Housing Finance Corporation (FHFC) – Government Loan Programs

Florida Housing Finance Corporation – Government Loan Programs (w/HHF or FL Assist) 

 

 

 

Please note there are various Florida Housing Government Loan Options with different requirements.

2016 SF Series 2 MRB – Government First Mortgage loans with FL Assist DPA 

HHF 2016 SF Series 2 MRB – Government First Mortgage loans with HHF DPA.

 

Lender / Program Portal

 

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 Programs 

  • All Areas Excluding HHF Counties

  HHF Government Programs

  • Only HHF Counties

 HHF =  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties 
  Program Guidelines          Lender Guide 6/15 7/22 8/7  (10/2)      Program Guidelines  HHF     Lender Guide 6/15(10/2)
  ..
Preclosing – Notices and Recapture – Click Here
  Sample Forms     form   Sample Forms HHF    Sample Forms
  Previous limits   Previous limits
  FL First Government Loan with FL Assist DPA     Note – for details, see the Program Guidelines under GUIDES & DOCS
PROGRAM FUNDS
  • 2016 SF Series 2 MRB 
  • Government Loan Programs
  • Continuous funding
ELIGIBLE AREAS
  • Statewide Florida excluding the Hardest Hit Fund (HHF) Counties
    • excludes HHF: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties
ELIGIBILITY CRITERIA
  • First Time Homebuyer, applies to all borrower(s) and Spouses.
TIME LINE REQUIREMENTS The Lock starts at Reservation. Do not reserve early: Must Underwrite Certify by 45th day.

  • Reservation to UW Certification – 45 Days
  • Reservation to Loan Purchase – 115 Days
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
  • Limits are defined by Household Size, County and FL Housing Product used.
    • please see the guidelines
ACQUISITION LIMITS
  • 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
  FL First Government Loan with HHF DPA  Note – for details, see the Program Guidelines under GUIDES & DOCS
PROGRAM FUNDS
  • HHF 2016 SF Series 2 MRB 
  • Government Loan Program
  • Continuous funding
ELIGIBLE AREAS
  • Hardest Hit Fund (HHF) Counties
    • Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.
ELIGIBILITY CRITERIA
  • First Time Homebuyer, applies to all borrower(s) and Spouses.
TIME LINE REQUIREMENTS The Lock starts at Reservation. Do not reserve early: Must Underwrite Certify by 45th day.

  • Reservation to UW Certification – 45 Days
  • Reservation to Loan Purchase – 115 Days
ELIGIBLE LOAN TYPES
  • FHA, VA Guaranteed, RHS
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 & guidelines
INCOME LIMITS
  • Limits are defined by Household Size, County and FL Housing Product used.
    • please see the guidelines
ACQUISITION LIMITS
  • 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 underwriting
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
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

Current Rates

Options/Offerings Lock Rate DPA   Min FICO  Effective Date
GOVERNMENT  –  Entire State excluding HHF Counties   
FL FIRST – Excluding HHF Counties 4.75% FL ASSIST  up to $7,500 * 640 12/19
FL MILITARY– Excluding HHF Counties 4.50%
 * 0%, 30 year, deferred
GOVERNMENT  –  Only HHF Counties   
FL FIRST – Only HHF Counties 4.75% Hardest Hit Funds HHF up to $15,000 ** 640 12/19
FL MILITARY- Only HHF Counties 4.50%
 ** 0%, 5 year, deferred loan, forgiven at the rate of 20% per yea

 

  • HHF Counties –  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties
Program Updates
  • 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 & acquisition limits
  • 1/11 – FHA loans min FICO 640
  • 12/1 – Manufactured Homes – eliminated
  • http://ehousingpl.us/fhfc