Florida Housing Finance Corporation (FHFC) – Government Loan Programs

Florida Housing Finance Corporation – Government Loan Programs

HHF Originations (reservations) ended on 12/29/2017.   Thank you for your participation in the success of HHF!    

Government locks will resume 7 day lock/reservations.  Conventional loans reservation remain as is, Business days.

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

  Program Guidelines          Lender Guide 6/15 7/22 8/7  (12/8)   
  ..
Preclosing – Notices and Recapture – Click Here
  Sample Forms     form
  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
  • 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

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.

  FL First Government Loan with HHF DPA  Note – for details, see the Program Guidelines under GUIDES & DOCS
ELIGIBLE AREAS
  • 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 MASTER SERVICER
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  4.75% FL ASSIST  up to $7,500  640 12/19
FL MILITARY 4.50%
  •   0%, 30 year, deferred
Program Updates