ALL FIELDS REQUIRED
*** Must be submitted BEFORE the 60th day.
Loan Processing, Delivery and Purchase Timetable:
Once a loan is reserved in the eHousingPlus system and is provided the Servicer’sLoan number, the loan must be;
- underwriter certified within 20 days of loan reservation
- closed and delivered to the Servicer within 40 days of loan reservation
- purchased within 60 days of loan reservation.
Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. Please note the cost of the extension is 0.375% of the first mortgage loan amount. The extension fee is due whether or not a mortgage loan is ultimately delivered or purchased. The 0.375% extension fee will be netted from the loan purchase price by the Servicer when the mortgage loan is purchased from the Lender. If an extension is elected, but the related mortgage loan is not purchased by the required purchase date, Florida Housing agrees, on behalf of the Purchaser, to bill the Lender for the 0.375% extension fee. Excessive unpaid extension fees will cause suspension or termination from the program.
Again, the extension is offered once per loan and no further extensions will be allowed.
Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.
Thank you for your participation in the Florida Housing Programs,