First Time Homebuyer 2011 Series B
| PROGRAM FUNDS | Continuous funding |
| ELIGIBLE AREAS | Statewide Florida |
| ELIGIBILITY CRITERIA | First Time Homebuyer |
| ELIGIBLE LOAN TYPES | FHA, VA Guaranteed, RHS & Conventional (Fannie Mae Approved) |
| AVAILABLE DOWN PAYMENT ASSISTANCE | - HAMI: Second Mortgage at 5.00% Interest Rate - Florida Assist: 0% Second Mortgage |
| INCOME LIMIT AREAS | See Program Guidelines for limits by household size and area. |
| HOME ACQUISITION LIMITS | See Program Guidelines for acquisition limits. New Properties require a certificate of occupancy (CO) date. |
| HOME BUYER EDUCATION | Required for ALL first time home borrowers. Must be from Florida Housing’s Approved List of Homebuyer Counseling Agencies. |
| FICO SCORE REQUIREMENT | Minimum credit score of 620 |
| CO-SIGNERS | Co-Signers are allowed, but they CANNOT have an interest in the property. |
| LOAN TIME LINE REQUIREMENTS | - Reservation to UW Certification – 45 days - Reservation to Loan Purchase – 115 days |
| LENDER PARTICIPATION | Lenders are approved by Florida Housing to participate in their programs. View participating lenders here. |
| OTHER | For additional information, please See Program Guidelines or Florida Housing Finance Corporation. |
Current Rates
- 4.25% - FL Military Heroes
- 4.50% – FL First Government Loans
- 5.00% – FL First Conventional Loans
DPA
- HAMI –Loan up to $5,000 at 5.00%. Term: 10 Year
- Florida Assist – Loan up to $7,500 at 0%, 30 year Deferred
Program Updates
- Please make sure you are not printing all your documents prior to your underwriter certifying the loan.
- New Limits for FL Assist, please check the guidelines.
- Loan Time line Requirements Update: Loans NOT certified by the 45th day are canceled automatically. Loans NOT purchased by the 115th day (by U S Bank) will have a 25 bps late fee imposed. The lender will be given 30 additional calendar days to get the loan without further notice and files returned to lender.
- All loans must meet the final time line of 115 days from Reservation to Purchase.
FHFC Sample Docs
PreClosing-Notices and Recapture
Sample of ALL Documents
Sample of New HAMI Note and Key
Lender F.A.Q.
I am a lender and I have questions. Who can I contact?
If you have any questions, please refer to the Compliance Contact Directory.
I’m a new lender, with staff to be trained. Where can I sign up for training?
All participating lenders need to attend required training to participate in the program. Please contact an eHousingPlus representative for a schedule of upcoming trainings.
What compliance forms are required when I deliver a loan?
The Program Guidelines describe the ‘required forms’ including a Compliance checklist and a Loan delivery checklist to assist lenders in identifying the required documents that need to be included in the submitted files. Many of the forms are automatically generated within the SF Web system. Once lenders reserve a loan in the system, they have various options to manage the loan, including the generation/printing of program forms.
Is homebuyer counseling required?
Yes, homebuyer education is required. For more information, please visit Florida Housing’s Approved List of Homebuyer Counseling Agencies.
What is the Florida Assist Program?
Up to $7,500 is available through the HAP to assist first time homebuyers with the down payment and closing costs. HAP loans are 0% interest, non-amortizing second mortgage loans, which means the homebuyer does not make any monthly payments. Instead, the loan is repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home. This program targets applicants whose incomes are at or below 100% of the area median income (AMI), adjusted for family size.
What is the HAMI Program?
Up to $5,000 is available to assist first time homebuyers with down payment and closing costs through the HAMI program. This program enables borrowers with moderate incomes to receive down payment and closing cost assistance. Unlike the HAP, HAMI is an amortized loan that is offered at a low, fixed interest rate with level monthly payments for a 10-year term. First time homebuyers may be eligible for this loan if their incomes exceed the limits of the HAP, but do not exceed the maximum annual income limits for the FTHB program.
What is Down Payment Assistance?
In an effort to assist low- to moderate-income individuals achieve homeownership, the FTHB program offers borrowers an assortment of down payment assistance options. The assistance is a 0% interest fixed-rate, second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FTHB program first mortgage products.
How is the Credit Score Requirement determined?
Minimum credit score of 620. The score will apply to the ‘MID SCORE”. Florida Housing will still allow manual underwriting for non-traditional credit loans where there is no FICO score.
Documentary stamp tax and intangible tax
Documentary stamp tax and intangible tax may not be charged on the mortgages or notes to buyer or seller. Deeds are not exempt. Only seller may pay this charge. Under SECTIONS 199.183, 420.513(1), FLORIDA STATUTES, the Mortgage and Note are exempt from documentary and intangible taxes.
Are tax returns required?
Tax returns are required for all borrower(s) and spouses.
Who signs the Bond Documents?
Bond Documents are ONLY signed by whomever is listed on the warranty deed.
What is Veteran’s Exception?
In the Florida Housing program, any Honorably Discharged Military Personnel is eligible to receive an exemption of the First time Homebuyer Requirement. What this means is that if they are no longer active duty, and honorably discharged, the entire HH is eligible to receive this exemption which otherwise requires that no borrower have owned or occupied a home where they have had a homeownership interest in the past three years (from closing date).
If you are qualifying military personnel that is not yet discharged, the Florida Military Heroes options is otherwise available.
How long is a borrower’s homebuyer education course valid for?
In the Florida Housing programs, any borrower who has taken an approved course, and has a certificate that is a year or less old, can use it to qualify.
Homebuyer F.A.Q.
Are there any resources which can help me determine if I am eligible for the program?
Yes, First Time Homebuyers interested in applying for the program can visit the Florida Housing First Time Homebuyer Wizard.
What qualifies me as a First Time Homebuyer?
First Time Homebuyer – Applies to all borrowers on loan. Cannot have owned and occupied own home in past three (3) years. Does not apply to homes in Federally designated target-areas.
You will be invited after today’s Lender Training.
Training Presentations
November 16, 2011 Presentations
