2013 Bridge Program
First Time Homebuyer 2011 Series C
| PROGRAM FUNDS | Continuous funding |
| ELIGIBLE AREAS | Statewide Florida |
| 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.
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| ELIGIBLE LOAN TYPES | FHA, VA Guaranteed, RHS & Conventional (Fannie Mae Standard) |
| DOWN PAYMENT ASSISTANCE |
NEW! DPA Funds are now requested prior to closing for ALL Loan Types. Cash back is not allowed, the DPA must be lowered prior to closing, the cure is NOT a Principal reduction to the first mortgage, you must reduce the amount of the second. |
| INCOME LIMITS | Household Income Limits are defined by household size and County. For additional information, see the program guidelines.
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| ACQUISITION LIMITS | For acquisition limits, please see Lender Guide |
| HOME BUYER EDUCATION |
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| CREDIT REQUIREMENTS |
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| CO-SIGNERS | Not permitted |
| GUIDELINES & SAMPLE FORMS | Lender Guide |
| FACT SHEET | HFA Preferred – Click to view |
| LENDER PARTICIPATION | 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. |
| AGENCY WEB | Florida Housing Finance Corporation. |
Current Rates
2013 Bridge
- 4.00% – FL First Government Loans (eff 6/12)
- 4.50% - FL First Conventional Loans
Previous
eff 6/12 – 4.00 FL First Govt, 3.75 FL Military, 4.50 Conv
eff 5/29 – 3.75% FL First Govt, 3.50 FL Military, 4.25 Conv
eff 9/10/12 – 3.50% FL First Govt, 4.25 Conv
eff 5/01/12 – 4.50% FL First Govt, 4.75 Conv, 4.00 FL Military
eff 5/24/12 – 4.25% FL First Govt, 4.50 Conv
eff 6/28/12 – 4.00% FL First Govt, 4.25 Conv
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
NEW! Downpayment Assistance is now requested prior to closing for ALL Loan Types.
The Following Lenders have been approved to originate loans in this Program:
- Academy Mortgage
- American Eagle Mortgage Corp
- Branch Banking and Trust Company
- Capital City Bank
- Citibank, N.A.
- DHI Mortgage
- Embrace Home Loans
- Everbank
- Fairway Independent Mortgage
- FBC Mortgage, LLC
- FEMBI
- First Federal Bank
- First Option Mortgage
- Guaranty Bank
- Hancock Bank of Florida
- Home Financing Center
- Hometrust Mortgage
- IBERIABANK Mortgage Company
- Mainstreet Financial
- Nationstar Mortagage
- NOLA
- PHH
- PrimeLending
- Pulte Mortgage LLC
- Real Estate Mortgage Network, Inc.
- Regions Bank
- RMC Mortgage
- Shelter Mortgage
- SunTrust Mortgage
- Trustmark National Bank
- Universal American Mortgage Company
- Waterstone Mortgage Corporation
- Watson Mortgage Corp.
- Wells Fargo Bank, N.A.
Interested in becoming a participating lender? Contact us.
Program Updates
- 5/12- Memorial Day Funding Schedule - Please read
- Effective April 1, 2013 there are new Income Limits for the Florida Assist DPA. Please review
- Effective 1/28/2013 Downpayment Assistance funds must be requested a minimum of 2 business days prior to closing.
- Lenders must execute Form on line and email request after the loan has been UW Certified.
- Funds will be wired by Trustee Bank of New York Mellon to closing agent/title company for all loan-types closing.
- Effective for loans reserved on or after October 1, 2012
DTI RATIO – All Loans must have a maximum DTI (debt to income) of 45%
TIMELINE TIPS:
- Reservation locks expire on the 45th day. Please do not reserve early.
- Please make sure you are not printing all your documents prior to your underwriter certifying the loan.
- 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
DPA Funds Request Form
HFA Preferred Fact Sheet
PreClosing-Notices and Recapture
Sample of ALL Documents- (8/28 Updating)
Sample of New HAMI Note and Key
Lender F.A.Q.
I am a lender and I have questions. Who can I contact?
I’m a new lender, with staff to be trained. Where can I sign up for training?
Are co-signors permitted?
True or False, Borrower must contibute $1,000 of their own funds? TRUE
What compliance forms are required when I deliver a loan?
Is homebuyer counseling required?
What is the Florida Assist Program?
What is the HAMI Program?
What is Down Payment Assistance?
How is the Credit Score Requirement determined?
Documentary stamp tax and intangible tax
Are tax returns required?
Who signs the Bond Documents?
What is Veteran’s Exception?
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?
Homebuyer F.A.Q.
Are there any resources which can help me determine if I am eligible for the program?
What qualifies me as a First Time Homebuyer?
What are the requirements Non-Citizen Applicants?
1) Borrowers with lawful permanent resident alien status must provide evidence of lawful permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS) within the Department of Homeland Security (formerly the Immigration and Naturalization Service) OR
2) Borrowers who are non-permanent resident aliens must satisfy the following requirements: the property will be the borrower’s principal residence, the borrower has a valid SSN, the borrower is eligible to work in the U.S. as evidenced by an Employment Authorization Document (EAD) issued by BCIS and the borrower satisfies any additional requirements imposed by Fannie Mae or Freddie Mac (conventional loans) or the Federal Housing Administration (FHA loans). A social security card is not sufficient evidence of work status for non-permanent resident aliens OR
3) Other non-citizen borrowers must satisfy requirements imposed by Fannie Mae, Freddie Mac, VA, or FHA OR
4) Persons qualifying for political asylum are eligible in this program and should produce an I-9. In the case of married persons, both must qualify under the above rules of Citizenship whether or not a party to the mortgage transaction or residing in the household.

eHP Program Training and US Bank Loan Delivery Training are combined in the same presentation: To view click here
After you complete the online Program Training, information is provided as to what happens next. You are required to attend Program Training to participate in this program. To register for eHP System training, click here.
Should you have any questions, please contact jennifer@ehousing.cc or natalie.giuma@ehousingplus.com






