Florida Housing Finance Corporation

       

Lender Portal

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
Lender F.A.Q.
Homebuyer F.A.Q.

 

You will be invited after today’s Lender Training.

 

Training Presentations

November  16, 2011 Presentations