Florida Housing Finance – Government Loan Programs

Florida Housing Finance – Government Loan Programs (w/HHF or FL Assist)
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS
Hardest Hit Fund “HHF” includes: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.

 

 

 

 Lender / Program Portal

 
Please note there are various Florida Housing Government Loan Options with different requirements.  Government First Mortgage loans with FL Assist DPA or Government First Mortgage loans with HHF DPA.

  FL First Government Loan with FL Assist DPA
PROGRAM FUNDS
  • Currently reserving into the 2015 Series A – Government Loan Program
  • Continuous funding
ELIGIBLE AREAS
  • Statewide Florida excluding the Hardest Hit Fund (HHF) Counties
    • (effective 9/1 – 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 Products used.
    • please see the guidelines
ACQUISITION LIMITS
  • Limits are defined by County and FL Housing Products 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 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
  • Sample of Program Forms can be found on the “Guidelines & Docs” Tab
  • 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
  FL First Government Loan with HHF DPA
PROGRAM FUNDS
  • Currently reserving into the HHF 2015 Series A – Government Loan Program
  • Continuous funding
ELIGIBLE AREAS
  • Hardest Hit Fund – HHF
  • Effective 9/1 HHF includes: 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 Products used.
    • please see the guidelines
ACQUISITION LIMITS
  • Limits are defined by County and FL Housing Products 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 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
  • Sample of Program Forms can be found on the “Guidelines & Docs” Tab
  • 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
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 – Excluding HHF Counties 4.75% FL ASSIST  up to $7,500 * 640 12/19
FL MILITARY– Excluding HHF Counties 4.50%
 * 0%, 30 year, deferred
GOVERNMENT  –  Only HHF Counties (Brevard, Duval, Hillsborough, Orange, Volusia)  
FL FIRST – Only HHF Counties 4.75% Hardest Hit Funds HHF up to $15,000 ** 640 12/19
FL MILITARY- Only HHF Counties 4.50%
 ** 0%, 5 year, deferred loan, forgiven at the rate of 20% per yea

 

  • (effective 9/1 – HHF =  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.)
  • manufactured homes not allowed
  • manual UW not allowed
  • 640Min FICO on FHA

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 Excluding HHF Counties

  HHF Government Programs

  • Only HHF Counties

 HHF =  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties 
  Program Guidelines          Lender Guide 6/15 7/22 8/7  (9/13)      Program Guidelines  HHF     Lender Guide 6/15(9/13)
  ..
Preclosing-Notices and Recapture – Click Here
  Sample Forms     form   Sample Forms HHF    Sample Forms

 

The Following Lenders have been approved to originate loans in this Program:

1st Financial, Inc.
Academy Mortgage Company
Alarion Bank
All Western Mortgage, Inc.
American Financial Network, Inc.
American Midwest Mortgage Corporation
American Momentum Bank
American Neighborhood Mortgage Acceptance Company, LLC
American Southwest Mortgage Funding Corp
AmeriFirst Financial Corporation
Ameris Bank
Angel Oak Home Loans, LLC
Aspire Financial, Inc.
Atlantic Bay Mortgage Group, LLC
Bank of England
Bay Capital Mortgage Corporation
BMO Harris Bank, N.A.
Branch Banking & Trust Company   BB&T
Brand Mortgage Group, LLC
Broker Solutions, Inc. dba New American Funding, Inc.
Cadence Bank N.A
CalCon Mutual Mortgage, LLC dba OneTrust Home Loans
Caliber Home Loans, Inc.
Capital Bank, N.A.
Capital City Bank
CBC National Bank
Centennial Bank
Christensen Financial, Inc.
Churchill Mortgage Corporation
CitiBank, N.A. fka CitiMortgage, Inc.
City First Mortgage Services, LLC
Citywide Home Loans, A Utah Corporation
CMG Mortgage Inc. d/b/a CMG Financial
Columbus Capital Lending, LLC
Cornerstone Home Lending, Inc.
Cross Country Mortgage, Inc.
Diamond Residential Mortgage Corporation
DHI Mortgage Company
Embrace Home Loans, Inc.
Envoy Mortgage, Ltd.
Equity Loans, LLC dba Equity Prime Mortgage
Equity Mortgage Bankers, LLC
Equity Resources Inc.
EverBank
Everett Financial dba Supreme Lending
Evolve Bank & Trust
Fairway Independent Mortgage Corporation
FBC Mortgage, LLC
Fidelity Bank dba Fidelity Bank Mortgage
Finance of America Mortgage LLC
First Choice Loan Servicing, Inc.
First Equity Mortgage Bankers, Inc. (FEMBI)
First Federal Bank
First Home Mortgage Corp
First Mariner Bank
First Option Mortgage, LLC
Franklin American Mortgage Company
Freedom Mortgage Corporation
Gateway Mortgage Group, LLC
Geneva Financial, LLC
GHM Mortgage Services, LLC
Goldwater Bank, N.A.
GSF Mortgage Corporation
Guaranteed Rate, Inc.
Guild Mortgage
Hamilton Group Funding, Inc.
Harbor Community Bank
Highlands Residential Mortgage, Ltd.
HomeAmerican Mortgage Corporation
Home Communtiy Mortgage, LLC
Home Financing Center, Inc.
Home Mortgage of America Inc.  (Hometrust Mortgage)
HomeBridge Financial Services,Inc.
Homeowners Financial Group USA, LLC
Homestead Funding Corp.
Homeside Financial, LLC
Iberiabank Mortgage Company
Inlanta Mortgage Inc.
Integrity First Financial Group, Inc.
International City Mortgage
InterLinc Mortgage Services, LLC
K. Hovnanian American Mortgage, LLC
Loan Simple, Inc.
LoanDepot.com LLC dba iMortgage
Main Street Financial
MegaStar Financial Corp.
Michigan Mutual, Inc
MLB Residential Lending LLC
Moria Development Inc. d/b/a Peoples Mortgage
Mortgage 1, Inc
Movement Mortgage, LLC
Mutual of Omaha
Nations Lending Corporation
Nations Reliable Lending, LLC
Nationstar Mortgage LLC
Network Funding, LP
New Penn Financial, LLC
NFM Lending, Inc.
Norwich Commercial Group, LLC
NVR Mortgage Finance, Inc
On Q Financial, Inc.
Open Mortgage
Peoples Bank
Peoples Home Equity, Inc. 
Perl Mortgage, Inc.
PHH Home Loans, LLC  (Sunbelt)
Platinum Home Mortgage Corporation
PMAC Lending Services, Inc.
PNC Mortgage
Premier Nationwide Lending
Primary Residential Mortgage, Inc
Prime Mortgage Lending, Inc.
PrimeLending, A Plains Company
Pulte Mortgage LLC
Raymond James Bank N.A.
Ready Mortgage Lenders, LLC
Real Estate Mortgage Network, Inc.
Regions Mortgage
Residential Finance Corporation
ResMac, Inc.
RMC Mortgage Corporation
Security National Mortgage Company
SFMC, LP d/b/a Service First Home Loans
Shelter Mortgage Company, LLC
Simonich Corporation dba Commerce Mortgage
Skyline Financial Corp
Stearns Lending, LLC
Stonegate Mortgage Corporation
Summit Mortgage Corporation
SunTrust Mortgage
SWBC Mortgage Corporation
Synovus Mortgage Corp
The American Eagle Mortgage of Florida, LLC
The Federal Savings Bank
The Money House Inc.
Tidewater Mortgage Services, Inc.
Trustmark National Bank
Union Home Mortgage Corp.
Universal American Mortgage Company (Eagle Home)
Universal Mortgage and Finance, Inc.
University Lending Group, LLC
USAmeriBank
VanDyk Mortgage Corporation
Venta Financial Group Inc. d/b/a Alterra Home Loans
Waterstone Mortgage Corporation
Watson Mortgage Corp
Wells Fargo Home Loans
Whitney Bank dba Hancock Bank

Interested in becoming a participating lender? Contact us.

Program Updates
  • 9/1- Effective 9/1 HHF includes: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties. Click to view notice
  • 6/9- revised income and acquisition limits effective 6/13.  please see notice sent.
  • 1/11 – FHA loans, Min FICO is 640
  • 12/1- MANUFACTURED HOMES are eliminated (eff 12/1 reservations)
    12/1- FHA – no manual underwriting (eff 12/1 reservations)
    12/1- Min FICO is 660 (eff 12/1 reservations)
  • 9/15- the Borrower Authorization of Release of Private Information, will be required for ALL Florida Housing loan products that close on or after September 15, 2015 and are purchased by U.S. Bank.
  • 7/22- Updated Income & acquisition (purchase) limits for the Government Loans
  • 7/1-Important Announcement … Lenders Originating Program Loans in the HHF Counties. BREVARD, DUVAL, HILLSBOROUGH, ORANGE, AND VOLUSIA COUNTIES ONLY.  Read more
  • 6/2-10k FL Assist will change to 7.500.  Last day to reserve is 6/12 – read more
  • 4/6-New Income Limits effective 4/7.
  • 2/19 – The 2014 Bridge Program was renamed to 2015 Series A – same rules, timeline, forms, guidelines,etc – NO Action needed on your part – Just a name change.
  • 2/18 – revised Homebuyers education language to make clear that Face to Face is preferred but that online HUD or SHIP approved is accepted.
  • 8/18- Florida Housing will be conducting two lender calls to review recent program changes in our government and conventional loan programs. The first call will be held from 9:30-11:30 am Eastern Time and the second from 3:00-5:00 pm Eastern Time. The calls will be open to all working groups —click for details
    6/24 – New Income & Acquisition Limits, effective 6/24
  • 6/14- 2014 Bridge Program Starts – same as we have had in the past, the Bridge Program is EXACTLY the same as 2014 Series C.
  • 6/9-updated guidelines – servicer fee
  • 6/4-9pm -2014 B rates, 4.25% FL First Gov, 4.00% FL First Military
  • 5/15 rate decreased –  (1/13 at 8pm, 4.250% – FL First GOVernment Loans, 4.000% – FL First Military Heroes)
  • 1/31- Lender Training – New HFA Preferred Program – Conventional Loan Product
  • 1/27 – 2014 Bridge offered as Government loans only
  • 1/14 – Rate decrease
  • 12/23 – 2013 Bridge – 2013 Series C
  • 12/20 – Rate increase effective 8pm
  • 12/12- Webinar – Introduction to New Program – HFA Preferred Conventional Loan Program

 

http://ehousingpl.us/fhfc

 

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7
    • Click here to attend Program training
  2. eHP System Training*
    • After you complete the online Lender Program Training, information is provided as to what happens next.
    • Click here to register for system training

Should you have any questions on training, please contact jennifer@ehousing.cc

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.