Florida Housing Finance – FL HFA Preferred Loan Programs

Florida Housing Finance – HFA Preferred Conventional 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.

Please note there are Various Florida Housing Conventional Loan Options with different requirements.  Fannie Mae HFA Preferred Plus, Fannie Mae HFA Preferred with FL Assist DPA or Fannie Mae HFA Preferred with HHF DPA.

Lender/Program Portal

 

 FL HFA Preferred (Fannie Mae) Plus Loan Program   
PROGRAM
  • Continuous funding
  • Reservation locks are available on Business days between 10am-8pm 
  • other system functions are available 24/7
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.)
RATE 
  • Daily Pricing, see Rates/Offerings Tab
TIME LINE REQUIREMENTS Do not reserve early,  60 day Lock starts at Reservation

  • 20 days = Reservation to UW Certification
    • Loans will be system cancelled if not certified by 20th day
  • 40 days = Reservation to Close & Deliver Files to eHP & USB
  • 60 days = Reservation to eHP Compliance & USB Loan Purchase
EXTENSION 
  • a 30 day extension is available, if needed to clear exceptions (not to extend reservation lock)
  • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days.
  • click here to request
FTHB ELIGIBILITY CRITERIA
  • First Time Homebuyer
    • Borrower(s) who will appear on the Universal Residential Loan Application (URLA) or “1003”
    • cannot have had an ownership interest in a residential property within the last 3 years
  • FTHB verified using the 1003
ELIGIBLE LOAN TYPES
  • Fannie Mae HFA Preferred
DOWN PAYMENT ASSISTANCE
  • Non-repayable 3% grant based on the Purchase price
  • DPA Funds – Lender upfronts. US Bank will reimburse at purchase
  • Cash back is not allowed.
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
FICO Score REQUIREMENTS
  • 640
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
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 HFA Preferred (Fannie Mae) Loan Program with FL Assist DPA
PROGRAM
  • Continuous funding
  • Reservation locks are available on Business days between 10am-8pm 
  • other system functions are available 24/7
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.)
RATE 
  • Daily Pricing, see Rates/Offerings Tab
TIME LINE REQUIREMENTS Do not reserve early,  60 day Lock starts at Reservation

  • 20 days = Reservation to UW Certification
    • Loans will be system cancelled if not certified by 20th day
  • 40 days = Reservation to Close & Deliver Files to eHP & USB
  • 60 days = Reservation to eHP Compliance & USB Loan Purchase
EXTENSION 
  • a 30 day extension is available, if needed to clear exceptions (not to extend reservation lock)
  • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days.
  • click here to request
FTHB ELIGIBILITY CRITERIA
  • First Time Homebuyer
    • Borrower(s) who will appear on the Universal Residential Loan Application (URLA) or “1003”
    • cannot have had an ownership interest in a residential property within the last 3 years
  • FTHB verified using the 1003
ELIGIBLE LOAN TYPES
  • Fannie Mae HFA Preferred
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 and guidelines
INCOME LIMITS    
  • Household Income Limits are defined by Household Size, County and FL Housing Product
    • 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
FICO Score REQUIREMENTS
  • 640
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
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 HFA Preferred (Fannie Mae) Loan Program with HHF DPA
PROGRAM
  • Continuous funding
  • Reservation locks are available on Business days between 10am-8pm 
  • other system functions are available 24/7
ELIGIBLE AREAS
  • Hardest Hit Fund – HHF
  • Effective 9/1 HHF includes: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties.
RATE 
  • Daily Pricing, see Rates Tab
TIME LINE REQUIREMENTS Do not reserve early,  60 day Lock starts at Reservation

  • 20 days = Reservation to UW Certification
    • Loans will be system cancelled if not certified by 20th day
  • 40 days = Reservation to Close & Deliver Files to eHP & USB
  • 60 days = Reservation to eHP Compliance & USB Loan Purchase
EXTENSION 
  • a 30 day extension is available, if needed to clear exceptions (not to extend reservation lock)
  • extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days.
  • click here to request
FTHB ELIGIBILITY CRITERIA
  • First Time Homebuyer
    • Borrower(s) who will appear on the Universal Residential Loan Application (URLA) or “1003”
    • cannot have had an ownership interest in a residential property within the last 3 years
  • FTHB verified using the 1003
ELIGIBLE LOAN TYPES
  • Fannie Mae HFA Preferred
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 or guidelines
INCOME LIMITS    
  • Household Income Limits are defined by County.
  • Please see the Guidelines
ACQUISITION LIMITS 
  • Limits are defined by County.
  • 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
FICO Score REQUIREMENTS
  • 640
CO-SIGNERS
  • Not permitted
FORMS
  • Forms are online in SF Web Management, under FORMS
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
Options/Offerings DPA  Lock Rate Effective Date
Fannie Mae HFA Preferred
FL HFA Preferred Plus – Excluding HHF Counties w/3% Assistance Non Repayable Grant – Based on Purchase Price 4.875% 1/13
FL HFA Preferred – Excluding HHF Counties FL ASSIST up to $7,500 *
FL HFA Preferred – Only HHF Counties Hardest Hit Funds HHF up to $15,000 **
….
Entire State excluding HHF Counties * 0%, 30 year, deferred
HHF Counties  effective 9/1 – HHF =  Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pasco, Pinellas, Polk, St. Lucie, Volusia Counties ** 0%, 5 year, deferred loan, forgiven at the rate of 20% per year

 

 

 

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
  • Reminder that the Gift Letter & Obligation letter are not required on the HFA Preferred (conventional) loans

  Fannie Mae HFA Preferred Programs 

  • All Areas Excluding HHF Counties       

  HHF – Fannie Mae HFA Preferred Program

  • 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 (9/1)
  ..
  Preclosing-Notices and Recapture – Click Here
  Sample Forms

  HFA Preferred  w/ FL Assist form

  HFA Preferred Plusform

  Sample Forms 

  HFA Preferred  w/ 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
Land Home Financial Services
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.
  • 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 HFA Preferred Loans & HFA Preferred Plus Loans
  • 7/1-Important Announcement … Lenders Originating Program Loans in the HHF Counties. BREVARD, DUVAL, HILLSBOROUGH, ORANGE, AND VOLUSIA COUNTIES ONLY.  Read more
  • HFA Preferred Training Presentation – Click Here
  • USB Training Presentation – Click Here
  • 6/2-10k FL Assist will change to 7.500.  Last day to reserve is 6/12 – read more
    •4/6- New income limits for the HFA Preferred effective 4/7. (no changes to the FHA Preferred Plus)
    •1/1/2015 – Obligation & Gift letters removed.  NOT required for HFA Preferred (conventional) loans.
    •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 — loan officers, processors, underwriters, closers and post closers are encouraged to attend. Recent changes will be discussed. eHousing and US Bank will be available to discuss the most common loan deficiencies. There will also be a Q&A period for lenders. FL Housing Staff, Chip White and Sandy Gaver, eHousingPlus Staff and US Bank Staff will be available to answer questions.
    •NEW!- 6/25- HFA Preferred Plus Program Starts today, 6/25 –  This program offers assistance in the form of a 3% non-payable grant.  The income Limits are higher than the HFA Preferred and the Government products offered with the FL Assist dpa.
    •NEW!- 6/24 – New Income & Acquisition Limits, effective 6/24
    •6/9 Updated guidelines – servicer fee
    •4/18 The HFA Preferred Program is closed for new reservations today due to Good Friday and Markets closed
    •2/18 rate changed 4.75%  (4.625% Effective 2/3)
    •1/31- Lender Training – New HFA Preferred Program – Conventional Loan Product       

 

 

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.