HFA of Lee County – Own A Home Opportunity Grant Program

HFA of Lee County – Own A Home Opportunity Grant Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

     Lender/Program Portal

 

ISSUING AGENCY Housing Finance Authority of Lee County
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
  • Reservation/Locks – AVAILABLE* from 10:00am-8:00pm
    • * Market Business days (excluding weekends & holidays)
    • Other system functions are available 24/7
ELIGIBLE AREAS 
  • Lee, Broward, Charlotte, Collier, DeSoto, Palm Beach, Sarasota & St Johns Counties in Florida
ELIGIBILITY CRITERIA
  • No First-Time buyer requirement
  • Buyers & Spouses must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
LOAN TIMELINE REQUIREMENTS Please DO NOT Reserve early. Your Underwriter MUST UW Certify the loan 15 days after Reservation, or lock will be cancelled.

  • Reservation to Underwriter Certification – 15 calendar days (can’t extend)
  • Reservation to Closed & Delivered First Mortgage Loan – 45 calendar days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 70 calendar days
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac HFA Advantage
MCC 
  • This program can be combined with the Own a Home MCC Program.  
    • for details, please reference the Lee Own a Home MCC Program. (view)
DOWN PAYMENT ASSISTANCE
  • see Rates Tab
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (do not include co-signor’s income)
  • Income Limits are based on the county.  See Administrator’s Guidelines.
HOME ACQUISITION LIMITS
  • Home Acquisition Limits are based on the county. See the Administrator’s Guidelines.
HOME BUYER EDUCATION
  • Required
FICO SCORE REQUIREMENT
  • Mid score- please see guidelines for all loan types.
  • DTI Requirement is 45%
CO-SIGNERS
  • Co-signers are permitted for FHA loans. Follow FHA guidelines. Co-Signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  • For information on how your company can participate in this program, Click here
FORMS
  • Program Forms are available on-line and automated. After you login to Lender Portal, click on FORMS
EXTENSIONS
  • To request a one-time 30-day extension, click here.
  • Extensions are not granted to extend the 15 days from Reservation to UW Certification
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance accessing the Servicer Lender Guides, Click here
  • To contact US Bank Lender Help Desk, Click here.

Current Rate/Offerings – Reservation/locks are AVAILABLE from 10:00am-8:00pm EDT (excluding weekends & holidays)

Rate/Offerings FICO Lock Rate DPA Effective Date
 GOVERNMENT
USDA-RD or VA 640 5.00%   w/5% 4/12
FHA  660 w/5%
FHA 640-659 w/4%
 CONVENTIONAL – FREDDIE MAC
HFA Advantage  640  5.25% w/5%  4/4

 

DPA

  • Assistancebased on the final loan amount (note)
  • non repayable Grant
  • to be used for Down Payment and/or Closing Costs Assistance.  Cash back is not allowed (principal reduction)
  • Lender funds at closing & US Bank nets at purchase

 

eHousingPlus is the Program Administrator, and provides some of the following services:
        Administrator Guidelines (12/12)    7-21

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here

 Program Sample Forms form 7-15   

Program Updates
  • 1/12- the MCC is being offered in combination with this product.
  • 10/14– Effective 10/17, Charlotte County will join the program
  • 9/23- Effective 9/26, St Johns County will join the program.
  • 4/18-Income limits revised.  Effective 4/18
  • 2/24/16-Revised 0.50% Origination fee and 2.00% SRP (reservations as of 2/24)
  • 12/1- MANUFACTURED HOMES are eliminated
    12/1- FHA – no manual underwriting
  • 4/10 – reminder loan amount limits – must follow Agency (HFA, VA, etc) guidelines.
  • 4/2/2015 – revised income limits
  • 10/27- Program offers assistance of 5%
  • 6-25-revised income & purchase price limits
  • 6/9 Updated guidelines – servicer fee
  • 3/31 – The Market Rate TBA Program starts