HFA of Lee County – Own A Home Opportunity Program

HFA of Lee County – Own A Home Opportunity Program 

Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

ISSUING AGENCY
  • Housing Finance Authority of Lee County
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
  • Reservations are OPEN M-F, between 10am – 8pm EST excluding Holidays; All other system functions are available 24/7
ELIGIBLE AREAS
  • Lee (including Charlotte, Collier, DeSoto, Sarasota) and Palm Beach Counties
ELIGIBILITY CRITERIA
  • First-time Homebuyers – Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to Underwriter Certification – 15 days (can’t extend, loans will be cancelled)
  • Reservation to Closed & Delivered First Mortgage Loan – 45 days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 70 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 the Rates/Offerings Tab
INCOME LIMIT CRITERIA NEW 6/14
  • Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • Income Limits are based on household size by county, for both Target and Non-Target areas.  (see the guidelines under the Guide & Forms Tab)
HOME ACQUISITION LIMITS  NEW 6/14

 

  • Home Acquisition Limits are by county, Non-Target or Target Areas  (see the guidelines)
HOME BUYER EDUCATION
  • Required
FICO SCORE REQUIREMENT
  • Mid score-please see guidelines for all loan types
  • DTI Maximum Requirement is 45.00%
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 with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.

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

see belowRate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
 USDA-RD or VA 640 4.375% see below 7/12
 FHA 660
CONVENTIONAL – FREDDIE MAC
 HFA Advantage   640 4.750% see below 4/13

 

DPA

  • up to $7,500 – Lee  (including Charlotte, Collier, DeSoto, Sarasota)
  • up to $10,000 – Palm Beach
    • 0%, 30 year, deferred second mortgage
    • Loan is never forgiven. (or due upon sale, refinancing, transfer of title, or rental of the home if done within first 30 years) ,
    • Must be used for  Down Payment and/or Closing Costs Assistance
    • Cash back is not allowed

 

 

eHousingPlus is the Program Administrator, and provides some of the following services:
        Administrator Guidelines (6/14)    Administrator's Guidelines 4/21 6/13 7/22

  • 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
  • 6/14-revised income & acquisition limits
  • 1/12/17- the MCC is being offered in combination with this product.
  • 8/10 – revised income limits  please see guidelines
  • 5/24- Revised income & acquisition limits – effective 6/14 – please see guidelines
  • 12/1- MANUFACTURED HOMES are eliminated
    12/1- FHA – no manual underwriting
    12/1- Min FICO is 660