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
  • Continuously funded revolving pool
  • RESERVATIONS OPEN 10:00 AM – 8:00 PM EST
  • All other functions 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.

  • 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
  • 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 Tabs.
HOME ACQUISITION LIMITS

 

  • Home Acquisition Limits are by county, Non-Target or Target Areas
  • see the guidelines under the Guide & Forms Tab
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 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)

see belowRate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
 USDA-RD or VA 640 4.250% see below 4/13
 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 (12/8)    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
  • 1/12- 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
  • 7/22-updated income & acquisition (purchase) price limits
  • 6/1/15 – DPA is changed to 7,500  Palm beach remains at 10,000
  • 6/25 – New Income and Acquisition limits
  • 5/22 – no new reservations in Broward
  • 5/22- the last funding date on Broward loans is 5/31
  • 3/31 – The 2013 SF Program became the FirstPlus Second DPA Program

10/31 – $75 DPA Fee for Broward and Palm Beach

8/12- New income limits

8/5- DPA is increased from 7,500 to 10,000 on New Reservations. Please note – you will not be able to change an existing DPA from 7,500 to 10,000

7/1 – Mortgagee Letter 2013-14 & Guidelines

3/25 – Program Starts