Single Family Program
|PROGRAM FUNDS||2012 Revolving Funds|
|LOAN TIME LINE REQUIREMENTS||DO NOT RESERVE EARLY: Underwriter must Certify the loan on line 15 days after Reservation!
|ELIGIBLE AREAS||Miami-Dade County|
|ELIGIBLE LOAN TYPES||FHA, VA, USDA-RD|
|AVAILABLE DOWN PAYMENT ASSISTANCE||30 Year Deferred, 0% Second Mortgage, up to $7500. Must be used for DownPayment and Closing Costs. Cash back is NOT allowed.|
|INCOME LIMIT CRITERIA||Household income is considered for ALL Borrower(s) , spouses and anyone18 years or older residing in the home.1-2 Persons = $78,720
3+ Persons = $91,840
|HOME ACQUISITION LIMITS||Non Target = $391,153
Target = $478,076
|HOME BUYER EDUCATION||Required for all named on the Warranty Deed. View Homebuyer Education Providers.|
|FICO SCORE & CREDIT REQUIREMENT||Mid FICO score must be 640 or higher Max 45 debt-to-income (DTI) ratio|
|CO-SIGNERS||Are permitted for FHA Loans. Cannot be named on the Warranty Deed|
|LENDER PARTICIPATION||Approved by MHA of Miami-Dade County and U.S. Bank|
|FORMS AND DOCUMENTATION||Log into system, under FORMS|
|EXTENSIONS||Subject to Fee|
|EHOUSINGPLUS PROGRAM ADMINISTRATOR||Maintains the program reservation system and related website
Need help, Click here
|THE MASTER SERVICER||
- 3.25% Zero Point Loan REDUCED!
- No Commitment, Origination or discount points/fees will be charged
- Term: 30 Year Amortizing
- Up to $7,500 DPA/Closing costs, 0%, 30 Year Deffered
The Following Lenders have been approved to originate loans in this Program:
- Citibank, N.A.
- Universal American Mortgage Company
Interested in becoming a participating lender? Contact us.
2/20 – Rate reduced to 3.25%
2/19 – Updated Guidelines posted.
11/1 – The HFA of Miami-Dade County has been advised that US Bank is implementing nationwide a Maximum 45% Debt-to-Income Ratio for all Single Family Programs. The maximum 45% DTI Ratio wlll become effective on November 1, 2012 for all NEW loan reservations (loans in the pipeline before Nov. 1st will NOT have a maximum DTI Ratio). Please contact the US Bank Help Desk at 800-562-5165 with any questions.
eHP Lender Program Training- Required for everyone participating in the program and is offered 24/7. Click here to attend
eHP System Training*- After you complete the online Lender Program Training, information is provided as to what happens next. To register for eHP System training, Click here. Please make sure you sign up for system training; do not wait until the last minute and put your loan closing at risk.
To read more about eHP Program Training, click here.
* 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.