Pinellas County HFA

 

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2011  Single Family MRB Program

PROGRAM FUNDS Program final Purchase date is 8/31/2013
ELIGIBLE AREAS Pinellas, Pasco and Polk Counties.
ELIGIBILITY CRITERIA
  • First-time Homebuyers – 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
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE Second mortgage loan options are available for Pinellas, Polk and Pasco.  Pinellas offers two options, depending on the household income. Must be used for down payment and closing cost. Cash Back is not allowed.  see Rates 
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.

Pinellas & Pasco:
1-2 person HHLD max = $67,680
3+  person HHLD max = $78,960
Polk:
1-2 person HHLD max = $65,400
3+  person HHLD max = $76,300
HOME ACQUISITION LIMITS Pinellas & Pasco: Non-Target: $270,000  Targeted: $330,000
Polk:                  Non-Target: $250,200  Targeted: $305,800
HOME BUYER EDUCATION Required for ALL named on the Warranty Deed. Must be HUD approved.
FICO SCOR/DTI  REQUIREMENT Mid score must be 640 or higher.  Maximum DTI is 45%
CO-SIGNERS Cosigners are permitted for FHA/VA loans. Cannot be named on the Warranty Deed.
LOAN TIME LINE REQUIREMENTS There are 60 days from the day the loan is reserved, until all exceptions are cleared on the loan and it is purchasead.
AGENCY WEB Pinellas County HFA
FORMS Available online, under FORMS
eHOUSINGPLUS ADMINISTRATOR
  • Maintains the program reservation system and related website
  • posts guidelines
  • provides training on compliance issues and system
  • sends program notices
  • answers compliance questions
  • provides auto-fill forms
  • sends notices related to timeline
  • reviews the compliance files
  • posts and notifies lenders of compliance exceptions
  • approves compliance file

Administrator Guidelines  

Need help, Click here
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file
  • acceptable loan products
  • delivery and funding
  • reviews the mortgage files
  • notifies lenders of mortgage file exceptions
  • approves mortgage files
  • purchases first and second mortgage loans
  • Servicer Lender Guides, Click here
    • If you need assistance getting to the Servicer Lender Guides, Click here.
    • Contact US Bank Lender Help Desk, Click here.
LENDER PARTICIPATION If your Company is interested in participating in this program, please Click here
EXTENSIONS Subject to a Fee.  Please see details in Administrator’s Guidelines.

 

Current Rates

Home Key First Mortgage Loan

  • 2.99% - FHA, VA, USDA-RD (RHS)   (eff 5/10)
  • No origination or discount
  • Term: 30 Year Amortizing

 

DPA – Based on HH Income. 

Effective 05/17

Deferred until Sold – Pinellas County only

  • 0% for DPA/Closing costs up to 8,000
    • Low income – hhld size 1-2 – $59,000 & below
    • Low income -hhld size 3+   – $63,000 & below

Amortized - All areas

  • 30 Year, 4.50% rate amortizing mortgage loan for DPA/closing costs up to 8,000
    • income same as First Mortgage, see guidelines

 

 

The Following Lenders have been approved to originate loans in this Program:

  • DHI Mortgage
  • FBC Mortgage
  • FEMBI
  • IberiaBank Mortgage
  • Open Mortgage
  • Raymond James Bank
  • UAMC
  • Wells Fargo Home Mortgage

Interested in becoming a participating lender?  Contact us.

Program Updates
  • 2/25/2013 – New DPA Funding Procedures
  • Effective 11-16-12 – LIMITED TIME OFFER of upto 8,000 available for DPA, read more.
  • Effective 11-1-12-  Maximum Debt to Income Ratio (DTI) is 45% effective for loans reserved on or after November 1, 2012.
  • Effective 6-1-12-  Minimum credit score of 640 (the mid score must be 640 or above). U S Bank in their Lender Manual clearly defines exact product types allowable.
  • Happy 30th Anniversary to Pinellas County HFA
  • Program final Purchase date is 2/28/2013
  • Effective 6/1, the FICO requirement is 640
  • Extensions will be subject to a fee.

 

 

EhousingPlus University

eHP Lender Program Training is offered 24/7. Click here to attend

eHP System Training- After you complet the online Lender Program Training, information is provided as to what happens next.
Program Training is required.  To register for eHP System training, Click here.

Should you have any questions on either training, please contact jennifer@ehousing.cc or natalie.giuma@ehousingplus.com

To read more about eHP Program Training, click here.