HFA of Hillsborough

HFA of Hillsborough – Home Sweet Home Hillsborough Program 

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

PROGRAM FUNDS
  • Issued by the Hillsborough HFA
  • Continuously Funded Program
  • Program funds are available first-come, first-served
ELIGIBLE AREAS
  • Hillsborough, Clay, Brevard Counties and the City of Jacksonville
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 years – all borrower(s) & spouses
  • Hillsborough requires an MCC with their first mortgage products
LOAN TIME LINE REQUIREMENTS & EXTENSIONS
  • Please see the guidelines for details
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Please see the guidelines for details
  • see the Rates Tab      
INCOME LIMITS & CRITERIA  
  • Household income is considered for ALL Borrower(s), spouses & anyone 18 years or older. (see the guidelines tab)
HOME ACQUISITION LIMITS 
  • Home Acquisition Limits are based on location of property. (see guidelines tab)
HOME BUYER EDUCATION
  • Required for Borrowers.
FICO SCORE & DTI REQUIREMENTS
  • Please see the guidelines for details
CO-SIGNERS
  • Please see the guidelines for details
FORMS
  • Available online within the loan or under Forms.
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 getting to the Servicer Lender Guides, Click here. To contact US Bank Lender Help Desk, Click here.
Current Rate/Offerings  

RESERVATION/LOCKS –

  • with 15 days from reservation to underwriter’s certification. (can’t extend)
  • Program has a 65 day timeline from date reserved to date purchased.
  • AVAILABLE WEEKDAYS FROM 10:00 AM – 6:00 PM  (EXCLUDING HOLIDAYS 10-6 EDT )
Rate/Offerings Min FICO Lock Rate DPA Effective Date
GOVERNMENT
  FHA, USDA-RD, VA 640 4.875%  see below  2/5
CONVENTIONAL – FREDDIE MAC
  HFA Advantage  640 5.125% see below 2/19

 

  • Term: 30 Year Amortizing
  • lender profit increased from 2.00% to 2.50%
  • manufactured homes not allowed
  • cash back is not allowed

DPA

  • up to –
    • $10,000 – Hillsborough, Brevard, Clay Counties
    • $  7,500 – Jacksonville 
  • 0.00% second
  • Must be used for down payment and closing costs, Cash Back is not allowed
  • DPA Forms- The Award Letter, second Mortgage & Note are available online (SF Web Management – Forms)
  • EIN provided on the Award Letter

Please note that loans in Hillsborough County must reserve an MCC loan under the Hillsborough MCC Program.

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eHousingPlus is the Program Administrator, and provides some of the following services:

             .   Administrator Guidelines (1/24)     Administrator's Guideliens 3/23 6/17 6/30 8/3

  • 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
Preclosing (in case needed) – Notices and Recapture – Click Here

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

  • Academy Mortgage Corporation
  • American Neighborhood Mortgage Acceptance Company, LLC (Annie-Mac )
  • Ameris Bank
  • Atlantic Bay Mortgage Group, LLC.
  • Atlantic Coast Bank
  • Bank of England
  • Bridgeview Bank Mortgage
  • CBC National Bank
  • Centennial Bank
  • CenterState Bank of Florida, N.A.
  • Christensen Financial, Inc.
  • CMG Mortgage, Inc.
  • Corridor Mortgage Group 
  • DHI Mortgage Company, Ltd.
  • Eagle Home Mortgage, LLC.
  • Embrace Home Loans, Inc
  • Equity Prime Mortgage LLC
  • Fairway Funding Group, Inc.
  • Fairway Independent Mortgage Corporation
  • First Home Bank
  • GSF Mortgage Corporation
  • Guaranteed Rate Affinity
  • Guaranteed Rate Inc
  • Home Solutions Lenders, Inc.
  • HomeBridge Financial Services Inc.
  • Homeside Financial, LLC
  • Integrity First Financial Group, Inc.
  • K. Hovnanian American Mortgage, LLC
  • LendUS, LLC
  • loanDepot.com, LLC
  • Network Funding, LP
  • NFM, Inc. dba NFM Lending
  • NVR Mortgage Finance, Inc.
  • Open Mortgage
  • Pacific Union Financial, LLC
  • Paramount Residential Mortgage Group (PRMG)
  • PrimeLending
  • Shelter Mortgage Company, LLC
  • Springboard CDFI
  • Stone Gate Mortgage Corporation
  • SWBC Mortgage Corporation
  • Tidewater Mortgage Services, Inc.
  • Waterstone Mortgage Corporation
  • Watson Mortgage Corporation
  • Wells Fargo Bank, N.A.

Interested in becoming a participating lender? Contact us.

Program Updates

Check the Blackboard for periodic program updates and notifications.

  • 1/1-Hillsborough dpa revised to 10,000 and Jacksonville to 7,500
  • 9/5 – revised Acquisition Limits
  • 8/4 – revised Income and Acquisition limits
  • 12/7 – Freddie Mac HFA Advantage joins the program
  • 7/27-updated guidelines, cash back, clay dpa
  • 7/1 – Hillsborough’s DPA will change 15,000
  • 5/11 – revised income & acquisition limits – effective 6/14 – please see guidelines
  • 2/22-Hillsborough Purchase Price limits increased to $225,000
  • 2/22-the timeline is extended to 15 days from Reservation to UW Certification
  • 1/1 – Min FICO is now 640 see guidelines.  Hillsborough County DPA is 8,500 for loans with 640-659 and/or manual underwriting & 10,000 for loans with 660 FICO without manual underwriting.

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7 –  Click here to attend Program training
  2. eHP System Training*
    • After you complete the online Lender Program Training, information is provided as to what happens next.
    • Click here to register for system training

 

Should you have any questions on training, please contact trainer@ehousing.cc

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.