HFA of Hillsborough – Home Sweet Home Hillsborough 2012 Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS
|LOAN TIME LINE REQUIREMENTS||Please DO NOT Reserve early.
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|INCOME LIMITS & CRITERIA||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FICO SCORE REQUIREMENT||
|THE MASTER SERVICER||
|Rate/Offerings||Min FICO||Lock Rate||DPA||Effective Date|
|FHA, USDA-RD, VA||640||3.875%||see below||2/19|
|CONVENTIONAL – FREDDIE MAC|
|HFA Advantage||640||4.50%||see below||12/7 NEW!|
- Term: 30 Year Amortizing
- lender profit increased from 2.00% to 2.50%
- manufactured homes not allowed
- cash back is not allowed
- up to –
- $15,000 – Hillsborough, Jacksonville Counties
- $10,000 – Brevard, Clay Counties
- 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.
eHousingPlus is the Program Administrator, and provides some of the following services:
|.|| Administrator Guidelines (12/7)
|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 Financial Network, Inc.
- American Neighborhood Mortgage Acceptance Company, LLC (Annie-Mac )
- Bridgeview Bank Mortgage
- CBC National Bank
- CenterState Bank of Florida, N.A.
- Corridor Mortgage Group
- DHI Mortgage Company
- Embrace Home Loans
- Fairway Independent Mortgage
- GSF Mortgage
- HomeBridge Financial Services, Inc. (prev REMN)
- Integrity First Financial Group, Inc.
- K. Hovanian American Mortgage
- Network Funding, LP
- NFM, Inc. dba NFM Lending
- NVR Mortgage Finance, Inc.
- Open Mortgage
- Pacific Union Financial
- Shelter Mortgage
- Stonegate Mortgage
- SWBC Mortgage Corporation
- Tidewater Mortgage Services, Inc
- Universal American Mortgage Company, LLC
- Wells Fargo Bank
Interested in becoming a participating lender? Contact us.
Check the Blackboard for periodic program updates and notifications.
- 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.
- 12/1- MANUFACTURED HOMES are eliminated (eff 12/1 reservations)
12/1- FHA – no manual underwriting (eff 12/1 reservations)
12/1- Min FICO is 660 (eff 12/1 reservations)
- 9/12-Hillsborough County dpa is reduced to 10,000
- 7/22-updated income & acquisition (purchase) limits
- 7/1- Effective with new reservations July 1 and after, mortgages and notes will no longer be exempt from doc stamps and intangible tax. The “exempt” legend has been removed from second mortgages and notes and no longer should be added to first mortgage documents.
- 6/29 – Documentary stamps and intangible taxes no longer exempt – Effective for loans reserved on or after 7/1
- 6/20 – Updated income and acquisition limits – Effective for loans reserved after 7/21
- 3/23-Income limits change only for Hillsborough County
- 2/24- Hillsborough DPA Checklist & Patriot Act – required for Hillsborough DPA loans
- 1/24 – income limits increased
- 1/23/15 – Jacksonville DPA is increased to 10,000
- 10/14 – Clay up to 10,000
- 7/1 – Clay DPA 7,500
- 6/25-updated income & acquisition limits
- 6/9-Updated guidelines – servicer fee – effective on all loans reserved on/after 6/9
- 6/9- Clay county DPA is reduced to 5,000 – Effective 7/1 (1,500 borrower contribution)
- 4/30 – The DPA for loans in Jacksonville is reduced to $7,500
- 1/6/2014 – New Targeted Areas based on 2010 Census
- 12/2/13 – $75 second mortgage application fee effective
- 8/5/13-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
- lender profit increase from 2.00% to 2.50%
- First Mortgage rate is reduce to 4.25%
- 7/8/13- The Hillsborough MCC Program and the Hillsborough 2012 SF Program are now two seperate programs.
- 7/8/13- The Hillsborough MCC Program is now offered as a Standalone Program. You will need to reserve the MCC loan.
- 7/5/13 – First Mortgage Rate 4.50%
- 7/1/13 – Mortgagee Letter 2013-14
- 2/25/13 – Updated DPA Funds Request form on-line
2/25/13 – Updated Administrator Guidelines for Hillsborough County
2/13/13 – Updated Compliance Checklist and DPA Acknowledgement forms on line!
2/8/13 – Interest Rate Reduced on 1st Mortgages to 3.25%
2/8/13 – DPA Increased to $7,500
2/8/13 – Extension Fee Reduced to $375
11/1 – The HFA of Hillsborough 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
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7 – Click here to attend Program training
- 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 firstname.lastname@example.org
* 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.