Manatee SF Prog

HFA of Manatee County – Single Family Program

The Manatee Programs will NOT be open for reservations on Thursday or Friday.  Happy Thanksgiving.

HFAofManatee

                  Lender/Program Portal

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

PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
  • Reservations are OPEN M-F, between 10am – 8pm EST excluding Holidays; All other system functions are available 24/7
MCC FUNDS
  • MCC 2016
    • $6,250,000 MCC allocation
    • 50% Credit Rate
ELIGIBLE AREAS
  • Manatee County, Florida
ELIGIBILITY CRITERIA
  • Options for Non First-Time Homebuyers (First Mortgage) & First-time Homebuyers (MCC)
    • Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses (MCC)
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to Underwriter Certification – 15 days (can’t extend, must certify or 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
DOWN PAYMENT ASSISTANCE & ADDITIONAL MCC 
  • DPA up to $10,000 
  • MCC: An additional Mortgage Credit Certificate for 50% Please see the Rates Tab
INCOME LIMIT CRITERIA
  • Household income considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • 1-2 person HHLD  $65,500
  • 3 person plus HHLD  $75,325
HOME ACQUISITION LIMITS
  • $264,706
HOME BUYER EDUCATION 
  • not required
FICO SCORE REQUIREMENT 
  • Mid score must be 640  or higher,
  • DTI Requirement is 45%
  • no manual UW
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 with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.

 Current Rate/Offerings  

Rate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
FHA, USDA-RD or VA 640 4.125%  up to 10,000 6/8
CONVENTIONAL – Freddie Mac
HFA Advantage 640 4.75%  up to 10,000 5/22 
Mortgage Credit Certificate: Issued on ALL 1st Mortgage loans, for an MCC value of 50% 

 

  • Zero Point Loans
  • No Commitment, Origination or discount points/fees will be charged
  • Term: 30 Year Amortizing

DPA

  • up to $10,000
  • 0%, 30 year deferred second mortgage
  • to be used for Down Payment and/or Closing Costs Assistance

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

    . Administrator Guidelines – First Mortgage Program  (6/30)    Administrator's Guidelines 4/27       MCC Program  (6/30)    Administrator's Guidelines 4/27      

  • 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 Updates
  • 6/30-Revised income & acquisition limits
  • 5/22/2017 – Freddie Mac HFA Advantage is added to the program
  • 5/15/2017 – DPA Loan Disclosure form required for all loans
  • 7/27-updated information in guidelines related to second mortgages
  • 3/8 – Income & Acquisition limits updated
  • 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)