Orange County HFA

Orange County HFA – Orange County SF MRB Program   

 

           Lender/Program Portal

 

 

Note – see the Administrator’s Guidelines under GUIDELINES tab for details

PROGRAM FUNDS
  • Program extended
ELIGIBLE AREAS
  • Orange, Lake, Osceola, Seminole counties
ELIGIBILITY CRITERIA
  • First-time Homebuyers- Applies to 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
LOAN TIME LINE REQUIREMENTS 
  • Reservation to Underwriter Certification – 15 days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 60 days
EXTENSION
  • see guidelines
  • To request an extension, Click here.
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE
  • up to 7,500
  • See the Rates Tab
INCOME LIMITS  NEW
  • Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
    • 2 person HHLD max = $63,900
    • 3+  person HHLD max = $73,485
HOME ACQUISITION LIMITS NEW
  • $271,164
HOME BUYER EDUCATION
  • Required for Buyers and everyone on the Warranty Deed
FICO SCORE REQUIREMENT
  • see guidelines for details
CO-SIGNERS
  • Not allowed
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system: See Forms

THE AGENCY

  • Creates the First Mortgage Program, Provides the Down Payment Assistance
  • Sets the rate, term, points and options
  • Lender relationships, Markets the Program
  • Agency Website
THE LENDER 
  • Takes applications for the program, Reserves first mortgage in eHousingPlus system
  • Must meet loan processing timeline
  • Process, Underwriter, Certify, Fund, Close & Sells qualified loans to Program’s Master Servicer
  • Responsible for servicing loans in accordance with Agency requirements until loan is purchased by the Master Servicer
  • For Participation or additional information, please Click Here
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, Click here.

Central Florida Housing Opportunities Program – Freddie Mac HFA Advantage Program

Note – see the Administrator’s Guidelines under GUIDELINES tab for details

PROGRAM FUNDS
  • Continuous funding
ELIGIBLE AREAS
  • Orange, Lake, Osceola, Seminole counties
ELIGIBILITY CRITERIA
  • NO First-time Homebuyers requirement
  • 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
  • Reservation to Underwriter Certification – 15 days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 60 days
EXTENSION
  • see guidelines
  • To request an extension, Click here.
ELIGIBLE LOAN TYPES
  • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE
  • up to 7,500
  • See the Rates Tab
INCOME LIMITS
  • 1003 Qualifying income is used to qualify for the program
    • All household sizes =  $82,600
HOME ACQUISITION LIMITS
  • $311,881
HOME BUYER EDUCATION
  • Required for Buyers
FICO SCORE REQUIREMENT
  • see guidelines for details
CO-SIGNERS
  • Not allowed
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system: See Forms

THE AGENCY

  • Creates the First Mortgage Program, Provides the Down Payment Assistance
  • Sets the rate, term, points and options
  • Lender relationships, Markets the Program
  • Agency Website
THE LENDER
  • Takes applications for the program, Reserves first mortgage in eHousingPlus system
  • Must meet loan processing timeline
  • Process, Underwriter, Certify, Fund, Close & Sells qualified loans to Program’s Master Servicer
  • Responsible for servicing loans in accordance with Agency requirements until loan is purchased by the Master Servicer
  • For Participation or additional information, please Click Here
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, Click here.
Current Rate/Offerings  
Rate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
FHA, USDA-RD or VA 640 4.875%  up to 7,500 5/2
CONVENTIONAL
Freddie Mac HFA Advantage 640 5.250% up to 7,500 5/28

 

  • 30 Year Amortizing
  • 1% origination fee & zero discount

 

DPA

  • up to 7,500

    • 0% 30 year deferred Second Mortgage
    • Must be used for down payment and closing cost.
    • No cash back allowed.

 

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

        GOVERNMENT – Administrator Guidelines   Guidelines 6/13 6/17 7/15   

 CONVENTIONAL – Administrator Guidelines   Guidelines 6/13 6/17 7/15   

  • 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

Notices to Buyers (in case you disclose GOVERNMENT Loans prior to reservation)  form

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

  • Academy Mortgage Corporation
  • Atlantic Bay Mortgage Group, LLC
  • Bank of England
  • CalAtlantic Mortgage Inc. fka RMC Mortgage Corp.
  • Centennial Bank
  • CenterState Bank of Florida, N.A.
  • Christensen Financial, Inc.
  • DHI Mortgage Company, Ltd
  • Eagle Home Mortgage, LLC.
  • Embrace Home Loans, Inc.
  • Envoy Mortgage, Ltd
  • Equity Prime Mortgage, LLC
  • Fairway Independent Mortgage Corporation
  • FBC Mortgage
  • Fidelity Funding Mortgage Corp.
  • First Home Bank
  • Hamilton Group Funding, Inc.
  • HomeBridge Financial Services Inc.
  • IBERIABANK Mortgage Company
  • K. Hovnanian American Mortgage, LLC.
  • KBHS Home Loans, LLC
  • Land Home Financial Services
  • loanDepot.com, LLC
  • MI Financial Corporation
  • Movement Mortgage
  • Nationstar Mortgage
  • Pacific Union Financial, LLC
  • Paramount Residential Mortgage Group, Inc.
  • Primary Residential Mortgage, Inc.
  • Pulte Mortgage LLC
  • Shelter Mortgage Company, LLC
  • Stearns Lending, LLC
  • Waterstone Mortgage Corporation
  • Wells Fargo Bank, N.A.

Interested in becoming a participating lender? Contact us.

Program Updates
  • 5/18 – AIS Subsidy on FreddieMac loans – see guidelines
  • 5/17 – Income & Purchase Price limits updated
  • 2/21/2017 –  Timeline is revised to 15 days to UW Certification and 60 days to Purchase.
  • 2/21/2017 – extension is $500 – see guidelines

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 jennifer@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.