Orange County HFA – Orange County SF MRB Program
Note – see the Administrator’s Guidelines under GUIDE & FORMS for details
|LOAN TIME LINE REQUIREMENTS||
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FICO SCORE REQUIREMENT||
|FORMS AND DOCUMENTATION||
|THE MASTER SERVICER|
|Rate/Offerings||FICO||Lock Rate||DPA||Effective Date|
|FHA, USDA-RD or VA||640||4.00%||up to 7,500||12/12|
- 30 Year Amortizing
- 1% origination fee
- manufactured homes not allowed (eff 12/1 reservations)
- manual UW not allowed (eff 12/1 reservations)
- min FICO 640 (eff 3/1 reservations)
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:
| Administrator Guidelines (6/1)
The Following Lenders have been approved to originate loans in this Program:
- Academy Mortgage Corporation
- Atlantic Coast Bank
- CalAtlantic Mortgage Inc. fka RMC Mortgage Corp.
- CenterState Bank of Florida, N.A.
- Corridor Mortgage Group
- DHI Mortgage Company, Ltd
- Eagle Home Mortgage, LLC. (prev UAMC)
- Embrace Home Loans, Inc.
- Equity Prime Mortgage LLC (fka Equity Loans LLC)
- Equity Mortgage Bankers, LLC
- Fairway Independent Mortgage Corporation
- FBC Mortgage
- Fidelity Funding Mortgage Corp.
- First Equity Mortgage Bankers, Inc. (FEMBI)
- First Home Bank
- Hamilton Group Funding, Inc.
- Home Community Mortgage
- HomeBridge Financial Services Inc.
- K. Hovnanian American Mortgage, LLC.
- loanDepot.com, LLC
- MI Financial Corporation
- Movement Mortgage
- Nationstar Mortgage
- Open Mortgage, LLC
- Pacific Union Financial, LLC
- Primary Residential Mortgage, Inc.
- Pulte Mortgage LLC
- Shelter Mortgage Company, LLC
- Stearns Lending, LLC
- Tidewater Mortgage Services, Inc.
- Wells Fargo Bank, N.A.
Interested in becoming a participating lender? Contact us.
- 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
- 5/24- Revised income & acquisition limits – effective 6/14 – please see guidelines
- 3/1 – FICO 640 (eff 3/1 reservations)
- 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)
- 7/24- Rate change from 4.15% to 4.375%
- 7/22-updated income & acquisition (purchase) price limits
- 7/8 – Final Purchase 6/1/2016
- 6/18-New Income and Sales Price Limits effective for 1003’s dated on or after July 22, 2015
- 12/10 – effective on loans reserved on or after 12/10 – the lender upfronts the DPA and is reimbursed at purchase by US Bank. Read more
- 12/10 – effective 12/24 fee increased. Read more
- 12/8 – New program starting soon
- 6/24 – Updated Income & Acquisition Limits effective 6/24
- 6/2-Updated guidelines – servicer fee
- 5/17-The new DPA amount of $7500, 30-year deferred, 0% Interest will be effective for all loans reserved May 17th and after
- 5/13 – ORANGE COUNTY HOUSING FINANCE AUTHORITY ANNOUNCES CHANGE IN DOWN PAYMENT ASSISTANCE The final cut off date for reservations for funding the $10,000 DPA will be May 16, 2014, end of business day —5:00 p.m. Eastern Time. Any loan reserved after Friday, May 16 will not receive the $10,000. OCHFA will, however, do our best to remain as competitive as possible. This allows an additional week to get pipeline loans reserved. Loans currently reserved will be funded if the loans meet the program timelines. This rule will also apply to loans reserved on or before May 16, 2014. As soon as possible, please contact Tony Burrell (email@example.com) regarding how many loans will meet the deadline.
- 11/6 – Program extended thru 4/15/2015
- 9/17 – Revised Program Guidelines
- Effective 8/12 -Revised Income Limits
- Effective 8/8/2013 – DPA Program limit is increased from $7,500 to $10,000; with a 1% origination fee to increase lenders compensation; and an additional $250 for processing of each DPA loan.
- Effective 7/1/2013 – Mortgagee Letter 2013-14 NEW!
- DPA Changed to $7500 as 0% Deferred Second Mortgage – See Rate Tab
- NEW DPA Funding Requirements: OCHFA now wires Downpayment Assistance Funds to Closing Agent. READ MORE
- First Mortgage Interest Rate Reduced to $3.50% Effective 1/24/2013
- Effective 6/1, the FICO requirement is 640
- Orange County Census Tract: 0104.00, 0105.00, 0106.00, 0114.00, 0117.02, 0119.01, 0145.02.
- Seminole Couny Census Tract: 0205.00.
- 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.