Orange County HFA

Orange County HFA – Orange County SF MRB Program  
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

 

           Lender/Program Portal

 

 

PROGRAM FUNDS
  • Program extended – 6/1/2016
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  NEW! 2/7
  • Reservation to Underwriter Certification – 15 days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 60 days
EXTENSION
  • Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.
  • To request an extension, Click here.  Extensions are not granted to extend the Reservation to UW Certification. If that is not met, the loan will be cancelled.
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE
  • up to 7,500
  • See the Rates Tab
INCOME LIMITS 
  • Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
    • 2 person HHLD max = $59,315
    • 3+  person HHLD max = $68,212
HOME ACQUISITION LIMITS 
  • $262,156
HOME BUYER EDUCATION
  • Homebuyers and everyone on the Warranty Deed must take homebuyer education from a HUD approved provider. This includes the Neighborworks online course provided by eHomeAmerica.
  • Homebuyer Education Providers.
FICO SCORE REQUIREMENT
  • Mid score must be 640 or higher
  • maximum 45% DTI Ratio
  • no manual UW
CO-SIGNERS
  • Cosigners are permitted for FHA/VA loans.  (Cannot be named on the Warranty Deed)
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 getting to the Servicer Lender Guides, Click here.  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 4.00%  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)

 

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:

        Administrator Guidelines (2/21)         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

Program Sample Forms     form          

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

  • Academy Mortgage
  • CalAtlantic Mortgage Inc. fka RMC Mortgage Corp.
  • CenterState Bank of Florida, N.A.
  • Corridor Mortgage Group
  • DHI Mortgage
  • Embrace Home Loans
  • Equity Loans LLC dba Equity Prime
  • Equity Mortgage Bankers, LLC
  • Fairway Independent Mortgage Corporation
  • FBC Mortgage
  • Fidelity Funding Mortgage Corp.
  • Hamilton Group Funding, Inc.
  • HomeBridge Financial Services (formerly REMN)
  • Home Community Mortgage
  • K Hovnanian American Mortgage
  • LoanDepot.com, LLC dba iMortgage
  • MI Financial Corporation
  • Movement Mortgage
  • Nationstar Mortgage
  • Open Mortgage
  • Pacific Union Financial
  • Primary Residential
  • Pulte Mortgage LLC
  • Shelter Mortgage
  • Sterns Lending
  • Tidewater Mortgage Services, Inc.
  • Universal American Mortgage Company  (UAMC)
  • Wells Fargo Bank

Interested in becoming a participating lender? Contact us.

Program Updates
  • 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 (tburrell@ochfa.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.

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.