HomeAtlanta

HomeAtlanta 4.0 Program with 5% Grant

new_ADA_logo_sm                  HomeAtlanta 4.0 with DPA as a Grant

Lender/Program Portal

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

PROGRAM FUNDS Continuous Funding
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY: Underwriter must Certify the loan on line 15 days after Reservation!

  • Reservation to UW Cert: 15 days
  • Reservation to Close and Delivery: 45 days
  • Reservation to Loan Purchase: 70 days

(Loan Timelines must be met: See below for Extension Options)

ELIGIBLE AREAS
ELIGIBILITY CRITERIA
  • NO First-time Homebuyer Requirement
  • Borrower(s) & Spouse(s) must occupy the property as their Primary Residence
  • Borrower(s) and Spouse(s) must be able to permanently reside in the U.S.
ELIGIBLE LOAN TYPES
  • Government – FHA, VA
  • Conventional – Fannie Mae HFA Preferred (FNMA)
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Assistance payment equal to 5% (non-repayable) of the note amount to apply toward down payment or closing costs.
  • Cash back is not allowed.
INCOME LIMIT CRITERIA NEW 6/6
  • Must Use Income Calculation Worksheet;
    • Income limits defined at household level
    • 1 Person $68,350, 2 Persons $78,100, 3 Persons $87,850, 4 Persons $97,600, 5 Plus Person HH $105,450
HOME ACQUISITION LIMITS
  • $374,268
HOME BUYER EDUCATION
  • Required, see eligible providers
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO – see guidelines
  • Max 45 debt-to-income (DTI) ratio
  • no manual UW
CO-SIGNERS
  • Not permitted
LENDER PARTICIPATION
  • Approval by Agency & UB Bank
FORMS AND DOCUMENTATION
  • Program forms are at the loan level. Log into eHP system and within the loan click on FORMS OR from the Menu, select FORMS
PROGRAM FEES
  • First Mortgage Fees, Lender Net, Loan Purchase Price are detailed in the Administrator’s Guidelines
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 getting to the Servicer Lender Guides, Click here. To contact US Bank Lender Help Desk, Click here.

 

Current Rate/Offerings – Reservation/locks – AVAILABLE from 10 am -8 pm EDT excluding weekends & holidays

Rate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
USDA-RD or VA 640 5.00% w/5% 6/21
FHA 660 w/5%
CONVENTIONAL – FANNIE MAE
HFA Preferred 640 5.125% w/5% 5/22
  • Assistance is automatically calculated on the Final Loan Amount (Grant)
  • Term: 30 Year Fixed Rate
  • 5% of Loan amount as Downpayment and closing assistance grant
  • manufactured homes not allowed
  • manual UW not allowed

 

 

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

Administrator Guidelines (6/6) Administrator's Guidelines

  • 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
  • Ameris Bank
  • Angel Oak Funding
  • BankSouth Mortgage Company, LLC. (LoanSouth)
  • Brand Mortgage
  • CalCon Mutual Mortgage
  • Community & Southern Bank
  • DHI Mortgage
  • Diamond Residential
  • First Citizens Bank and Trust
  • First Community Mortgage
  • NFM, INC.
  • Pacific Union Financial
  • Prime Lending
  • Silverton Mortgage
  • Southeast Mortgage
  • Stonegate Mortgage Corporation
  • The American Eagle Mortgage Company
  • WR Starkey Mortgage, LLP

Interested in becoming a participating lender? Contact us.

Program Updates

Check the Blackboard for periodic program updates and notifications.

  • 6/6 – Increased income limits
  • 6/6 – Property qualification link
  • 5/12-Added minimum borrower contribution effective 05/12/16 – The homebuyer must contribute a minimum of $1,500 of their own funds into the transaction (fees paid outside of closing count towards this requirement i.e. earnest money, appraisal fee, inspection fee). POC fees must appear on the Closing Disclosure
  • 5/3-Revised income and purchase price limits effective 5/3
  • 12/1- MANUFACTURED HOMES are eliminated
  • 12/1- FHA – no manual underwriting
  • 12/1- FHA Min FICO is 660 (eff 12/1 reservations)
  • 9/1 – Income limits updated
  • 8/11 -FNMA product offered in program
  • 8/11 -The Rate without assistance is discontinued.
  • 8/8 – FNMA product training
  • 5/9 Updated Guidelines – Servicer fees
  • 5/6/2014- Limits updated
  • 10/16- A second Option is being offered…..
  • FIRST MORTGAGE RATE OPTIONS
    OPTION 1: FIRST MORTGAGE WITH ASSISTANCE GRANT – The Assistance (5%) is calculated on the Note amount (final loan amount). (Please make sure that if the loan amount changes, you update the system) This amount is provided by the Authority at closing. The Assistance may be used for down payment or closing costs and prepaids. While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA) guidelines. Remember to document your files. Because the
    Assistance is a fixed percentage, any remaining Assistance must be applied as a principal reduction. Assistance is in the form of a non-repayable grant. It is not repayable under any circumstances. When you reserve the first mortgage, the Assistance is automatically reserved. There is no additional
    reservation necessary. When you close the loan there are no second mortgages, second notes, deed restrictions or liens. There is no repayment.
    Please see pages 10-11 Process Guidelines for Requesting Down Payment Assistance.
  • NEW OPTION 2: BELOW MARKET RATE FIRST MORTGAGE NO ASSISTANCE GRANT
    The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments. Current rate is available online within the system. Certain income limits and purchase price maximum amounts apply.
  • Effective 7/1/2013 – Morgagee Letter 2013-14
  • 2/21/13 – Program Training
  • 2/27/13 – Program Start Date

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.