HomeAtlanta 4.0 Program with 5% Grant
|HomeAtlanta 4.0 with DPA as a Grant|
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!
(Loan Timelines must be met: See below for Extension Options)
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA NEW 6/6||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FICO SCORE & CREDIT REQUIREMENT||
|FORMS AND DOCUMENTATION||
|THE MASTER SERVICER||
Current Rate/Offerings – Reservation/locks – AVAILABLE from 10 am -8 pm EDT excluding weekends & holidays
|Rate/Offerings||FICO||Lock Rate||DPA||Effective Date|
|USDA-RD or VA||640||5.00%||w/5%||6/21|
|CONVENTIONAL – FANNIE MAE|
- 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)
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.
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
- 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.