CAFA

Capital Area Finance Authority (CAFA) – Capital Advantage Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

  cafa resized                                                                                                

Lender/Program Portal

PROGRAM FUNDS
  • Continuous Funding
  • Reservation/Locks – AVAILABLE* from 9:00am-7:00pm Central (10-8 EDT)
    • * Market Business days (excluding weekends & holidays)
    • Other system functions are available 24/7
LOAN TIME LINE REQUIREMENTS
  • DO NOT RESERVE EARLY
  • Reservation to UW Cert: 15 calendar days (cancelled if not certified)
  • Reservation to Close and Delivery: 45 calendar days
  • Reservation to Loan Purchase: 70 calendar days
EXTENSION
  • To request a one-time 30-day extension, click here.
  • Extensions are not granted to extend the 15 days from Reservation to UW Certification
ELIGIBLE AREAS
  • Acadia, Allen, Ascension, Beauregard, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Evangeline, Iberville, Jefferson Davis, Lafayette, Livingston, Pointe Coupee, St. Helena, St. Martin, Tangipahoa, Terrebonne, West Baton Rouge, West Feliciana Parishes
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE
  • The program offers multiple levels of Assistance,  see rates tab  NEW 4/3
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
  • All family sizes – see Administrator Guidelines  NEW 4/20
HOME ACQUISITION LIMITS
  • None
HOME BUYER EDUCATION
  • Homebuyer Education required for first-time homebuyers
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO score – see guidelines
  • Max debt-to-income (DTI) ratio – see guidelines
CO-SIGNERS
  • Cosigners are permitted for FHA loans under very specific conditions.
  • Co-signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  • Approval by CAFA & US Bank
FORMS AND DOCUMENTATION
  • Available online under Forms
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 ,  To contact US Bank Lender Help Desk, Click here.
Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-7:00pm Central (10-8 EDT excluding weekends & holidays)  
Rate/Offerings Min FICO Lock Rate DPA
 GOVERNMENT
USDA-RD or VA   640 5.250% w/4%
FHA 660
 
USDA-RD or VA   640 5.50% w/5%
FHA 660
 
 CONVENTIONAL – FREDDIE MAC
HFA Advantage  640 4.375% w/0%  NEW 4/3!
5.125% w/3%  NEW 4/3!
5.250% w/4%
5.625% w/5%

 

  • Assistance is a non-repayable grant
  • The system will calculated based on the final loan amount
  • for down payment or closing costs
  • Cash back is not allowed
  • Lender up-fronts. US Bank will reimburse at purchase
eHousingPlus is the Program Administrator, and provides some of the following services:
Administrator Guidelines (4/20)      Administrator's Guidelines 5/14, 6/9

  • 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 2014:

  • American Financial Network
  • Assurance Financial Group, LLC
  • BancorpSouth Bank
  • Cendera Funding, Inc.
  • DHI Mortgage
  • Eustis Mortgage Corporation
  • Everett Financial Inc, dba Supreme Lending
  • Fairway Independent Mortgage Corporation
  • Fidelity Bank
  • Gateway Mortgage
  • GMFS Lending
  • Guild Mortgage
  • Gulf Coast Bank & Trust Co.
  • Home Bank, N.A.
  • Houstonian Mortgage
  • Iberiabank Mortgage Company
  • Integrity Mortgage & Financial Inc.
  • Investar Bank
  • Loan Simple
  • Mortgage Financial Services
  • National Mortgage Insurance
  • Nations Reliable Lending
  • Pacific Union Financial
  • Primelending
  • Premier Nationwide Lending, LLC.
  • Prospect Mortgage, LLC
  • Red River Bank
  • Regions Bank dba Regions Mortgage
  • Summit Funding
  • SWBC Mortgage Corporation
  • Whitney Bank

Interested in becoming a participating lender? Contact us.

Program Updates
  • 4/20 – revised income limits
  • 4/3/17-added additional Freddie Mac rate/offerings
  • 12/15 Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis are added to the program
  • 12/8 – St Martin is added to the program
  • 11/16- Evangeline, Lafayette,  Terrebonne are added to the program
  • 9/1-updated to remove rate/offerings with FICO below 660 and manual UW
  • 7/12- Added Tangipahoa Parish to eligible areas effective 07/12/16
  • 6/15- CAFA rate/offerings – removed one layer with the 3% option
  • 5/18 – revised income limits
  • 12/1- MANUFACTURED HOMES are eliminated
  • 9/1-Program will offer Freddie Mac HFA Advantage
  • 9/1-Program will no longer offer MCM
  • 6/9-updated homebuyers education providers
  • 5/14- Agency name changes from East Baton Rouge MFA  to Capital Area Finance Authority
  • 3/10- additional parishes added to the program. West Baton Rouge, Livingston, Iberville, Pointe Coupee, West Feliciana, East Feliciana, St. Helena
  • 10/27- Fannie Mae MCM option
  • 9/2 – Program start date
  • 8/27 – Program Training.  Combined EBRMFA, US Bank, eHousingPlus

 

Loan Processing, Delivery and Purchase Timetable:
Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be

(1) underwriter certified within 15 days of loan reservation
(2) closed and delivered to the Servicer within 45 days of loan reservation and
(3) purchased within 70 days of loan reservation.

old 8-31

Rate/Offerings Min FICO Lock Rate DPA
 GOVERNMENT
USDA-RD or VA   640 4.375% w/4%
FHA 660 w/4%
FHA 640 or 660 w/Manual UW   640 or 660 w/3%
FHA 640 & Manual UW 640-659 w/2%
 
USDA-RD or VA   640 4.500% w/5%
FHA 660 w/5%
FHA 640 or 660 w/Manual UW   640 or 660 w/4%
FHA 640 & Manual UW 640-659 w/3%
 
 CONVENTIONAL – FREDDIE MAC
HFA Advantage  640  4.750% w/4%
5.000% w/5%

 

EhousingPlus University

eHP Lender Program Training- Required for everyone participating in the program and is offered 24/7. Click here to attend

eHP System Training*– After you complete the online Lender Program Training, information is provided as to what happens next. To register for eHP System training, Click here. Please make sure you sign up for system training; do not wait until the last minute and put your loan closing at risk.

Should you have any questions on either training, please contact jennifer@ehousing.cc or services@eHousingPlus.com

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.