Dakota County CDA – 2012 First Time Homebuyer Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS
|PROGRAM FUNDS||Borrower may choose of the following:
|LOAN TIME LINE REQUIREMENTS||Please DO NOT Reserve early. Should be qualified prior to reservation.
|ELIGIBLE LOAN TYPES||
|DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME BUYER EDUCATION||
|FICO SCORE REQUIREMENT||
|THE MASTER SERVICER|
|Rate/Offerings||FICO||Lock Rate||DPA||Effective Date|
|CONVENTIONAL – FANNIE MAE|
|HFA Preferred||640||4.625%||see below||6/16|
- 30 year, Amortized, Fixed Rate
- manufactured homes not allowed
- manual UW not allowed
There are three (3) Options for Down Payment Assistance, based on HH Income:
- Below 50% AMI = 10% based of the Purchase Price, not to exceed $10,000
- Between 50.01%-80% AMI = 5% based of the Purchase Price, not to exceed $7,500
- Above 80% AMI = 3.5% based of the Purchase Price, not to exceed $7,500
- information on DPA Funding
eHousingPlus is the Program Administrator, and provides some of the following services:
| Administrator Guidelines (6/23)
|In Case you are disclosing up front:|
|Program Sample Forms are available at the loan level, within the loan or from the menu, select forms.|
|Dakota CDA DPA forms Click here|
The Following Lenders have been approved to originate loans in this Program:
- Alerus Mortgage
- American Mortgage and Equity Consultants
- Associated Bank
- Bay Equity LLC
- Bell Bank Mortgage
- Bremer Bank
- CMG Mortgage Inc. dba CMG Financial
- Cornerstone Home Lending, Inc.
- Envoy Mortgage
- Fairway Independent Mortgage Corp.
- First Option Mortgage
- Guaranteed Rate Affinity, LLC
- Guaranteed Rate
- Homeservices Lending LLC dba Edina Realty Mortgage
- loanDepot.com LLC
- Marketplace Home Mortgage
- Merchants Bank
- MidCountry Bank
- Mortgages Unlimited, Inc.
- Nations Reliable Lending, LLC
- Perl Mortgage
- PHH Home Loans
Universal American Mortgage Company, LLCEagle Home Mortgage, LLC.
- Waterstone Mortgage
* only First Mortgage Program
Lenders: Lenders are approved by both US Bank and Dakota CDA. Once your Company is approved, your Company name would be listed below and given access to the Program. Everyone associated with the program must attend the EHP University online program training. After you attend online training, direction is given as to system training and access. You can sign up for eHP System Training but you have to be approved to participate before taking the training.
Interested in becoming a participating lender? Contact us.
- 6/1- DPA Limits increase
- 4/17/17 – FHA Minimum FICO revised 650
- 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)
- 10/3- DPA TRID REQUIREMENT – Effective with all loan applications dated Oct. 3, 2015 and after, the CDA requires separate TRID
documents (Loan Estimate and Closing Disclosure) for the second mortgage. (Added 10/19/15)
- 5/4- updated income limits
- 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 email@example.com
* 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.