Dakota County CDA

2012 First Time Homebuyer Program

 

Lender / Program Portal

2012 First Time Homebuyer Program

for details on all summary items, please see the Administrator’s Guidelines – Guide & Forms Tab
PROGRAM FUNDS Borrower may choose of the following:

  •  First mortgage program loan, down payment assistance and MCC; OR
  •  First mortgage program loan and down payment assistance; OR
  •  First mortgage program loan and MCC; OR
  •  First mortgage program loan; OR
  •  Mortgage Credit Certificate
ELIGIBLE AREAS
  • All of Dakota County,  Minnesota
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY:  Must complete Underwriter Certification by 30th day 

  • Reservation to UW Certification: 30 days
  • Reservation to Closed AND Delivered:  60 days
  • Reservation to Loan Purchase:  85 days
ELIGIBLE LOAN TYPES
  • FHA, VA
  • HFA Preferred  
DOWN PAYMENT ASSISTANCE
  • Amount of assistance depends on household size
  • the percentage is Calculated from the Purchase Price
  • see the Rates Tab
  • The DPA is Approved by Dakota County CDA.
  • Click here to access other DPA forms required by program.
  • Details are listed in the Administrator’s Guidelines.
ELIGIBILITY CRITERIA
  • First-time buyers – ALL borrower(s) & Spouses
  • Past 3 years Federal Income Tax returns required for ALL borrower(s) & Spouses
  • Must be able to permanently reside in the U.S.
  • Must be Principal Residence
  • Must occupy within 60 days of closing
INCOME LIMIT CRITERIA  
  • Household income – Include income mortgagor(s), person expected to both live in the residence and sign the note, and any person who is both the legal spouse of a mortgagor and is expected to live in the residence.
  • 1 or 2 Person Household:  $82,900  
  • 3 or more Person Household:  $95,335 
ACQUISITION LIMITS 
  • $273,570for single family homes, townhomes or condominiums
  • $398,935 for duplexes (must be 5 years old – not eligible for down payment)
HOME BUYER EDUCATION
  • Required for all Borrower(s) 
  • Must complete PRIOR to closing
  • Approved education providers include: Homestretch Homebuyer Education OR Framework Online Education
  • See CDA Web site for more information.  Click here
FICO SCORE REQUIREMENT  
  • Government loans -  Minimum FICO 640, Max DTI 45%
  • HFA Preferred loans – Max DTI 45%, Minimum FICO 640 for LTVs 95% or lower, Minimum FICO 680 for LTVs 95.01-97%  
  • Max DTI for FICO scores 660 or higher  – see guidelines for details 
CO-SIGNERS
  • Permitted for FHA loans, use FHA guidelines
  • May NOT have a ownership interest
  • May NOT reside in the residence
REQUEST EXTENSION
  • Any loan not purchased within 85 days is ineligible for purchase unless the lender chooses a one-time 30 day extension.  The cost of the extension is $375 due whether or not the loan is ultimately delivered and/or purchased.
  • Click here for an extension request
THE AGENCY
THE LENDER
  • Take application for the program
  • Reserve first mortgage, second mortgage and MCC funds in eHousingPlus system
  • Process, Underwriter, Certify, Fund, Close and Sell qualified loans to the Program Master Servicer
  • Check with your company on how to reserve a loan in YOUR own system so that you have funds available at closing
  • Responsible for servicing loans in accordance with Agency requirements until loan is purchased by the Master Servicer
  • Must make sure loans meet timeline
THE MASTER SERVICER
OTHER
  • Contact eHousingPlus for questions related to the compliance file, income, first-time buyer, Tax requirement, access to the program, training, eHP system, web site, administrator guidelines.  Click here
  • Contact US Bank for questions related to the mortgage file, escrow, DU findings, insurance, high priced loans, MDIA, Respa, payments. Click here
  • Contact the Dakota County CDA for questions about the down payment assistance program and application process. Click here

Current Rates

  • FHA -3.875% - Effective 10/09
  • HFA Preferred – 4.625% – Effective 10/02 NEW!
    • 30 year, Amortized, Fixed Rate

 

DPA

 There are three (3) Options for Downpayment 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 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      Program Forms are within the system.  Once you login, 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, Inc. ( Amecinc)
  • Bell State Bank and Trust
  • Bremer Bank
  • CMG Financial
  • Cornerstone Home Lending, Inc.
  • Envoy Mortgage
  • Fairway Independent Mortgage Company
  • First Option Mortgage
  • Homeservices LLC bda Edina Realty
  • LendSmart Mortgage
  • Marketplace Home Mortgage
  • Merchants Bank
  • MidCountry Bank
  • Mortgages Unlimited
  • PHH Home Loans
  • Stonegate Mortgage Corporation
  • US Bank Home Mortgage
  • Waterstone Mortgage Corporation
  • Wells Fargo Bank
  • Wintrust Mortgage Corporation

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.

 

Program Updates
  • 7/29-HFA Preferred product is offered in the Dakota program, starting rate is 4.625
  • 7/28-HFA Preferred training
  • 6/9 – Updated Guidelines – servicer fee
  • 5/20-Income limits are updated
  • 5/1 – DPA income limits change
  • 4/1 – Program changes, click to read
  • 7/1 – Mortgagee Letter 2013-14
  • 2/21 – New 1st Mortgage Rate  - 3.375%
  • 2/12 – Updated Guidelines & checklist – please check on-line!
  • 1/28 – Dakota County CDA issues new procedures for the funding of DPA; now required prior to closing.  See Notice
  • 12/5 – Web online Lender Training is available. To attend the eHP Univeristy Online Training, Click here.
  • 12/21-Program is available.

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.