Nortex Housing Finance Corporation

 

 

Lender Portal

Working Group Portal

2009A Single Family MRB Program

PROGRAM FUNDS $21,500,000
ELIGIBLE AREAS Archer, Baylor, Clay, Cottle, Foard, Hardeman, Jack, Montague, Wichita (including the City of Wichita Falls), Wilbarger, and Young).
ELIGIBILITY CRITERIA - First-time Homebuyers applies to all Borrower(s) & Spouses, occupant or non-occupant
- Must be able to permanently reside in the U.S.
- Principal residence
- Borrower(s) must occupy property within 60 days of closing
- IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE Assistance payment equal to 3% of the note amount to apply toward down payment or closing costs. Cash back is not allowed.
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older.
HOME ACQUISITION LIMITS Non-Target
-  1 Unit: $247,032
-  2 Unit: $316,252
-  3 Unit: $382,238
-  4 Unit: $475,063Target
-  1 Unit: $301,929
-  2 Unit: $386,531
-  3 Unit: $467,179
-  4 Unit: $580,632
HOME BUYER EDUCATION Not Required
FICO SCORE REQUIREMENT Mid score must be 620 or higher
CO-SIGNERS Cosigners are permitted for FHA loans under very specific conditions. See Program Guidelines.
LOAN TIME LINE REQUIREMENTS - Reservation to UW Cert: 45 days
- Reservation to Close and Delivery: 85 days
- Reservation to Loan Purchase: 110 days
LENDER PARTICIPATION View participating lenders here.
FORMS AND DOCUMENTATION View Forms and Documentation.
OTHER For additional information, please See Program Guidelines.

Current Rates

  • 3.375% – Assisted Rate Loan
  • Term: 30 Year Amortizing

DPA

  • Assisted Rate includes 3% of final loan amount
Program Updates

- Effective 12/2 -  3.375% “Assisted” Loans with 3% DPA Grant   (No “Non-Assisted” loans without DPA will be available.)
There is a new minimum credit score in the program of 620.
The program has also been extended, and the new Final File Submission date will be April 2, 2012. 

The Final File Purchase date is now April 23, 2012 (this is the last day US Bank can purchase a file in the program).

Lender F.A.Q.

 

           

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To register for Nortex HFC Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.

Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.