SETH 5 Star Texas Advantage Program

SETH – 5 Star Texas Advantage Program

 

Lender/Program Portal

Note-Program details are available in the Administrator’s Guidelines, click on the Guide & Forms Tab

 

 

Note-Program details are available in the Administrator’s Guidelines
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool
  • 4 options/offerings are available (see rates)
RESERVATIONS / LOCKS 
  • Reservations/Locks –  available 9:00am-4:00pm Central (10-5 EDT) Business days excluding weekends & holidays
  • eHP System available 24/7
LOAN TIME LINE REQUIREMENTS
  • DO NOT RESERVE EARLY
  • Reservation (Lock) to UW Cert:  25  days (loans cancel if not certified)
  • Reservation to Loan Purchase:  70  days
EXTENSION
  • A 30 day extensions is available, for a fee ($375) and must be requested prior to the 70th day.  See guidelines for details. To request an extension, click here
  • This Extension does not extend the 25 days required to complete the Underwriter’s Certification.
ELIGIBLE AREAS
  • State  – Excluding specific areas – (City Limits of: Grand Prairie, El Paso, McKinney.  Travis County)
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
  • Follow Agency (FHA, etc) guidelines for non-citizens.
  • Those with permanent asylum do qualify & should provide an I-9.
  • Buyers must occupy the property within 60 days of closing.
ELIGIBLE LOAN TYPES
  • Government – FHA, VA, USDA-RD [RHS]
  • Conventional – Freddie Mac HFA  Advantage
  • No refinance transactions permitted
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Assistance is based on the final loan amount (see rates)
  • Paid by SETH at closing
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
  • To view Limits, click here.     
HOME ACQUISITION LIMITS
  • $274,050 Govt
  • $324,000 Freddie Mac HFA Advantage
HOME BUYER EDUCATION
  • HBE is required & only the SETH online course is approved.  Click here
FICO SCORE & CREDIT REQUIREMENT
  • FICO score depends on Loan Type & DTI.  See guidelines for details
CO-SIGNERS
  • Cosigners are NOT permitted.
THE AGENCY
  • Issues the First Mortgage Program and Down Payment Assistance Program, Sets the rate, term, points and DPA options
  • Lender relationships, Markets the Program
  • SETH
SETH WIRE REQUEST
  • SETH Wire Transfer Request – must be submitted 2 buisness days before loan closing/funding.
  • The actual Request Form is in the system with all the other 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
  • If you need assistance accessing the Servicer Lender Guides, Click here
  • To contact US Bank Lender Help Desk, Click here.
Reservation/locks – AVAILABLE from 9:00am-4:00pm Central (10-5 EDT).  Business days excluding weekends & holidays
Current Rate / Offerings Lock Rate FICO     DPA     Effective Date 
GOVERNMENT
Option 1– FHA 5.00% 660 w/6% 12/16
Option 2a– FHA 4.50% 660 w/5% 5/18
Option 2b– FHA 640 or 660 w/Manual UW 640 or 660 w/4%
Option 2c– FHA w/Manual UW 640-659 w/3%
Option 3– FHA 4.375% 660 w/4% 3/17
Option 4a– FHA 4.00% 660 w/3% 5/18
Option 4b– USDA-RD, VA  NEW! 4/22 640
 CONVENTIONAL-FREDDIE MAC
Option 5 HFA Advantage 4.75% * w/4% 4/1
* for loans with LTV at 95% or below the min FICO is 640.   * for loans with LTV at 95.01-97% the min FICO is 680

 

 

  • All Loans are Assisted Rate Loans
  • 30 Year, Fixed Rate, Amortized
  • Manual underwriting for FHA loans is NOT ACCEPTED unless specifically noted above
  • manufactured homes not allowed (eff 12/1 reservations)

sethterms

 

 

DPA
Option 1    6.00% Assistance Grant for FHA loans ONLY     
 Option 2 various – Assistance Grant for FHA loans ONLY
  Option 3   4.00% Assistance Grant for FHA loans ONLY (eff 4/20)
   Option 4 3.00% Assistance Grant for FHA, VA, USDA-RD.
    Option 5 4.00% Assistance Grant for HFA Advantage
Assistance is based of the Final First Mortgage Loan Amount

 

 

* Loans MUST BE PURCHASED by US Bank as master servicer NO LATER than 70 days from the Rate Lock Date
** The Purchase Price/SRP for VA Loans will be 1/2 point lower
*** Origination Fee is optional and may be up to 1% of the loan amount
**** SRP paid at the time the loan is purchased

eHousingPlus Is the Program Administrator, and Provides Some of the Following Services:

Administrator Guidelines (4/22)   GOVERNMENT      posted 4/16 6/30 7/8 7/23 8/8         HFA Advantage (4/11)     posted 4/16 6/30 7/8 7/23 8/8

At A Glance / Highlights (4/7)

  • 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 EXTERNAL_LINK_EHOUSINGPLUS_32x32

The Following Lenders Have Been Approved to Originate Loans in This Program:

Approved Lenders by SETH and US Bank:

 Academy Mortgage Corporation
 Affiliated Bank
 Amarillo National Bank
 AmCap Mortgage, Ltd.
 American Bank NA
 Americash, A California Corporation
 America’s Choice Home Loans
 American Southwest Mortgage Corp.
 Amerifirst Financial Inc.
 American Financial Network, Inc.
 AmeriPro Funding Inc.
 American Mortgage and Equity Consultants, Inc. ( Amecinc)
 ARK-LA-TEX Financial Services LLC – Benchmark Mortgage
 Associated Credit Union of Texas
 Aspire Financial, Inc.
 CalAtlantic Mortgage, Inc. fka RMC Mortgage Corporation
 Capstar Lending, LLC
 Bancorp South Bank
 Broker Solutions Inc, DBA New American Funding
BOK Financial, NA. DBA Bank of Texas Mortgage
 Caliber Home Loans
 Castle & Cook Mortgage, LLC
 Cendera Funding, Inc
 City Bank Mortgage
 Citywide Home Loans
 CMG Mortgage, Inc. dba CMG Financial
 Colonial National Mortgage
 Cornerstone Home Lending, Inc.
 Crestmark Mortgage Company, LTD
 Crossline Capital, Inc   Stone Gate Mortgage Corporation
 CStone Mortgage, Inc.
 Diamond Residential Mortgage
 DHI Mortgage Company, Ltd
 Directors Financial Group
 Envoy Mortgage
 Everett Financial, Inc., dba Supreme Lending
 Evolve Bank & Trust
 Fairway Independent Mortgage
 Finance of America Mortgage, LLC.
 Finance Home America a division of Eustis Mortgage Company
 First California Mortgage
 First Choice Loan Services
 First Community Bank
 First Continental Mortgage, LTD
 First Mortgage Company
 First National Bank of Omaha
 First United Bank & Trust Company
 Gateway Mortgage Group LLC
 Gardner Financial Services, LTD dba Legacy Mutual Mortgage
 Geneva Financial LLC
 Georgetown Mortgage, LLC
 Gold Star Mortgage Financial Group Corp.
 Goldwater Bank, N.A.
 Graystone Funding Company, LLC dba Graystone Mortgage LLC
 Great Plains National Bank
 Guild Mortgage
 Guaranteed Rate
 Hamilton Group Funding, Inc
 Hancock Mortgage Partners, LLC
 Happy State Bank
 Highlands Residential Mortgage
 Hometrust Mortgage Co.
 Homeway Mortgage
 HomeBridge Financial Services
 Home Community Mortgage
 Home Lending Group, LLC
 Houston Capital Mortgage
 Houstonian Mortgage Group Inc
 IberiaBank Mortgage Co.
 InterLinc Mortgage Services, LLC
 Integrity First Financial Group
 K. Hovnanian American Mortgage LLC
 LeaderOne Financial
 Legacy Mortgage
 Legacy Texas Bank
 LHM dba CNN Mortgage
 LoanDepot dba iMortgage
 LoanStar Home Loans, LLC.
 Loan Simple
 Michigan Mutual
 Mid America Mortgage
 Mission Mortgage of Texas, Inc.
 Mortgage Financial Services, LLC.
 Mortgage 1, Inc.
 Moria Development Inc.
 Movement Mortgage
 Nations Lending Corp.
 Nation’s Reliable Lending
 Nationstar Mortgage
 New Penn Financial
 Northstar Bank of Texas
 Nova Financial & Investments
 NFM, Inc.
 Oak Mortgage Group
 OCMBC Mortgage Lender
 On Q Financial, Inc
 Open Mortgage
 Pacific Union Financial
 Patriot Bank Mortgage, Inc.
 Peoples Mortgage
PHH Home Loans LLC dba Sunbelt Lending Services
 Premier Nationwide Lending (NTFN)
 PrimeLending
 Primary Residential Mortgage
 PrimeWest Mortgage
 Prospect Mortgage
 Pulte Mortgage LLC
 Republic State Mortgage
 Residential Bancorp
 Right Start Mortgage, Inc.
 Security National Mortgage Company
 Sente Mortgage
 SFMC, LP
 SharePlus Federal Bank
 Stearns Lending
 Stonegate Mortgage Corporation
 Sun West Mortgage Company, Inc.
 Summit Funding Inc.
 SSBT Mortgage Group, LLC.
 Texas Bank Financial dba Texas Bank Mortgage
 The Federal Savings Bank
 TXL Mortgage Corp
 UAMC
 Universal Lending Corporation
 Venta Financial Group, Inc. dba Alterra Mortgage
 Victorian Finance LLC
 Vision One Mortgage, Inc.
 Wallick and Volk, Inc.
 Waterstone Mortgage Corporation
 Wells Fargo Bank, N.A.
 Weststar Mortgage Corp
 Whitney Bank
 Willow Bend Mortgage Company, LLC.
 Wolfe Financial, Inc.
 WR Starkey
Interested in becoming a participating lender? email us!
Program Updates
  • 12/10 – Options 3 & 4 FICO revised to 660 on all loan types.
  • 12/1- MANUFACTURED HOMES are eliminated
  • 9/1- Update, only 1 Origination point
  • 6/29-The conventional product, HFA Advantage begins on 7/1
  • 4/6-Mortgagor Acknowledgment no longer required.
  • 3/23- New income limits effective 3/23  see guidelines.
  • 3/17- added the SETH MCC areas (administered by SETH) to the guidelines.
  • 3/4 – USDA Limits posted in guidelines
  • 3/2 – program will offer another level of assistance, 6% for FHA loans.
  • 6/9-Updated guidelines – servicer fee
  • 6/6-new DTI – 50% max for 660 and higher credit scores and 45% max for scores below 660.  Please change the training and manual to reflect this.
  • 2/24- Jefferson County is eligible
  • 2/18-  Effective  03/01- US Bank Transfer Fee increases to $250
  • 1/10-New Income Limits
  • 12/5-USDA reinstated
  • 10/1 – USDA-RD – New reservations temporarily suspended due to government shutdown
  • 8/14 – Timeline is changed.  Reservation to UW Certification has been changed from 15 to 25
  • 7/19 – New DPA Option.  Option 2B provides 3% Dpa
  • 7/1 – Mortgagee Letter 2013-14 & Guidelines
  • 5/13 – In anticipation of the upcoming Memorial Day Holiday and month-end closings, we wanted to make you aware of important deadlines for ordering DPA Funds for the SETH 5 Star Texas Advantage Program during this period. DPA Wire Requests will not be processed OR wired for closing on Monday, May 27th due to the Memorial Day Holiday.  If you have a closing scheduled for 5/28 or 5/29 it is critical that funds are requested in a timely manner. Urgent requests for funds and same day requests cannot be accommodated. Please plan accordingly.
  • 2/28 – Downpayment Assistance has increased from 3% to 4% for Option 2 Grant.  See Rates TAB!
  • 2/28 – Reminder:  There is no longer a $25 DPA Wire Funding Fee!
  • 12/31- SETH’s 5 Star Texas Advantage Program is NOT available within the City Limits of El Paso, Texas
  • 11/26 – SETH Wire Transfer Request notified
  • 10/11 – Lender Training

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Users: User Credentials (Login and Password) are being processed. As soon as your Lending Institution is fully approved, all registered users will receive an email with their ID’s and a temporary password. After you log in for the first time, you will be prompted to change your password. If your company has been approved, and you have not received a UserID confirmation email, please email us from the contact page. All Users must have attended Training in order to be granted User Credentials.

EhousingPlus University
eHP Lender Program Training

  1. Required for everyone participating in the program
  2. offered 24/7
  3. Click here to attend Program training
eHP System Training*

  1. After you complete the online Lender Program Training, information is provided as to what happens next.
  2. Visit our systems training page  to register for eHP System Training
Should you have any questions on training, please contact jennifer@ehousing.cc

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.