SETH 5 Star Texas Advantage Program

SETH – 5 Star Texas Advantage Program

Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool
RESERVATIONS / LOCKS 
  • Reservations are OPEN weekdays, between 9am – 4pm Central (10-5 EST) excluding Holidays; All other system functions are available 24/7
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY.  BORROWERS SHOULD BE QUALIFIED BEFORE RESERVING. 

  • 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.  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.  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)
  • See Administrator Guidelines for limits  
HOME ACQUISITION LIMITS
  • See Administrator Guidelines for limits  
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 with the Servicer Lender Guides or  to contact the US Bank, Click here.
Reservation/locks – AVAILABLE weekdays from 9 am-4 pm Central (excluding holidays – 10-5 EDT )
Current Rate / Offerings Lock Rate FICO     DPA     Effective Date 
GOVERNMENT
Option 1– FHA 5.00% 660 w/6% 5/16
Option 2a– FHA 5.00% 660 w/5% 12/15
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 4.50% 660 w/4% 5/1
Option 4a– FHA 4.25% 660 w/3% 4/18
Option 4b– USDA-RD, VA  640
 CONVENTIONAL-FREDDIE MAC
Option 5 HFA Advantage 5.00% 640 w/4% 5/26

 

  • 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

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 (5/9)   GOVERNMENT      posted 4/16 6/30 7/8 7/23 8/8         HFA Advantage (5/9)     posted 4/16 6/30 7/8 7/23 8/8

At A Glance / Highlights (3/24)

  • 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:

 1st Preference Mortgage.
 Academy Mortgage Corporation
 Affiliated Bank
 All Western Mortgage
 Alterra Group, LLC (FKA Venta)
 Amarillo National Bank
 AmCap Mortgage, Ltd.
 American Bank NA
 Americash, A California Corporation
 America’s Choice Home Loans
 American Financing Corporation
 American Neighborhood Mortgage Acceptance Company
 American Southwest Mortgage Funding Corp.
 Amerifirst Financial Inc.
 American Financial Network, Inc.
 AmeriPro Funding Inc.
 American Momentum Bank
 American Mortgage and Equity Consultants, Inc. ( Amecinc)
 ARK-LA-TEX Financial Services LLC – Benchmark Mortgage
 Associated Credit Union of Texas
 Aspire Financial, Inc.
 Atlantic Bay Mortgage Group
 Bancorp South Bank
 Bank Of Texas (BOK Financial NA)
 Broker Solutions Inc, DBA New American Funding
 CalAtlantic Mortgage, Inc. fka RMC Mortgage Corporation
 Caliber Home Loans
 Capstar Lending, LLC
 Castle & Cook Mortgage, LLC
 Cendera Funding, Inc
 Cherry Creek Mortgage
 City Bank Mortgage
 Citywide Home Loans
 Cherry Creek Mortgage Company
 CLM Mortgage
 CMG Mortgage, Inc. dba CMG Financial
 Colonial National Mortgage
 Cornerstone Home Lending, Inc.
 Crestmark Mortgage Company, LTD
 Cross Country Mortgage
 Crossline Capital, Inc   Stone Gate Mortgage Corporation
 CStone Mortgage, Inc.
 DAS Acquisition Co., LLC
 Diamond Residential Mortgage
 DHI Mortgage Company, Ltd
 Directors Financial Group
 Draper & Kramer Mortgage
 Embrace Home Loans, Inc.
 Envoy Mortgage
 Eustis Mortgage
 Everett Financial, Inc., dba Supreme Lending
 Evolve Bank & Trust
 Fairway Independent Mortgage
 FBC 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
 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 Funding Corporation
 Home Lending Group, LLC
 Houston Capital Mortgage
 Houstonian Mortgage Group Inc
 IberiaBank Mortgage Co.
 Independent Bank
 InterLinc Mortgage Services, LLC
 Integrity First Financial Group
 Jefferson Bank
 Kleberg Bank, N.A.
 K. Hovnanian American Mortgage LLC
 LeaderOne Financial
 Legacy Mortgage LLC
 Legacy Texas Bank
 LHM dba CNN Mortgage
 loanDepot.com, LLC
 LoanStar Home Loans, LLC.
 Loan Simple
 Michigan Mutual
 Mid America Mortgage
 Mission Mortgage of Texas, Inc.
 Mortgage Financial Services, LLC.
 Mortgage Solutions of Colorado
 Mortgage 1, Inc.
 Moria Development Inc.
 Mountain West Financial
 Movement Mortgage
 Nations Lending Corp.
 Nation’s Reliable Lending
 Nationstar Mortgage
 New Penn Financial
 Network Funding, L.P.
 Nova Financial & Investments
 NFM, Inc.
 Oak Mortgage Group
 OCMBC Mortgage Lender
 On Q Financial, Inc
 Open Mortgage
 Pacific Union Financial
 Paramount Residential Mortgage Group
 Patriot Bank Mortgage, Inc.
 Peoples Home Equity, Inc.
 Peoples Mortgage
 PHH Home Loans LLC dba Sunbelt Lending Services
 Pilgrim Mortgage, LLC
 Premier Nationwide Lending (NTFN)
 PrimeLending
 Primary Residential Mortgage
 PrimeSource Mortgage, Inc.
 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
 SSBT Mortgage Group, LLC.
 Stearns Lending
 Stonegate Mortgage Corporation
 Success Mortgage Partners
 Sun West Mortgage Company, Inc.
 Summit Funding Inc.
 SWBC Mortgage Corporation
 Texas Bank Financial dba Texas Bank Mortgage
 The Federal Savings Bank
 TXL Mortgage Corp
 UAMC
 Union Home Mortgage Corp
 Universal Lending Corporation
 University Lending Group, LLC
 US Mortgage Corporation
 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
  • 5/1/2017 –  revised income limits
  • 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.
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.