SETH 5 Star Texas Advantage Program

SETH  5 Star Texas Advantage Program

for details on all summary items, please see the Administrator’s Guidelines-Guide & Forms Tab
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
RESERVATIONS / LOCKS 
  • eHP System available 24/7, 365:
  • RESERVATIONS/LOCKS - AVAILABLE on Business days from 10:00 AM – 5:00 PM EDT  (excluding holidays)
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY

  • Reservation to UW Cert:  25  days (loans cancel if not certified)
  • Reservation to Loan Purchase:  70  days
    * Please refer to the Interest Rate Notices for further details
ELIGIBLE AREAS
  • State  – Excluding specific areas – please see Administrator’s guidelines (City Limits of: Grand Prairie, El Paso, McKinney)
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
  • FHA, VA, USDA-RD[RHS]
    No refinance loans (except loans currently being serviced by US Bank)
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Three Assistance Options
    • Option 1:  5% of the loan amount: this option can only be used for FHA loans,  or
    • Option 2A:  4% of the loan amount.  Both are determined by First Mortgage Rate or
    • Option 2B:  3% of the loan amount.  Both are determined by First Mortgage Rate
  • Assistance is based on the final loan amont
  • see Rates Tab for details
INCOME LIMIT CRITERIA
HOME ACQUISITION LIMITS
  • $250,200
HOME BUYER EDUCATION
  • HBE is Required for all borrowers and is offered online.  Click here
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO score must be 640 or higher
    • Maximum DTI (debt-to-income) Ratio is 45% for FICO scores 640-659   NEW!
    • Maximum DTI (debt-to-income) Ratio is 50% for FICO scores 660 or higher  NEW!
CO-SIGNERS
  • Cosigners are NOT permitted.
LENDER PARTICIPATION
  • Approval by SETH & US Bank, see Participating Lenders Tab
  • Anyone involved in the program must attend Lender Training, see Training Tab
EXTENSIONS
  • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.   You MUST request the extension prior to the 70th day.
  • To request an extension, click here.
    • Extensions are not granted to extend the 15 days from Reservation to UW Certification requirement!  Loans not meeting this requirement will be cancelled.
SETH WIRE REQUEST
  • SETH Wire Transfer Request Bulletin information, Click to view.
  • 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 are available on Business days between 9am & 4pm Central Time (10-5 EDT)

Current Rates

  • 4.750%  Effective 07/08-  OPTION 1   w/5% Assistance, FHA ONLY
  • 4.500%  Effective 09/26-  OPTION 2A w/4% Assistance, All Gov’t loans
  • 4.250%  Effective 09/26-  OPTION 2B w/3% Assistance, All Gov’t loans
  • All Loans are Assisted Rate Loans
  • 30 Year, Fixed Rate, Amortized

 

DPA

  • Option 1 – 5.00% Assistance Grant for FHA loans ONLY.  Determined by First Mortgage Rate
  • Option 2A -  4.00% Assistance Grant for FHA, VA, USDA-RD.  Determined by First Mortgage Rate
  • Option 2B – 3.00% Assistance Grant for FHA, VA, USDA-RD. Determined by First Mortgage Rate
    • Assistance is based of the Final First Mortgage Loan Amount
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

The Following Lenders have been approved to originate loans in this Program:

The following is a list of Approved Lenders by SETH and US Bank:

  • Academy Mortgage Corporation
  • Amarillo National Bank
  • American Bank NA
  • America’s Choice Home Loans
  • Amerifirst Financial Inc.
  • ARK-LA-TEX Financial Services LLC – Benchmark Mortgage
  • Capstar Lending, LLC
  • Broker Solutions Inc, DBA New American Funding
  • Castle & Cook Mortgage, LLC
  • Cendera Funding, Inc
  • City Bank Mortgage
  • Colonial National Mortgage
  • Cornerstone Home Lending, Inc.
  • Crossline Capital,Inc.
  • DHI Mortgage Company, Ltd
  • Envoy Mortgage
  • Everett Financial, Inc., dba Supreme Lending
  • Evolve Bank & Trust
  • Fairway Independent Mortgage
  • 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
  • Georgetown Mortgage, LLC
  • Great Plains National Bank
  • Guild Mortgage
  • Hamilton Group Funding, Inc
  • Hancock Mortgage Partners, LLC
  • Highland Residential Mortgage
  • Hometrust Mortgage Co.
  • Homeway Mortgage
  • HomeBridge Financial Services
  • Home Community Mortgage, LLC.
  • Houstonian Mortgage Group Inc
  • IberiaBank Mortgage Co.
  • Interlink Mortgage
  • K. Hovnanian American Mortgage LLC
  • LoanDepot dba iMortgage
  • Loan Simple
  • Mid America Mortgage
  • Movement Mortgage
  • Nation’s Reliable Lending
  • Nationstar Mortgage, LLC.
  • Oak Mortgage Group
  • On Q Financial, Inc
  • Open Mortgage
  • Patriot Bank Mortgage, Inc
  • Premier Nationwide Lending (NTFN)
  • PrimeLending
  • PrimeWest Mortgage
  • Prosperity Home Mortgage
  • Pulte Mortgage LLC
  • Republic State Mortgage
  • RMC Mortgage Corporation
  • Security National Mortgage Company
  • Sente Mortgage
  • SFMC, LP
  • SharePlus Federal Bank
  • Stearns Lending, Inc.
  • Summit Funding Inc.
  • Sun West Mortgage
  • SWBC Mortgage Corporation
  • Texas Bank Financial dba Texas Bank Mortgage
  • The Federal Savings Bank
  • TXL Mortgage Corp
  • UAMC
  • Venta Financial Group, Inc. dba Alterra Mortgage
  • Victorian Finance LLC
  • Wallick and Volk, Inc.
  • Westar Mortgage
  • Whitney Bank
  • Willow Bend Mortgage Company, LLC.
  • WR Starkey

Interested in becoming a participating lender?  Contact us.

Program Updates
  • 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- 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 natalie.giuma@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.