SETH – 5 Star Texas Advantage Program
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
|RESERVATIONS / LOCKS||
|LOAN TIME LINE REQUIREMENTS||
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FICO SCORE & CREDIT REQUIREMENT||
|SETH WIRE REQUEST||
Reservation/locks – AVAILABLE from 9:00am-4:00pm Central (10-5 EDT excluding weekends & holidays)
|Rate/Offerings||FICO||Lock Rate||DPA||Effective Date|
|Option 1 – FHA||660||5.00%||w/6%||12/16|
|Option 2a – FHA||660||4.625%||w/5%||2/9|
|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 3a – FHA||660||4.375%||w/4%||02/5|
|Option 3b – USDA-RD, VA||640|
|Option 4 – FHA, USDA-RD, VA||660||4.000%||w/3%||01/29|
|CONVENTIONAL – FREDDIE MAC|
|Option 5 – HFA Advantage||*||4.750%||w/4%||01/29|
|* 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)
|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, VA, USDA-RD|
|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|
** 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 (1/1) GOV HFA Advantage (1/1)
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
- Affiliated Bank
- Amarillo National Bank
- 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.
- Capstar Lending, LLC
- Bancorp South Bank
- Broker Solutions Inc, DBA New American Funding
- Caliber Home Loans
- Castle & Cook Mortgage, LLC
- Cendera Funding, Inc
- City Bank Mortgage
- Citywide Home Loans
- Colonial National Mortgage
- Cornerstone Home Lending, Inc.
- Crestmark Mortgage Company, LTD
- Crossline Capital, Inc Stone Gate Mortgage Corporation
- 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.
- 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.
- Great Plains National Bank
- Guild Mortgage
- 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
- Houston Capital Mortgage
- Houstonian Mortgage Group Inc
- IberiaBank Mortgage Co.
- InterLinc Mortgage Services, LLC
- K. Hovnanian American Mortgage LLC
- LeaderOne Financial
- Legacy Mortgage
- Legacy Texas Bank
- LHM dba CNN Mortgage
- LoanDepot dba iMortgage
- Loan Simple
- Michigan Mutual
- Mid America Mortgage
- Mission Mortgage of Texas, Inc.
- Mortgage Financial Services, LLC.
- 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
- On Q Financial, Inc
- Open Mortgage
- Pacific Union Financial
- Patriot Bank Mortgage, Inc
- Premier Nationwide Lending (NTFN)
- Primary Residential Mortgage
- PrimeWest Mortgage
- Prospect Mortgage
- Pulte Mortgage LLC
- Republic State Mortgage
- Residential Bancorp
- Right Start Mortgage, Inc.
- RMC Mortgage Corporation
- Security National Mortgage Company
- SFMC, LP
- SharePlus Federal Bank
- Stearns Lending
- Stonegate Mortgage Corporation
- 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
- 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.
- WR Starkey
Interested in becoming a participating lender? Contact us.
- 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
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.
|Options/Offerings||DPA||Lock Rate||Effective Date|
|FHA ONLY||w/6% DPA||5.00%||4/1|
|FHA ONLY||w/5% DPA||4.875%||11/19|
|Government loans (FHA, VA, USDA)||w/4% DPA||4.50%||11/23|
|Government loans (FHA, VA, USDA)||w/3% DPA||4.25%||11/23|
|Freddie Mac HFA Advantage||w/4% DPA||5.00%||11/23|
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
- eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Click here to register for system training
Should you have any questions on training, please contact email@example.com
* 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.