for details on all summary items, please see the Administrator’s Guidelines-Guide & Forms Tab
|LOAN TIME LINE REQUIREMENTS||Loan Processing, Delivery and Purchase Timetable. Once a loan is reserved in the eHousingPlus system, the loan must be:
|ELIGIBLE LOAN TYPES||
|DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME BUYER EDUCATION||
|FICO & DTI REQUIREMENT||
|THE MASTER SERVICER|
Program 79 Reservation/locks – Available on Business days 9:00am – 7:00pm (10 am – 8 pm EDT) excluding holidays
Current Rates & Offerings
|Options/Offerings||Origination||DPA||Lock Rate||Commitment Lot||Effective Date|
|All Government Loans||0.0%||w/5% DPA||4.8750%||33 View||1/22/15|
|HFA Preferred||0.0%||w/5% DPA||5.2500%||33 View||1/22/15|
|… 5.00% assistance is based on the final loan amount (as per Note)|
|All Government Loans||2.0%||w/5% DPA||4.5000%||33 View||1/22/15|
|HFA Preferred||2.0%||w/5% DPA||4.8750%||33 View||1/22/15|
|5.00% assistance is based on the final loan amount (as per Note)|
|DPA PLUS (Gov’t Loans Only) NEW!||0.0%||$8,000 DPA||5.0000%||33 View||1/22/15|
|… Flat amount $8,000|
|MCC 82||current MCC rate is 40%||C View||1/1/15|
eHousingPlus is the Program Administrator, and provides some of the following services:
Program Documents are the same for both the TMP79 & MCC Programs – Note: Program forms are accessed after the loan is reserved/certified in our system. The program forms are auto-generated based on the loan data information provided at reservation, updated and certified.
The Following Lenders have been approved to originate loans in Program(s):
Both Program 79 & MCC
ONLY Program 79
ONLY MCC 82
- 1/6/2015 – TDHCA is pleased to kick off the New Year and 2015 with the announcement of an additional down payment assistance option. Effective Tuesday January 6th, mortgage loans originated under the TMP-79 program will provide the borrower with a 30-year fixed interest rate mortgage loan and assistance, at the option of the homebuyer, in an amount equal to5% of the mortgage loan or $8,000. The $8,000 down payment assistance option (DPA Plus) is being made available for those borrowers purchasing lower priced homes that need additional financial assistance in order to make homeownership a reality. The interest rate associated with the $8,000 assistance option will be provided on the Commitment Lot Notices and will carry a slightly higher interest rate in order to cover the associated costs of providing it. In addition, TDHCA has increased program funding by 1 BILLION. read more
- 11/20 – Holiday Special – see MCC Lot B – click to view
- 10/14 – Additional Options for TDHCA Homebuyers - we are pleased to announce a new option for first time homebuyers. TDHCA will offer a 0% origination point program for first time homebuyers as well as its existing 2% origination point option while maintaining the availability of 5 points of down payment and closing cost assistance for either option. Read more
- 10/14 – In determining family income for the TMP-79 mortgage loan program only, the Fannie Mae 1003 income of all borrowers expected to both live in the residence and be liable on the security instrument must be taken into account. For loans receiving MCC’s, non-purchasing spouse income must be included.Non-purchasing spouses -
- 10/14 – For TMP-79 Loans only, non-purchasing spouses are not required to be included in the family income calculation. For loans involving MCC’s, the income of non-purchasing spouses must be included in the family income calculation.
- 6/9-In prior email correspondence dated 5/12/14, the Texas Department of Housing and Community Affairs (TDHCA) agreed to cover the additional Funding Fee increase being passed along by our Servicer – US Bank, contingent upon TDHCA Governing Board approval. We are happy to announce that the Board met yesterday at its regularly scheduled monthly meeting and agreed to cover the additional fee on all TMP-79 loan reservations made on or after June 9, 2014. As a result of this action, the Funding Fee will remain at $150.
- 6/2-As part of June’s celebration of Homeownership Month, the Texas Department of Housing and Community Affairs (TDHCA) is pleased to announce that it will be waiving the Compliance File Review Fees on all TMP-79 and TMP-79/MCC Combos. The waiver will be effective on reservations made on or after Monday June 2nd and throughout the remainder of the month. We are pleased to make this offer to further assist homebuyers in their efforts to attain the dream of homeownership. Click to view
- 5/14 – clarification on FICO & DTI Requirements (please see guidelines)
FNMA HFA Preferred Loans:
Minimum 640 for LTVs 95% or lower;
Minimum 680 for LTVs 95.01-97%
Max DTI – 45% (applies to HFA Preferred only)
Government Loans (FHA, VA, USDA):
Max DTI – 45% (effective on loan reservations beginning June 2, 2014)
Max DTI for FICO score of 660 or greater – 50% (applies to FHA, VA, USDA only; effective on loan reservations beg 6/2/2014 )
- 5/14 – HFA Preferred is launched
- 5/13 – HFA Preferred Training
- 4/14- MCC 82 is Launched
- 1/13 – New Income Limits. See Administrator Guidelines
- 1/10 – New Targeted areas. See Administrator Guidelines
- 1/2/2014- MCC 81 Lot C issued. Issuance Fee is 1% of the final loan amount. See rates for detains on the posted Lot C notice
- 11/21- TDHCA – Celebrate The Season …… In an effort to further assist borrower’s wishing to purchase their first home, the Texas Department of Housing & Community Affairs (“TDHCA”) is pleased to offer a reduced MCC Stand-Alone Issuance fee for any MCC’s reserved during the month of December. The fee will temporarily be reduced from its current 1% of the Mortgage Loan amount to $500!
- A special thanks to all of our participating lender partners on another successful year. Happy Holidays from all the homeownership staff at TDHCA!
- 7/1/2013 – TDHCA will no longer fund the DPA. Lenders upfront & will be reimbursed bu US Bank when the loan is purchased. This is how it used to be prior to HUD’s mandate in 2/2013 where TDHCA funded the DPA.
- 7/1/2013 – Mortgagee Letter 2013-14
- 7/1/2013 – TDHCA MCC Programs are available online. Please make sure you do NOT have an MCC with TDHCA prior to reserving an MCC to your TMP79 loan.
- 6/24 – TDHCA lender training Monday (6/24) and Tuesday(6/25)
- Effective 2/25/2013 – NEW Extension Fees have been set for Lot 4. There is only a 30 day extension option at a fee of .375% of loan amount.
- Effective 1/25/2013 – NEW DPA FUNDING GUIDELINES: Please review memo and New Funds Request Form.
- Effective 12/10/2012 the First Mortgage Rate is reduced to 3.25%. All loans must be delivered within 60 days of the Reservation Date. Upon purchase of the Mortgage Loan by the Servicer, the Lender will receive a Servicing Release Premium in the amount of 0.75% of the purchased principal amount of the Mortgage Loan provided that the Servicing Release Premium will be no less than $750. Extension request below lenders
- TDHCA Program 79 – Started Oct 10, 2012 – If you missed the TDHCA 79 webinar on 10/6, there are changes to this program. Please take the time to read the guidelines posted on the Summary Tab or attend the online program training posted on the Training Tab. Should you have any questions, please contact Sue@ehousing.cc or Jennifer@ehousing.cc .
Click here to request an extension. ** Request MUST be submitted before the 60th day. This request is only for loans that closed and have been received both by eHousingPlus and US Bank. For more details, please reference the guidelines.
[tab title=”Program FAQs“]
I am a lender and have questions about the process. Who can I contact?
Does the lender have to pay a participation fee?
What are the allowable fees a lender can charge on a Texas First Time Homebuyer Program bond loan?
- Lenders may charge up to 2.00%. Lenders cannot charge any additional points. There is a $560 Application Fee in the Program. (Tax Compliance Fee $225, Tax Service Fee of $85 and a Transfer Fee of $150) Lenders retain $100 of the Application Fee.
-Other Closing Costs: including appraisal fee; credit report fee, survey fee, title insurance fee, etc. (must be fully disclosed on HUD-1 in accordance with agency policies)
What is the First Time Homebuyer Program?
How often are funds made available under the program?
Do I need to submit a form if I am using the Veteran’s first time homebuyer exception?
What is the First Time Homebuyer Program?
Who is eligible for the program?
What type of home can I buy?
Are Conventional Loans allowed in this program?
Are funds available for downpayment and closing cost assistance?
What is recapture tax?
What is a Qualified Veteran’s Exemption?
Can a Duplex be financed under the program?
Does the homebuyer have to repay the Down payment Assistance?
Does the first time homebuyer requirement apply to homes owned within the United States only or for foreign owned homes too?
eHP Lender Program Training- Required for everyone participating in the program and is offered 24/7.
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.
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.