Texas Department of Housing & Community Affairs

 

 

TDHCA Program 79

LENDER PORTAL

(Reservations accepted Mon – Fri  10 am – 8 pm EST, excluding holidays)

TDHCA Program 79  

PROGRAM FUNDS Issued in Commitment Lots
Reservation locks are available Mon-Fri 10 am - 8 pm EST
All other system features available 24/7, 365
ELIGIBLE AREAS Statewide Texas
LOAN TIME LINE REQUIREMENTS
  • Loan Processing, Delivery and Purchase Timetable. Once a loan is reserved in the eHousingPlus system, the loan must be:
  • Underwriter Certified prior to closing
  • Closed and delivered to the Servicer within 45 days of loan reservation and
  • Purchased within 60 days of loan reservation
ELIGIBLE LOAN TYPES FHA, VA, RHS
DOWN PAYMENT ASSISTANCE Down payment and Closing Assistance determined by Commitment Lot Notices (See Rates).  DPA is a second lien, 30-year term, due on sale/transfer. NEW!  DPA must be funded at closing by TDHCA.  Please review Wire Transfer Request Memo, Sample Loan Confirmation  & TDHCA Wire Transfer-Funding Request Form
ELIGIBILITY CRITERIA
  • All Borrower(s) must qualify as First-Time Homebuyers.  (Only Borrowers)  
  • Occupy the Property being purchased as their Principal Residence with 60 days of Closing
  • IRS filed returns for past 3 yrs – all Borrowers
INCOME LIMIT CRITERIA Household income is considered for All Borrower(s) – (Only Borrowers)
Click here to View the Program Income Limits.
ACQUISITION LIMITS Click here to View the Program Acquisition Limits.
HOME BUYER EDUCATION Pre-Purchase Homebuyer education course required for all Borrowers.
Click here to View the Homebuyer Education Provider List.
FICO SCORE REQUIREMENT Mid score must be 640 or higher for all Borrowers.
Currently there is no Debt to Income (DTI) Ratio requirement for this program.
CO-SIGNERS Cosigners are permitted in accordance with FHA requirements. For details, Click here
REQUEST EXTENSION Paid Extensions are available for closed loans needing additional time to clear pending items with eHousingPlus or US Bank.  The extenions are NOT available to extend program requried timelines for closed/delivered loans by 45th day. NEW!  Lot 4:  Effective on reservations 2/25/2013 there will only be  a 30 day extension option available, for a fee of .375% of the loan amount.  15 day extensions will no longer be available.Current Lots 1-3:  Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time 15 or 30 day extension. A 15-day extension is 0.25% & a 30-day extension is 0.50% of loan amount.To request an extension, Click here
THE AGENCY
  • Issues the program
  • Creates the first mortgage and down payment assistance options
  • Sets the rate, term and points
  • Lender relationships
  • Markets the program
THE LENDER
  • Take applications into Program
  • Reserve in eHousingPlus system
  • process, underwrite, approve, fund, close and sell qualified loans to the program’s Master Servicer.
  • Check with your company on how to reserve a loan in your own system so that you have funds available for closing.
  • Responsible for servicing first and second program loans in accordance with Agency requirements until they’re purchased by the Master Servicer.
THE PROGRAM ADMINISTRATOR(eHousingPlus)
  • Maintains the program reservation system and this website
  • posts guidelines, documents and other related notices
  • provides training on program compliance and system
  • sends program notices, training invitations and other notifications to lenders
  • provides on-line loan management system
  • answers compliance questions
  • provides auto-fill forms
  • sends notices related to loan timeline compliance
  • reviews the compliance files
  • posts and notifies lenders of compliance deficiencies & assists lenders through
  • approves compliance file
  • assists lenders with questions/issues
THE MASTER SERVICER
QUESTIONS?
  • Contact eHousingPlus for questions related to the compliance file, income, first-time buyer, Tax requirement, access to the program, training, eHP system, web site, administrator guidelines
  • Contact US Bank for questions related to the mortgage file, escrow, DU findings, insurance, high priced loans, MDIA, Respa, payments NEW!

 (Commitment Lots issued at  $35,000,000)

Current Rates

  • Lot 8 - Effective 5/30/2013   NEW!
  • 4.50%
  • All loans must be delivered within 45 days of the Reservation Date & Purchased within 60 days of Reservation Date
  • SRP-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. 
  • All Mortgage Loans must be delivered within 60 days of the Reservation Date

Previous Rates

  • Lot 7 – 4.00% (eff 5/22)
  • Lot 6 – 3.75% (eff 4/16)
  • Lot 5 – 4.000% – (eff 4/8)
  • Lot 4 - 4.000% – (eff 2/25)
  • Lot 3 - 3.750% – (eff 1/11/2013)
  • Lot 2 – 3.250% – (eff 12/10/2012)
  • Lot 1 -  3.500% -(eff 10/10/2012)

Downpayment Assistance – (Read NEW Wire Transfer Request Memo and Sample Loan Confirmation)

  • 5.00% – of the final loan amount (effective 10/10/2012)

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

  • Academy Mortgage Corporation
  • Affiliated Bank
  • ARK-LA-TEX Financial Services LLC – DBA Benchmark Mortgage
  • Aspire Financial, Inc.
  • Castle & Cooke Mortgage, LLC
  • Cendera Funding, Inc.
  • Churchill Mortgage Corporation
  • Colonial Savings, F.A
  • Community Development Corporation of Brownsville
  • Cornerstone Home Lending, Inc.
  • DHI Mortgage Co., Ltd.
  • Envoy Mortgage, Ltd
  • Everett Financial, Inc., dba Supreme Lending
  • Fairway Independent Mortgage Corp
  • First Community Bank
  • First Continental Mortgage, LTD.
  • First National Bank – El Paso
  • FNBT dba First Community Mortgage
  • Gateway Mortgage Group, LLC
  • Georgetown Mortgage, LLC
  • Guild Mortgage Company
  • Hometrust Mortgage Company
  • Houstonian Mortgage Group, Inc.
  • iMortgage.com, Inc.
  • InterLinc Mortgage Services, LLC
  • K. Hovnanian American Mortgage, LLC.
  • MI Financial Corporation
  • Mission Mortgage of Texas, Inc.
  • National Bank Mortgage
  • Nationstar Mortgage, LLC
  • Network Funding, L.P.
  • New Penn Financial, LLC
  • Premier Nationwide Lending (NTFN, Inc.)
  • PrimeLending Primewest Mortgage Corp.
  • PrimeWest Mortgage Corp.
  • Pulte Mortgage LLC
  • RMC Mortgage Corporation
  • Real Estate Mortgage Network, Inc.
  • Republic State Mortgage Company
  • Rocky Mountain Mortgage Company
  • Service First Mortgage Co. (SFMC, LP)
  • SWBC Mortgage Corporation
  • The Lending Partners, LLC
  • TXL Mortgage Corporation
  • Universal American Mortgage Company
  • US Bank Home Mortgage
  • Wells Fargo
  • Weststar Mortgage Corporation
  • Whitney National Bank
  • Wintrust Mortgage
  • WR Starkey Mortgage, LLP

Interested in becoming a participating lender?  Contact us.

Program Updates

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 .

 

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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 refrence the guidelines posted on the Summary Tab.

Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time 15 or 30 day extension.
The cost of the extension is 0.25% of the actual principal amount of the Mortgage Note for a fifteen-day extension and 0.50% of the actual principal amount of the Mortgage Note for a thirty-day extension.  The extension fee is due whether or not loans are ultimately delivered and/or purchased.  The extension fee will be netted by the Servicer when loans are purchased.  Any outstanding fees owed by the Lender may result in that Lender becoming ineligible to participate in the Program.

Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.

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Program 79

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.

Sample forms:

Examples of forms:

 

 

 

F.A.Q.
What is the First Time Homebuyer Program?
The First Time Homebuyer Program is a program offered by the state of Texas to help Texans buy their first home. The program provides low-interest rate home loans for eligible families and individuals through the sale of tax-exempt mortgage revenue bonds.
Who is eligible for the program?
Homebuyers who have not owned and occupied within the past three years, who meet program income guidelines and do not exceed the program purchase price limits are eligible to apply for a loan under this program.
What type of home can I buy?
Any new or existing home in the state of Texas that does not exceed the maximum purchase price limits of the program. Manufactured homes are allowable if the home is permanently affixed to a foundation and meet FHA guidelines. All homes purchased under this program must meet certain quality standards.
Are Conventional Loans allowed in this program?
No, All Conventional loans were Suspended on 1/9/2012 (Fannie Mae, Freddie Mac) Click here for details.
Are funds available for downpayment and closing cost assistance?
Program 79 provides an Assisted Rate Option, which gives a borrower 5% of the Loan Amount for Down payment and Closing Cost Assistance. The system will automatically calculate this amount when the ‘Assisted Rate’ option is selected. The Lender has to request the DPA Funds Prior to Closing so that the funds can be wired directly to the Title COmpany/Closing Agent.  Please read the NEW Guidelines related to DPA Funding.
What is recapture tax?
Homebuyers that receive a loan through the First Time Homebuyer Program may be subject to a Federal Recapture Tax. If you: (1) sell your home within nine years; (2) earn significantly more income than when you bought the home; and (3) gain or profit from the sale of the home, you may be subject to recapture tax.
What is a Qualified Veteran’s Exemption?
A service man or woman is considered a first time homebuyer if he/she does not meet the 3- year criteria and has not previously received financing as a first-time homebuyer. The serviceman/ servicewoman may have owned a previous property; however, the property may not have been financed through a first-time homebuyer financing program.
Can a Duplex be financed under the program?
Yes, a duplex may be financed under the program. To qualify as an eligible purchase, one unit of the duplex must be occupied by the Eligible Borrower as his or her Principal Residence.
Does the homebuyer have to repay the Down payment Assistance?
Yes, the DPA must be repaid. All DPA loans will have a stated term of (30) thirty years from the date of settlement of the DPA Loan. The Mortgagor (or “Eligible Borrower”) who finances a Residence with a Mortgage Loan and a DPA Loan will be required to repay the loan prior to the stated term of thirty years from date of settlement if the Mortgagor sells, refinances, transfers, or otherwise disposes of or ceases to occupy the Residence within the thirty ( 30) year term of the DPA Loan.
Does the first time homebuyer requirement apply to homes owned within the United States only or for foreign owned homes too?
The first-time homebuyer requirements is for ANY homeownership, regardless of location, within the past three years.

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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.