30 Year Fixed

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Florida HFA of Hillsborough Home Sweet Hillsborough FHA Program Must be referred to AFS for Origination

(loan cannot be originated by branch) Must be processed by Corporate Processing Team

(loan cannot be processed by branch)

DPA options subject to change based on market conditions Must confirm availability with Housing Authority.

30 Year Fixed

LTV

CLTV2,3

Purpose

Unit

Occupancy

Credit Score DTI Ratio

Reserves

680

50

AUS determines

96.5

1051

Purchase

1-4

O/O

660-679

45

AUS determines

640-659

45

1 month

1. On purchases, the CLTV is further limited to 100% (of the adjusted value) or the standard FHA LTV limit (96.50%)

(depending on the type of financing) if the subordinate lien is NOT from an instrumentality of government or

government agency that is providing down payment and/or closing cost assistance in the form of secondary

financing.

2. Max LTV/CLTV may be exceeded when financing the Funding Fee, however max loan amount may NOT be exceeded

3. Any loan utilizing the Single Unit Approval will have a maximum LTV of 90% LTV (can only be exceeded with financed

upfront MIP), maximum TLTV 90%, no other secondary financing allowed

PRODUCT NAMES

? HFA of Hillsborough FHA 30 Year Fixed

? HFA of Hillsborough 2nd DPA

ALLOWABLE

? Retail

ORIGINATION CHANNELS

? Loans must be referred to the AFS department for origination. Loan Officer must

be physically located in Florida to originate this product.

? Must be processed by Corporate Processing Team (loan cannot be processed by

branch). Branch to assign Processing queue 000 ? PALS Corp and send email with

Loan Number and Borrower name to processingoverflow@

SERVICER

? U.S. Bank = Master Servicer

? eHousingPlus = Program Administrator/Compliance

HFA of Hillsborough FHA FHA Loan Program

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finance-authority/

EIN (FEDERAL TAX ID)

? HFA of Brevard EIN: 59-2397009

? Clay County HFA EIN: 59-2300194

? HFA of Hillsborough EIN: 59-2616184

? Jacksonville HFA EIN: 52-1333450

PRODUCT REQUIREMENT ? Housing Authority approval required. Loan must be submitted to eHousingPlus

(Administrator) and approved by them in the required timeframe as outlined in the

product profile and on their website. Loan may not proceed to docs or funding

without eHousingPlus Compliance approval.

HFA OF HILLSBOROUGH ? The HFA of Hillsborough County sponsors a multi-county single family mortgage

PROGRAM OVERVIEW

program for first-time buyers. By inter-local agreement between the HFAs of

Hillsborough County, Clay County, Brevard County and (city of) Jacksonville, are

participating jurisdictions. By grouping several programs together, minimum pool

amounts are met much faster. Once pools are settled, the dollar amount of loans in

the pool are added back to the revolving fund of available allocation. The process

reduces the turnaround time making funds available continuously.

? Borrowers will receive a 30-year, fixed rate, fully-amortizing first mortgage with a

deferred/repayable 30-year, 0.00% DPA second lien with an amount depending on

the county in which the property is located

? Borrowers qualifying under this program must utilize the down payment assistance

associated with this program. The first trust deed is not allowed to be used without

using the DPA.

HFA OF HILLSBOROUGH ? For any loan using an MCC, the loan officer must review the information provided

MORTGAGE CREDIT

in the following link, as well as taking any training on the MCC provided by the

CERTIFICATE (MCC)

HFA. MCC Information:

ge%20Credit%20Certificates%20Information.pdf

? The HFA has collectivity authorized the issuance of Mortgage Credit Certificates

(MCCs) -- a federal income tax credit. An MCC entitles the recipient to take an annual

federal income tax credit. A tax credit represents a reduction of actual federal

income taxes due. The holder of the MCC may use the credit each year the loan is

outstanding as long as the property continues to be their principal residence

? All qualified borrowers purchasing a home in Hillsborough County and Duval

County are required to receive an MCC issued from the HFA of Hillsborough

County MCC Program or the Jacksonville HFA MCC Program only. Since Clay

County does not have its own MCC program, the Florida Housing MCC and

Florida Housing fee schedule may be used instead, but it is not mandatory.

The MCC is not currently available in Brevard County.

? It is necessary to reserve the first mortgage and then separately reserve an MCC in

the separate MCC program

? Clay County does not have its own MCC program. Therefore, the use of an MCC in

Clay County is not mandatory; however, all qualified borrowers purchasing a home in

Clay County may utilize the Florida Housing MCC - refer to the Florida Housing MCC

guidelines for more information.

? All MCC's will be issued by eHousingPlus including re-issuance of MCC's as a result of

refinance and replacement of MCCs

? Hillsborough HFA MCCs follow the same guidelines for the first mortgage.

? The Lender is responsible for filing a form with the IRS in each year in which they

originate loans for which MCCs are issued, and for keeping certain records regarding

the MCCs. For participating lenders, the annual form will be forwarded via email by

HFA of Hillsborough FHA FHA Loan Program

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the Program Administrator for execution and filing by the Lender.

? MCC'S in this program qualify for re-issuance if the first mortgage loan is refinanced.

Contact the Program Administrator for more information and current charges.

? Process the first mortgage following these guidelines. After closing, simply follow the

compliance file checklists.

? There are separate checklists for the first mortgage and for the MCC. The MCC and

Final Recapture Notice will be issued by the Program Administrator via mail sent to

the borrower at the property address once the compliance file is approved. Each

January, the Program Administrator will provide the Lender with the required IRS

reporting form for each year in which the Lender originates loans with MCC's.

DOWN

? The second mortgage may ONLY be used with a Hillsborough First Mortgage. If a

PAYMENT/CLOSING COST

borrower qualifies for the HFA of Hillsborough First Mortgage, they will

ASSISTANCE OVERVIEW

automatically qualify for the DPA

? The down payment assistance is county-specific, 30 year, 0% deferred (or due upon

sale, refinancing, transfer of title, or rental of the home if done within first 30 years)

? Hillsborough County (unincorporated County): up to $25,000 in down payment

assistance in the form of a 30-year deferred/repayable, 0% second mortgage.

? Hillsborough County (City of Tampa): for loans reserved on or after 4/3/2023: up

to $5,000 in down payment assistance in the form of a 30-year

deferred/repayable, 0% second mortgage.

? Brevard County: up to $15,000 in down payment assistance in the form of a 30-

year deferred/repayable, 0% second mortgage.

? Clay County: up to $15,000 in down payment assistance in the form of a 30-year

deferred/repayable, 0% second mortgage.

? For loans reserved on or after 6/22/2023: Duval County: up to $10,000 in down

payment assistance in the form of a 30-year deferred/repayable, 0% second

mortgage.

? For loans reserved prior to 6/22/2023: Duval County: up to $20,000 in down

payment assistance in the form of a 30-year deferred/repayable, 0% second

mortgage.

? The DPA is never forgiven

? Lenders must use the program second mortgage and note showing the HFA as the

mortgagee. With the HFA as the mortgagee, the funds may be used to fulfill FHA's

borrower minimum contribution

? The HFA will fund the second mortgage at closing via their escrow agent (see

eHousing website for instructions on requesting funds form HFA)

? After reserving first mortgage funds, lenders choose Add Additional to reserve the

DPA. Lenders will be prompted to choose the correct DPA by a popup on the screen.

SECOND MORTGAGE

? Create a loan in 360 for 2nds (all counties)

CLOSING DOCUMENTS ? 2nd is to be disclosed with 1st

? ALL LOANS PRIOR TO 01-01-2020 REQUIRE A GFE AND HUD 1 SETTLEMENT

STATEMENT

? ALL LOANS AFTER 01-01-2020 REQUIRE LE AND CD TO BE DISCLOSED (GFE WILL NOT

BE ACCEPTED ON LOANS DISCLOSED AFTER THIS DATE)

? Pre-closing forms- including an initial LE and COC LE's if needed

? All forms listed below can be pulled from E Housing Website

? Duval and Hillsborough Counties:

? Notices to Buyers

? Recapture Brochure (informational only, not signed)

? MCC Notice to Buyers

? MCC Recapture Brochure

? Brevard and Clay Counties

HFA of Hillsborough FHA FHA Loan Program

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VETERANS EXCEPTION

TARGETED AREAS

AUS DATA ENTRY REQUIREMENTS OF DPA LIEN

HFA of Hillsborough FHA FHA Loan Program

? Notices to Buyers ? Recapture Brochure (informational only, not signed) ? Brevard only and only if using the MCC, MCC Notices to Buyers ? Brevard only and only if using the MCC, MCC Recapture Brochure ? Closing docs including an initial and final CD ? Home Sweet Home Program Forms

? Affidavit/Certification ? Second Mortgage & Note ? DPA Award Letter ? First Mortgage Doc Stamp Affidavit ? Second Mortgage Doc Stamp Affidavit ? Hillsborough Only: Patriot Act Disclosure ? MCC Program Forms ? MCC Affidavit/Certification ? Note: the lender will prepare the required CD for the Second Mortgage disclosure. ? Documentary Stamp Tax Lenders should log-in to the eHPortal to view a letter from the HFA, instructions and sample documents. The first mortgage and second mortgage are exempt from documentary stamps. To qualify for the exemption, an affidavit must be recorded IMMEDIATELY PRIOR OR IMMEDIATELY AFTER the first mortgage and the second mortgage as a separate document

? The Veterans Exception waives the requirement for the past three years' tax transcripts and that borrowers be first-time buyers

? For the Veterans Exception, a "veteran" is defined as "a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable."

? The Mortgagor Affidavit has a paragraph that must be checked that states: "Mortgagor (Co-mortgagor) meets the requirements to qualify as a "veteran" as defined in 38 U.S.C. Section 101 and has not previously obtained a loan financed by single family mortgage revenue bonds utilizing the veteran exception to the firsttime homebuyer requirement set forth in Section 416 of the Tax Relief and Health Care Act of 2006. Attached hereto are true and correct copies of my discharge or release papers, which demonstrate that such discharge or release was other than dishonorable."

? Targeted areas are determined by census tract number provided by HUD specifically for this program. Targeted areas are considered either economically distressed or have very low loan origination.

? Refer to the eHousing Plus guidelines for specific census tract that constitute the HUD Targeted areas:

? Borrowers purchasing in targeted areas do not need to be first-time buyers and are not required to submit the past three years' tax transcripts.

? See Housing Authority Products with Second Liens in FT360 in the Resource Center, which can be located at the following link: AuthorityProductswithDPALiensinFT360.pdf

? In the Secondary Financing of the HUD-92900LT FHA Loan Transmittal screen ? Enter the Secondary Financing Source/EIN ? Select the Correct Check box (Gov't ? A Government Entity is the source of the secondary financing, NP ? A Non-Profit Agency is the source of the secondary financing, Family ? A Family member is the source of the secondary financing,

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Other ? There is another source of the secondary financing (completed checkbox

which will enable if selected)

? Enter the Amount of the Secondary Financing

? In the MORNET Plus Community Lending Section of the Fannie Mae Additional

Data Form:

? Do not select Community Lending on the Mornet Community Lending screen

? If HFA Second Mortgage being used, Community Second needs to be

checked

? If HFA grant is being used neither Community Lending nor Community

Second should be checked

TRAINING

? For program and system training ? eHousingPlus offers training:



finance-authority/

? Anyone who will reserve funds, complete an underwriter certification, print forms or

clear exceptions is highly encouraged to attend a 30-minute systems training.

Register to attend:

? For underwriting, delivery and funding information ? see U.S. Bank website



OBTAINING CREDENTIALS ? Program training for the HFA of Hillsborough Program is mandatory for anyone who

is working with the program. Training is provided online 24/7 on the eHousing Plus

website here:

programs/florida/hillsborough-housing-finance-authority/

? Following completion of eHousing Plus Program Training, an email will be sent to

lenders giving directions on how to apply for User Credentials for the lender portal.

These instructions are for both new users of system and existing users looking to add

programs to their profile.

? For assistance with eHousing Plus User Credentials, contact:

? Jennifer Erwin at 813-579-6295 or by email at jennifer@

? Vicki Stewart at 813-579-6283 or by email at vicki@

? Ashlynn Mosher at 954-217-0817, x261 or by email at

ashlynne.mosher@

AGENCY LINKS

? For additional reference, the HFA of Hillsborough guidelines are posted on

eHousingPlus website:

programs/florida/hillsborough-housing-finance-authority/

? In addition to any Product Profile requirements, you must always meet the published

HUD guidelines and master servicer, U.S. Bank, lending criteria. If published HUD

guidelines or U.S. Bank are more restrictive then what is allowed in the Product

Profile, you must always defer to HUD Guidelines.

? For underwriting, delivery and funding information ? see U.S. Bank website

then click on U.S. Bank Lending Manuals

? All PRM G staff can access all end Agency guidelines though AllRegs Online at

. Instructions on how PRMG staff can

access the AllRegs service is available in the Resource Center.

? Use the following link to access the HUD Housing Handbooks site, and from there,

obtain access to the 4000.1 Handbook:

?

s/handbooks/hsgh

? Access the All Regs version of the Handbook at:

?

MINIMUM LOAN

? No Minimum Loan Amount

AMOUNT

HFA of Hillsborough FHA FHA Loan Program

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