PDF 30 Year Fixed

Tip: To find specific information for a product, Press Ctrl+F (or use "Find" from the Edit Menu) and then search for the information or topic you are looking for. If you don't find the topic the first time, try variations, different terms or less words.

Florida Housing Finance Corporation FHA Loan 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 Purpose Unit Occupancy

Credit Score

DTI Ratio

Reserves

680

50

AUS Determines

96.5 1051 Purchase 1-4

O/O

660-679

45

640-659

45

AUS Determines 1 month + current 6 month

employment history

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

PRODUCT NAMES

? Florida Housing Bond FHA 30 Year Fixed Effective 6/1/2022 Military Heroes loan program will no longer be available.

? Florida Housing Bond FHA Military Heroes 30 Year Fixed ? Florida Housing Assist 2nd DPA ? Florida Housing HLP 2nd DPA

? Florida Housing TBA HFA Hurricane Michael Recovery FHA 30 Year Fixed ? Florida Housing Hurricane Michael 2nd DPA

NEW FLORIDA HOUSING

Effective 9/1/2020 TBA Hurricane Michael Recovery Program with HM DPA Second was released. Florida Housing Product Code = PRMG Product Code:

Florida Housing Finance Corporation FHA Loan Program

1 of 41

09/08/2022 Guidelines Subject to Change

PRODUCT CODE AND CORRESPONDING PRMG PRIOR PRODUCT CODE ALLOWABLE ORIGINATION CHANNELS

SERVICER EIN (FEDERAL TAX ID) COVID-19 ADDITIONAL REQUIREMENT

PRODUCT REQUIREMENT

FLORIDA FIRST MORTGAGE

MILITARY HEROES FIRST MORTGAGE LOAN PROGRAM

DOWN PAYMENT/CLOSING COST ASSISTANCE OVERVIEW

? Bond FL First = Florida Housing FHA 30 Year Fixed ? Bond FL Military Heroes = Florida Housing FHA Military Heroes 30 Year Fixed

? Retail ? 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@

? U.S. Bank = Master Servicer ? eHousingPlus = Program Administrator/Compliance ? ? Florida Housing HFA EIN: 59-3451366

? Please refer to COVID-19 Informational document for guidance pertaining to topics such as Income/VVOE, Title/Recording, Appraisals. Until further notice the guidance in the informational document supersedes the information provided in the product profiles

? ? 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. ? The Florida First (FL First) offers eligible borrowers a 30-year, fixed-rate mortgage. Borrowers who qualify for this mortgage program will automatically qualify for down payment assistance through the FL Assist Second Mortgage Program or the FL HLP Second Mortgage Program. ? 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. ? Income and purchase limits apply, see sections below Effective 6/1/2022 Military Heroes loan program will no longer be available. ? The Military Heroes offers eligible borrowers a 30-year, fixed-rate mortgage with a rate that is 25 bps less than the Florida First. ? To be eligible for the Military Heroes Program, borrower(s) must be a veteran whose discharge status is anything other than dishonorable, or active duty personnel from the military (Air Force, Army, Coast Guard, Marine Corps, Navy, National Guard, or the Reserves). ? Borrowers qualifying for this mortgage program will automatically qualify for down payment assistance through the Florida Assist Second Mortgage Program or the FL HLP Second Mortgage Program. ? 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. ? Verification of eligibility may include discharge papers for non-active duty personnel, a current military photo ID for active duty personnel, or alternative documentation that supports eligibility. ? Income and purchase limits apply, see sections below ? Florida Housing offers two second mortgage programs that provides eligible firsttime homebuyers: ? For loans reserved on or after 4/4/22: Florida Housing Assist is a 0.00% deferred

second mortgage of up to $10,000 that can be used for down payment, closing

Florida Housing Finance Corporation FHA Loan Program

2 of 41

09/08/2022 Guidelines Subject to Change

? ? ?

? ?

?

?

FLORIDA ASSIST 2ND

?

MORTGAGE DPA

? ? ?

?

?

? ?

?

Florida Housing Finance Corporation FHA Loan Program

costs and prepaids, mortgage insurance premiums, or as a principal reduction to

the first mortgage.

? For loans reserved prior 4/4/22: Florida Housing Assist is a 0.00% deferred

second mortgage of up to $7,500 that can be used for down payment, closing

costs and prepaids, mortgage insurance premiums, or as a principal reduction to

the first mortgage.

Florida Housing HLP is a 3%, 15 year, fully amortizing 2nd lien in the amount of up to

$10,000 that can be used for down payment, closing costs and prepaids, mortgage

insurance premiums, or as a principal reduction to the first mortgage.

The funds may be used to fund up to 100% of the Borrower's cash requirement to

close, including the down payment, closing costs, pre-paid items and other related

Mortgage Loan fees and expenses.

Any potential cash back to borrower should be applied as a principal reduction to the

first mortgage unless the cash back is from gift funds.

? Gift Funds may be used for down payment, closing costs, debt payment, to

establish reserves for the borrower(s), or any other Agency allowed purpose.

Since this is not the borrower(s)' own funds, a refund of any excess gift funds is

not considered "cash back" for Program purposes and therefore, is permitted.

When refunding gift funds, include a copy of the Agency required Gift Letter in

the compliance file.

? Adhere to FHA guidelines when applying a principal reduction for cash back

other than those received from gift funds.

Underwriter Certification requirement: Within 45 days of Reservation date.

The compliance file will be delivered to eHousingPlus and the mortgage file including

the credit package will be delivered to U.S. Bank.

DPA Funds must be provided upfront by lender to be reimbursed by U.S. Bank at

purchase

Additional loan must be created in FT360 to accommodate 2nd lien and should be created at the same time the 1st lien is created for disclosure, document and funding

purposes.

This down payment assistance (DPA) program is available to borrowers at 120% of

AMI or below (adjusted for household size) and can be used to cover down payment

as well as reasonable and customary closing costs.

For loans reserved on or after 4/4/22: Offers up to $10,000

For loans reserved prior to 4/4/22: Offers up to $7,500

This is a second lien that will subordinate to the FHA first mortgage and must be

considered "secured borrowed funds"

On the loan application, Question C "Is any part of the down payment borrowed"

should show as Yes. The Florida Assist 2nd Mortgage is not forgivable. Repayment is deferred, except in

the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the

property or until such a time the mortgagor ceases to occupy the property at which

time, the Florida Assist will become payable in full.

Any down payment exceeding minimum requirement to be applied to first mortgage

principal.

Please Note: The Florida Assist down payment assistance CANNOT be used to cover

the cost difference between the sales price and appraised value and CANNOT be

used to pay off borrower debt. The difference between appraised value and sales

price or debt repayment must be paid with the borrowers' own funds.

Borrower(s) must not have had an Ownership Interest in their primary residence

within the past 3 years unless purchasing in a Federally Designated Targeted Area or

if they qualify under the Veteran's Exemption.

3 of 41

09/08/2022 Guidelines Subject to Change

FLORIDA HLP 2ND MORTGAGE DPA

HURRICANE MICHAEL RECOVERY LOAN PROGRAM FIRST MORTGAGE WITH FORGIVABLE 2ND MORTGAGE

? TRID disclosures are required ? The Florida Assist Second Mortgage and the Florida Assist Second Mortgage Note are

available on the eHousing Plus website. ? Additional loan must be created in FT360 to accommodate second lien

? Offers up to $10,000 ? 3% interest rate, 15 Year, fully amortizing second mortgage ? This is a second lien that will subordinate to the FHA first mortgage and must be

considered "secured borrowed funds" ? On the loan application, Question C "Is any part of the down payment borrowed"

should show as Yes. ? The Florida HLP Second Mortgage cannot be combined with any of FL Housing's

other down payment or grant programs. ? This down payment assistance (DPA) program is available to borrowers who meet

the income limit requirements found here: ? The Florida HLP Second Mortgage carries a monthly payment. The unpaid balance of the Florida HLP Loan will become payable in full in the event of sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property.

? Any down payment exceeding minimum requirement to be applied to first mortgage principal.

? Please Note: The Florida HLP down payment assistance CANNOT be used to cover the cost difference between the sales price and appraised value and CANNOT be used to pay off borrower debt. The difference between appraised value and sales price or debt repayment must be paid with the borrowers' own funds.

? Borrower(s) must not have had an Ownership Interest in their primary residence within the past 3 years unless purchasing in a Federally Designated Targeted Area or if they qualify under the Veteran's Exemption.

? TRID disclosures are required ? The Florida HLP Second Mortgage and the Florida HLP Second Mortgage Note are

available on the eHousing Plus website. ? Additional loan must be created in FT360 to accommodate second lien

? Effective 9/1/2020 TBA Hurricane Michael Recovery Loan Program with HM DPA Second was released.

? The Hurricane Recovery Loan Program offers a borrower a 30-year fixed rate first mortgage and a 2nd mortgage up to $15,000.

? The second mortgage program provides eligible borrower(s) with funds that can be used for down payment, closing costs and prepaids, mortgage insurance premiums, or as a principal reduction to the first mortgage.

? This program is available for borrowers purchasing in hurricane recovery area which includes: Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla & Washington Counties.

? The 2nd DPA is not a stand-alone second mortgage program. In order to receive Hurricane assistance, a borrower must use one of the Florida Housing first mortgage loan products.

? The DPA is a five (5) year forgivable second mortgage. ? The DPA assistance amount is up to $15,000. ? There is no interest and no monthly payments for the DPA. ? The DPA assistance amount is forgiven 20% each year for 5 years. ? Any unpaid principal balance (UPB) will be forgiven for those active duty military

personnel which are required to relocate and sell their property as a result. Proof of

Florida Housing Finance Corporation FHA Loan Program

4 of 41

09/08/2022 Guidelines Subject to Change

FLORIDA ASSIST 2ND MORTGAGE DPA AND FLORIDA HLP 2ND

MORTGAGE DPA DOCUMENTS

relocation must be provided to US Bank Home Mortgage for forgiveness of remaining UPB. ? The borrower(s) must have a minimum FICO score of 640. ? The borrower is not required to be a first-time homebuyer, for the purpose of the Hurricane Michael Recovery Loan Program ONLY, the First Time Homebuyer Requirement is waived in the 11 Hurricane Michael counties. ? Borrower must meet both the income and purchase price limits which can be found on eHousingPlus website for this program.

? Borrower must have a signed real estate purchase agreement for a specific property in the specific counties.

? Homebuyer education is only required for first time homebuyers. ? Income and purchase price limits refer to eHousingPlus website under TBA Hurricane

Michael Program guidelines as it is county specific: ? ? Reservation Timeline:

? Reservation to Underwriter Certification 45 days ? Reservation to loan purchase 60 days ? Any down payment exceeding minimum requirement to be applied to first mortgage principal. ? The Hurricane Michael Recovery Loan Program cannot be combined with any of FL Housing's other down payment programs. However, the Hurricane Michael Recovery Loan Program can be combined with other stand-alone down payment assistance programs provided by other agencies like SHIP.

? Additional loan must be created in FT360 to accommodate second and should be created at the same time the 1st lien is created for disclosure, document and funding purposes.

? There is no cash back allowed to the borrower. ? The DPA is reserved when the first mortgage loan is reserved. ? The DPA loan documents are available in eHousingPlus Lender Portal. ? PRMG will be uploading two packages one to eHousingPlus for compliance review

and to U.S. Bank for purchase of the closed loan file. ? The lender will fund the first and second mortgage. The lender is reimbursed at time

of loan purchase. ? Note: DPA funds CANNOT be used to cover the cost difference between the sales

price and the appraised value and CANNOT be used to pay off borrower debt. The difference between appraised value and sales price or debt repayment must be paid with borrower's own funds. ? Enter Florida Housing Hurricane Michael Loan Recovery EIN on HUD's FHA Loan Underwriting and Transmittal Summary in conjunction with secondary financing assistance, grants or gifts to the borrower when the borrower is receiving an FHA First Mortgage. ? Create a 2nd loan in FT360 ? Loan is TRID compliant ? The LE & CD's can come from doc magic ? Closing docs needed ? Final CD and the remainder of the closing docs can come from the eHousing website ? FL Assist

? FL Assist Second Mortgage Note (for the FL Assist Second Mortgage.) ? FL Assist Second Mortgage (for the FL Assist Second Mortgage.) ? FL HLP ? FL HLP Second Mortgage Note (for the FL HLP Second Mortgage.)

Florida Housing Finance Corporation FHA Loan Program

5 of 41

09/08/2022 Guidelines Subject to Change

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download