EXAS EPARTMENT OF OUSING AND COMMUNITY My First Texas Home ...

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS My First Texas Home / My Choice Texas Home / Mortgage Credit Certificate ?Step by Step Guide

Step

Step 1. Qualify Borrower for Program Eligibility

My Choice Texas Home

? NO First Time Homebuyer Requirement

? Income Limit (1003

income)

? Purchase Price Limits

My First Texas Home Program, Bond Loan and

Bond Eligible

? First Time Homebuyer

? Income Limit ? Purchase Price Limit

My First Texas Home Program & Mortgage Credit

Certificate, "Combo" Option

? First Time Homebuyer

? Income Limit ? Purchase Price Limit

? 3 years Tax Transcripts or ? 3 years Tax Transcripts or

signed tax return

signed tax return

? Homebuyer Education ? Homebuyer Education ? Homebuyer Education

Property Types ? Single Family Units,

new or existing ? Duplexes,

one unit owner occupied ? Condominiums and Townhomes ? Manufactured Homes

Property Types

Property Types

? Single Family Units, new ? Single Family Units, new

or existing

or existing

? Duplexes, one unit

? Duplexes, one unit

owner occupied

owner occupied

? Condominiums and

? Condominiums and

Townhomes

Townhomes

? Manufactured Homes ? Manufactured Homes

Stage/Status N/A

Page | 1 of 6

May, 2019

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS My First Texas Home / My Choice Texas Home / Mortgage Credit Certificate ?Step by Step Guide

Step

My Choice Texas Home

My First Texas Home Program, Bond Loan

and Bond Eligible

My First Texas Home Program & Mortgage

Credit Certificate, "Combo" Option

Stage/Status

Step 2. Underwrite the Loan

? Lender underwrites ? Lender underwrites ? Lender underwrites

the loan using FHA,

the loan using FHA,

the loan using FHA,

VA, USDA or FNMA

VA, USDA or FNMA

VA, USDA or FNMA

HFA preferred

HFA preferred

HFA preferred

guidelines.

guidelines.

guidelines

? Minimum FICO 620 ? Minimum FICO 620 ? Minimum FICO 620 Reservation

? No DTI if AUS

? No DTI if AUS

? No DTI if AUS

approval

approval

approval

? If Manual UW ? 45% ? If Manual UW ? 45% ? If Manual UW ? 45%

DTI

DTI

DTI

Step 3. Loan Reservation

Reserve the loan on the Lender Portal at: /availableprograms/texas/texasdepartment-of-housingcommunity-affairs/

Reserve the loan on the Lender Portal at: /availableprograms/texas/texasdepartment-of-housingcommunity-affairs/

Reserve the loan and MCC on the Lender Portal at: /availableprograms/texas/texasdepartment-of-housingcommunity-affairs/

Reservation

Step 4. Underwriter Certify

Once you have your final numbers for loan closing, have UW certify borrower and loan information in Lender Portal.

Once you have your final numbers for loan closing, have UW certify borrower and loan information in Lender Portal.

Once you have your final numbers for loan closing, have UW certify borrower and loan information in Lender Portal.

UW Certification

Page | 2 of 6

May, 2019

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS My First Texas Home / My Choice Texas Home / Mortgage Credit Certificate ?Step by Step Guide

Step

My Choice Texas Home

My First Texas Home Program, Bond Loan

and Bond Eligible

My First Texas Home Program & Mortgage

Credit Certificate, "Combo" Option

Step 5. Download

? Loan Confirmation ? Loan Confirmation ? Loan Confirmation

Program documents for ? UW Certification

? UW Certification

? UW Certification

loan closing out of

? Compliance File

? Compliance File

? Compliance File

TDHCA lender portal on

Checklist

Checklist

Checklist



? Applicant Affidavit ? Notice to Buyer

? Notice to Buyer

? Certificate of Lender ? Applicant Affidavit ? Applicant Affidavit

/available-

? Subordinate (2nd)

? Seller Affidavit

? Seller Affidavit

programs/texas/texas-

Lien Note and Deed ? Certificate of Lender ? Certificate of Lender

department-of-housing-

of Trust

? Affidavit of Co-

? Affidavit of Co-

community-affairs/

? Legally Enforceable

signor, if applicable

signor, if applicable

Obligation Letter ? Disclosure of 2nd

? Notice of Recapture ? Notice of Recapture

Tax

Tax

Mortgage Loan

? Subordinate (2nd)

? Subordinate(2nd)

Terms

Lien Note and Deed

Lien Note and Deed

? TDHCA Closing

of Trust

of Trust

Instructions to Title ? Legally Enforceable ? Legally Enforceable

Company

Obligation Letter

Obligation Letter

(FHA)

(FHA)

? Disclosure of 2nd

? Disclosure of 2nd

Mortgage Loan

Mortgage Loan

Terms

Terms

? Tax Exempt Rider to ? TDHCA Closing

1st lien deed of trust

Instructions to Title

? TDHCA Closing

Company

Instructions to Title

Company

Stage/Status UW Certification

Page | 3 of 6

May, 2019

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS

My First Texas Home / My Choice Texas Home / Mortgage Credit Certificate ?Step by Step Guide

Step

My Choice Texas Home

My First Texas Home Program, Bond Loan

and Bond Eligible

My First Texas Home Program & Mortgage

Credit Certificate, "Combo" Option

Stage/Status

Step 6. Close/Fund Mortgage Loan

Close and fund according to Agency and Program Guidelines.

Close and fund according to Agency and Program Guidelines.

Close and fund according to Agency and Program Guidelines.

UW Certification

Step 7.

? $225 Compliance Fee ? $225 Compliance ? $225 Compliance

Deliver Compliance File ? All documents noted

Fee

Fee

to eHousingPlus

in the Compliance ? All documents noted ? MCC Issuance Fee,

File Checklist

in the Compliance

$500

File Checklist

? All documents

noted in the

Compliance File

? Upload Compliance

Checklist

File via eHP Digital ? Upload Compliance

Documents

File via eHP Digital ? Upload Compliance

Documents

File via eHP Digital

Documents

UW Certification/ eHP Compliance

Page | 4 of 6

May, 2019

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS My First Texas Home / My Choice Texas Home / Mortgage Credit Certificate ?Step by Step Guide

Step

My First Texas Home My Choice Texas Home Program, Bond Loan and

Bond Eligible

My First Texas Home Program & Mortgage

Credit Certificate, "Combo" Option

Stage/Status

? Step 8. Deliver the Purchase File to Idaho HFA

?

Purchase file, upload ? electronically using Lender Connection.

Original Note sent to: ? Idaho Housing and Finance Association 565 W. Myrtle Street Boise, ID 83702

Purchase file, upload ? electronically using Lender Connection.

Original Note sent to: ? Idaho Housing and Finance Association 565 W. Myrtle Street Boise, ID 83702

Purchase file, upload electronically using Lender Connection.

Original Note sent to: Idaho Housing and Finance Association UW Certification/ eHP 565 W. Myrtle Street Compliance Boise, ID 83702

Step 9. Check Loan Status

? Follow Up

? Follow Up

? Follow Up

Docs/Conditions

Docs/Conditions

Docs/Conditions

? Upload through

? Upload through

? Upload through

Lender Connection

Lender Connection

Lender Connection

? Compliance File and ? Compliance File and ? Compliance File and

Purchase File

Purchase File

Purchase File

deficiencies will be

deficiencies will be

deficiencies will be

sent to contact noted in the checklist.

sent to contact noted in the checklist.

sent to contact noted in the checklist.

UW Certification/ eHP Compliance

? Be mindful of the 60 ? Be mindful of the 60 ? Be mindful of the 60 day expiration period day expiration period day expiration period

Page | 5 of 6

May, 2019

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

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

Google Online Preview   Download