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TRANSCRIPT
Effective March 1, 2020
Florida Housing Finance Corporation’s
LENDER GUIDE
(Effective March 2, 2020)
Florida First Mortgage Government Loan Program for
TBA
HFA Preferred First Mortgage Conventional Loan
Program for TBA
HFA Advantage First Mortgage Conventional Loan
Program for TBA
IMPORTANT PROGRAM UPDATES ON PAGE 3
.
Florida Housing Finance Corporation Salute our Soldiers Military Loan Program Lender Guide
Effective March 1, 2020 Rev. 03/02/20 2
TABLE OF CONTENTS
Introduction to the Florida Housing Finance Corporation, eHousingPlus and U.S.
Bank Home Mortgage Partnership
3
Where to Direct Your Questions 4
Understanding the Process 7
Salute our Soldiers Military Loan Program 8
2019 INCOME LIMITS & PURCHASE PRICE LIMITS 10-14
FIRST MORTGAGE PROGRAMS (FL First for TBA, HFA Preferred for TBA & HFA Advantage for TBA) TERM SHEET
15
SECOND MORTGAGE PROGRAMS (FL Assist, FL Homeownership Loan Program
(HLP), Salute our Soldiers 3%, 4% and 5% TERM SHEET
19
Reserving 1st
and 2nd
Mortgages Online 22
Closing, Shipping, Clearing Loans for Purchase 23
List of Compliance Documents to Submit after Loan Closing 24
eHP Digital Docs (Instructions for the Delivery of Compliance Files, Fees and
Corrected Deficiencies.)
25
Definitions 29
Important Updates 31
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INTRODUCTION TO THE FLORIDA HOUSING FINANCE CORPORATION, eHousingPlus AND US BANK HOME MORTGAGE PARTNERSHIP
Florida Housing Finance Corporation (FL Housing) (EIN 59-3451366) offers first mortgage products and down payment and closing cost assistance second mortgage programs to eligible First Time Homebuyers through a network of approved Participating Lenders.
Participating Lenders originate, underwrite, close, fund in their loan origination systems, and deliver all closed Program loans to US Bank Home Mortgage for purchase. In addition, Program loans (all first mortgage and second mortgages and grant programs) are reserved/locked, underwriter certified, and final Program closing documents pulled from the eHousingPlus eHPortal.
eHousingPlus (eHousing) • Provides eHPortal, a reservation and reporting system utilized by Participating
Lenders in Florida Housing’s Homebuyer Programs.
• Offers eHPortal training for all Participating Lenders, assistance with the reservation system and assists Participating Lenders with Program questions and requirements.
• Provides eHP Digital Docs, a secure electronic file delivery system in which Participating Lenders upload compliance files and any missing documentation noted through eHousing’s compliance review based on the eligibility requirements set forth in this Program Guide.
• Assists Participating Lenders with submitting Compliance Review Fees through eHousing’s online payment system, eHPay.
• Review and approve the compliance file.
US Bank Home Mortgage (US Bank) • Serves as master servicer of all first and second mortgage loans originated in Florida
Housing’s Homebuyer Program.
• Provides training to Participating Lenders regarding the delivery and purchase requirements of all first and second mortgage loans.
• Offers assistance with loan delivery requirements to Participating Lenders.
• Notifies Participating Lenders of any collateral file exceptions on delivered loans.
Review and purchase the mortgage file.
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WHERE TO DIRECT YOUR QUESTIONS
Please direct any questions or concerns to the appropriate party listed below.
Question Direct Questions to:
Contact Information
How to become an
approved Lender FL Housing [email protected]
How individual staff eHousingPlus Click on this link to attend Program ining members of an approved Training.
Participating Lender can Or contact:
Sign up to participate Jennifer [email protected]
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
Where to attend training eHousingPlus Click on this link to attend Program
for FL Housing’s Training.
Homebuyer Loan Program Or contact:
Jennifer [email protected]
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
Where to attend US Bank
training for Closers and Shippers
US Bank Call US Bank HFA Division
800-562-5165.
Where to attend training eHousingPlus Click on this link to register for the once
for the eHPortal weekly webinar.
system
Or contact:
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
Where to check Program
rates
eHousingPlus Click on this link to view the current rate
Then click on the “Rates/Offerings” link.
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How to reserve a loan eHousingPlus View the System Training Video Library
Or contact: Jennifer [email protected]
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
Where to reserve a loan eHousingPlus View the System Training Video Library
Or contact: Jennifer [email protected]
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
How to modify a loan eHousingPlus View the System Training Video Library
Or contact: Jennifer [email protected]
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
How to pull Program eHousingPlus View the System Training Video Library
documents from the
eHPortal system
Or contact:
Jennifer [email protected]
813-579-6295
Vicki [email protected]
813-579-6283
813-579-6294
Questions regarding eHousingPlus Please contact:
income for the [email protected]
Homebuyer Loan Program 813-579-6293
813-579-6295
813-579-6294
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Credit underwriting
questions
Participating
Lenders should refer to their internal Underwriting Department / Manager or US Bank
US Bank does not re-underwrite loans.
For general questions, contact US Bank at
[email protected] or 800-562-5165 Option 2 (for general questions)
Questions regarding the shipping of closed loan
files
eHousingPlus (for questions
regarding Program compliance files)
US Bank (for questions regarding the first and second mortgage closed loan files)
954-217-0817
800-562-5165 Option 1 (for questions regarding exceptions)
Questions regarding
exceptions
eHousingPlus (for questions regarding exceptions on Program compliance files)
US Bank (for questions regarding exceptions on the first and second mortgage closed loan files)
954-217-0817
800-562-5165 Option 1
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Florida Housing Finance Corporation Salute our Soldiers Military Loan Program Lender Guide
Effective March 1, 2020 Rev. 03/02/20 8
Although Florida Housing has offered a first mortgage program for our military personnel and veterans (the Military Heroes), the Salute our Soldiers Loan Program offers a lower first mortgage rate AND additional special benefits to those who currently serve and those who have served. The Salute our Soldiers is also offered through our TBA (The Bond Alternative) Program which means it offers our military service men and women greater opportunities to achieve homeownership. With our TBA Program, the income and the first time homebuyer status of the borrower(s) only is considered. This Program does not consider household income or the first time buyer status of the spouse, if the spouse is not the loan. (Borrower(s) are those parties appearing on the note.) The Salute our Soldiers Program also offers our veterans and eligible military personnel a greater opportunity to utilize their VA benefit. There is not an upfront 1% Origination Fee charge which means the standard 1% Origination Fee charged on other FL Housing first mortgage loan products is not charged on the Salute our Soldiers first mortgage loans and therefore, will not be considered in VA’s 1% fee cap. Lenders will be paid 2.5% SRP on all Salute our Soldiers first mortgage loans at loan purchase. Lenders are not permitted to charge the standard 1% Origination Fee charged on FL Housing’s other first mortgage program loan products. Salute our Solders will offer lower first mortgage rates, TBA first mortgage loans, a greater opportunity for our veterans to utilize their VA-guaranteed loan benefit and the below DOWN PAYMENT AND CLOSING COST ASSISTANCE PROGRAMS:
FL Assist – up to $7,500 in down payment and closing cost assistance offered as a 0%, non-amortizing, 30-year, second mortgage. Payment is deferred until borrower(s) sell, refinance, pay off the first mortgage, transfer deed or no longer occupy the property as their primary residence at which time, payment will be due and payable, in full.
FL Homeownership Loan Program (HLP) – up to $10,000 in down payment and closing cost assistance offered as a 3%, amortizing, 15-year, second mortgage. Carries a monthly payment that is considered in borrower(s) DTI. Any unpaid principal balance will be required to be repaid, in full, upon the sell, refinance, pay off the first mortgage, transfer deed or if borrower(s) no longer occupy the property as their primary residence.
Salute our Soldiers (3%, 4% or 5%) - 3%, 4% or 5% of the sales price in down payment
and closing cost assistance offered as a 0%, non-amortizing, 5-year, forgivable second mortgage. Forgiven at the rate of 20% a year over its 5-year term. However, if any of the following occur, the borrower(s) refinance, pay off the first mortgage, transfer deed or no
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longer occupy the property as their primary residence, any unpaid principal balance will be required to be repaid, in full, 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.
Florida Housing offers a government first mortgage loan program which offers FHA, USDA or a VA financing option for our military personnel as well as two conventional loan financing options to be paired with our down payment and closing cost assistance programs.
• The Florida First (FL First) (GOVT) for TBA offers eligible borrowers a 30-year, fixed-rate mortgage.
• The HFA Preferred for TBA (CONV) offers eligible borrowers a 30-year, fixed-rate mortgage. Reduced cost PMI applies to borrowers below 80% AMI. Standard PMI applies to borrowers above 80% AMI. Borrowers who qualify for this mortgage program will automatically qualify for down payment assistance.
• The FL HFA Advantage for TBA (CONV) offers eligible borrowers a 30-year, fixed-rate mortgage. Reduced cost PMI applies to borrowers below 80% AMI. This product is not available for borrowers above 80% AMI.
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2019 Income & Purchase Price Limits FL First for TBA (FHA, VA, USDA-RD)
HFA Preferred for TBA HFA Advantage for TBA (ONLY 80% AMI or below)
with the Florida Assist Second Mortgage
County 1-2
Persons
1-2 Persons
Income/12=Monthly
3+ Persons
3+ Persons
Income/12=Monthly
Fannie Mae and Freddie
Mac 80% AMI or
less only All
Household Sizes
Fannie Mae and
Freddie Mac 80%
AMI or less All
Household Sizes
Income/12=Monthly
Acquisition/Purchase Price Limit
Alachua $81,765 $6,813.75 $85,320 $7,110.00 $56,880 $4,740.00 $346,315
Baker $75,785 $6,315.42 $79,080 $6,590.00 $58,640 $4,886.67 $394,686
Bay $74,865 $6,238.75 $78,120 $6,510.00 $50,960 $4,246.67 $346,315
Bradford $74,865 $6,238.75 $78,120 $6,510.00 $47,840 $3,986.67 $346,315
Brevard $75,785 $6,315.42 $79,080 $6,590.00 $52,720 $4,393.33 $346,315
Broward $96,830 $8,069.17 $101,040 $8,420.00 $51,680 $4,306.67 $392,156
Calhoun $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Charlotte $74,865 $6,238.75 $78,120 $6,510.00 $45,840 $3,820.00 $346,315
Citrus $74,865 $6,238.75 $78,120 $6,510.00 $42,160 $3,513.33 $346,315
Clay $84,525 $7,043.75 $88,200 $7,350.00 $58,640 $4,886.67 $394,686
Collier $90,045 $7,503.75 $93,960 $7,830.00 $62,640 $5,220.00 $495,888
Columbia $74,865 $6,238.75 $78,120 $6,510.00 $47,120 $3,926.67 $346,315
DeSoto $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Dixie $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Duval $84,525 $7,043.75 $88,200 $7,350.00 $58,640 $4,886.67 $394,686
Escambia $79,580 $6,631.67 $83,040 $6,920.00 $55,360 $4,613.33 $346,315
Flagler $74,865 $6,238.75 $78,120 $6,510.00 $47,600 $3,966.67 $346,315
Franklin $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Gadsden $79,235 $6,602.92 $82,680 $6,890.00 $55,280 $4,606.67 $346,315
Gilchrist $81,765 $6,813.75 $85,320 $7,110.00 $56,880 $4,740.00 $346,315
Glades $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Gulf $74,865 $6,238.75 $78,120 $6,510.00 $50,960 $4,246.67 $346,315
Hamilton $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Hardee $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Hendry $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Hernando $76,935 $6,411.25 $80,280 $6,690.00 $53,520 $4,460.00 $346,315
Highlands $74,865 $6,238.75 $78,120 $6,510.00 $37,040 $3,086.67 $346,315
Hillsborough $76,935 $6,411.25 $80,280 $6,690.00 $53,520 $4,460.00 $346,315
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County 1-2
Persons
1-2 Persons
Income/12=Monthly
3+ Persons
3+ Persons
Income/12=Monthly
Fannie Mae and Freddie
Mac 80% AMI or
less only All
Household Sizes
Fannie Mae and
Freddie Mac 80%
AMI or less All
Household Sizes
Income/12=Monthly
Acquisition/Purchase Price Limit
Holmes $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Indian River $74,865 $6,238.75 $78,120 $6,510.00 $52,000 $4,333.33 $346,315
Jackson $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Jefferson $79,235 $6,602.92 $82,680 $6,890.00 $55,280 $4,606.67 $346,315
Lafayette $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Lake $79,810 $6,650.83 $83,280 $6,940.00 $52,080 $4,340.00 $346,315
Lee $77,165 $6,430.42 $80,520 $6,710.00 $53,680 $4,473.33 $346,315
Leon $79,235 $6,602.92 $82,680 $6,890.00 $55,280 $4,606.67 $346,315
Levy $74,865 $6,238.75 $78,120 $6,510.00 $36,880 $3,073.33 $346,315
Liberty $74,865 $6,238.75 $78,120 $6,510.00 $42,000 $3,500.00 $346,315
Madison $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Manatee $81,535 $6,794.58 $85,080 $7,090.00 $56,720 $4,726.67 $352,940
Marion $74,865 $6,238.75 $78,120 $6,510.00 $40,160 $3,346.67 $346,315
Martin $74,865 $6,238.75 $78,120 $6,510.00 $47,600 $3,966.67 $360,530
Miami-Dade $97,405 $8,117.08 $101,640 $8,470.00 $51,680 $4,306.67 $392,156
Monroe $109,940 $9,161.67 $114,720 $9,560.00 $66,400 $5,533.33 $581,909
Nassau $84,525 $7,043.75 $88,200 $7,350.00 $58,640 $4,886.67 $394,686
Okaloosa $83,030 $6,919.17 $86,640 $7,220.00 $60,480 $5,040.00 $407,336
Okeechobee $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Orange $79,810 $6,650.83 $83,280 $6,940.00 $52,080 $4,340.00 $346,315
Osceola $79,810 $6,650.83 $83,280 $6,940.00 $52,080 $4,340.00 $346,315
Palm Beach $96,140 $8,011.67 $100,320 $8,360.00 $51,680 $4,306.67 $392,156
Pasco $76,935 $6,411.25 $80,280 $6,690.00 $53,520 $4,460.00 $346,315
Pinellas $76,935 $6,411.25 $80,280 $6,690.00 $53,520 $4,460.00 $346,315
Polk $74,865 $6,238.75 $78,120 $6,510.00 $46,560 $3,880.00 $346,315
Putnam $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Santa Rosa $79,580 $6,631.67 $83,040 $6,920.00 $55,360 $4,613.33 $346,315
Sarasota $81,535 $6,794.58 $85,080 $7,090.00 $56,720 $4,726.67 $352,940
Seminole $79,810 $6,650.83 $83,280 $6,940.00 $52,080 $4,340.00 $346,315
St. Johns $84,525 $7,043.75 $88,200 $7,350.00 $58,640 $4,886.67 $394,686
St. Lucie $74,865 $6,238.75 $78,120 $6,510.00 $47,600 $3,966.67 $360,530
Sumter $81,995 $6,832.92 $85,560 $7,130.00 $57,040 $4,753.33 $346,315
Suwannee $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
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County 1-2
Persons
1-2 Persons
Income/12=Monthly
3+ Persons
3+ Persons
Income/12=Monthly
Fannie Mae and Freddie
Mac 80% AMI or
less only All
Household Sizes
Fannie Mae and
Freddie Mac 80%
AMI or less All
Household Sizes
Income/12=Monthly
Acquisition/Purchase Price Limit
Taylor $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Union $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
Volusia $74,865 $6,238.75 $78,120 $6,510.00 $47,600 $3,966.67 $346,315
Wakulla $74,865 $6,238.75 $78,120 $6,510.00 $55,280 $4,606.67 $346,315
Walton $76,360 $6,363.33 $79,680 $6,640.00 $60,480 $5,040.00 $407,336
Washington $74,865 $6,238.75 $78,120 $6,510.00 $41,360 $3,446.67 $346,315
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2019 Income & Purchase Price Limits FL First for TBA (FHA, VA, USDA-RD)
HFA Preferred for TBA HFA Advantage for TBA (ONLY 80% AMI or below)
with Homeownership Loan Program (HLP) and the Salute our Soldiers 3%, 4% or 5% Second Mortgage
County
FL First for TBA & Fannie Mae over 80%
AMI All Household
Sizes
FL First for TBA & Fannie Mae over
80% AMI All Household Sizes
Income/12=Monthly
Fannie Mae and Freddie Mac
80% AMI or less only All
Household Sizes
Fannie Mae and Freddie Mac
80% AMI or less All Household
Sizes Income/12=Mon
thly
Acquisition/ Purchase
Price Limit
Alachua $99,540 $8,295.00 $56,880 $4,740.00 $346,315
Baker $92,260 $7,688.33 $58,640 $4,886.67 $394,686
Bay $91,140 $7,595.00 $50,960 $4,246.67 $346,315
Bradford $91,140 $7,595.00 $47,840 $3,986.67 $346,315
Brevard $92,260 $7,688.33 $52,720 $4,393.33 $346,315
Broward $117,880 $9,823.33 $51,680 $4,306.67 $392,156
Calhoun $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Charlotte $91,140 $7,595.00 $45,840 $3,820.00 $346,315
Citrus $91,140 $7,595.00 $42,160 $3,513.33 $346,315
Clay $102,900 $8,575.00 $58,640 $4,886.67 $394,686
Collier $109,620 $9,135.00 $62,640 $5,220.00 $495,888
Columbia $91,140 $7,595.00 $47,120 $3,926.67 $346,315
DeSoto $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Dixie $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Duval $102,900 $8,575.00 $58,640 $4,886.67 $394,686
Escambia $96,880 $8,073.33 $55,360 $4,613.33 $346,315
Flagler $91,140 $7,595.00 $47,600 $3,966.67 $346,315
Franklin $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Gadsden $96,460 $8,038.33 $55,280 $4,606.67 $346,315
Gilchrist $99,540 $8,295.00 $56,880 $4,740.00 $346,315
Glades $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Gulf $91,140 $7,595.00 $50,960 $4,246.67 $346,315
Hamilton $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Hardee $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Hendry $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Hernando $93,660 $7,805.00 $53,520 $4,460.00 $346,315
Highlands $91,140 $7,595.00 $37,040 $3,086.67 $346,315
Hillsborough $93,660 $7,805.00 $53,520 $4,460.00 $346,315
Holmes $91,140 $7,595.00 $41,360 $3,446.67 $346,315
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County
FL First for TBA & Fannie Mae over 80%
AMI All Household
Sizes
FL First for TBA & Fannie Mae over
80% AMI All Household Sizes
Income/12=Monthly
Fannie Mae and Freddie Mac
80% AMI or less only All
Household Sizes
Fannie Mae and Freddie Mac
80% AMI or less All Household
Sizes Income/12=Mon
thly
Acquisition/ Purchase
Price Limit
Indian River $91,140 $7,595.00 $52,000 $4,333.33 $346,315
Jackson $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Jefferson $96,460 $8,038.33 $55,280 $4,606.67 $346,315
Lafayette $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Lake $97,160 $8,096.67 $52,080 $4,340.00 $346,315
Lee $93,940 $7,828.33 $53,680 $4,473.33 $346,315
Leon $96,460 $8,038.33 $55,280 $4,606.67 $346,315
Levy $91,140 $7,595.00 $36,880 $3,073.33 $346,315
Liberty $91,140 $7,595.00 $42,000 $3,500.00 $346,315
Madison $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Manatee $99,260 $8,271.67 $56,720 $4,726.67 $352,940
Marion $91,140 $7,595.00 $40,160 $3,346.67 $346,315
Martin $91,140 $7,595.00 $47,600 $3,966.67 $360,530
Miami-Dade $118,580 $9,881.67 $51,680 $4,306.67 $392,156
Monroe $133,840 $11,153.33 $66,400 $5,533.33 $581,900
Nassau $102,900 $8,575.00 $58,640 $4,886.67 $394,686
Okaloosa $101,080 $8,423.33 $60,480 $5,040.00 $407,336
Okeechobee $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Orange $97,160 $8,096.67 $52,080 $4,340.00 $346,315
Osceola $97,160 $8,096.67 $52,080 $4,340.00 $346,315
Palm Beach $117,040 $9,753.33 $51,680 $4,306.67 $392,156
Pasco $93,660 $7,805.00 $53,520 $4,460.00 $346,315
Pinellas $93,660 $7,805.00 $53,520 $4,460.00 $346,315
Polk $91,140 $7,595.00 $46,560 $3,880.00 $346,315
Putnam $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Santa Rosa $96,880 $8,073.33 $55,360 $4,613.33 $346,315
Sarasota $99,260 $8,271.67 $56,720 $4,726.67 $352,940
Seminole $97,160 $8,096.67 $52,080 $4,340.00 $346,315
St. Johns $102,900 $8,575.00 $58,640 $4,886.67 $394,686
St. Lucie $91,140 $7,595.00 $47,600 $3,966.67 $360,530
Sumter $99,820 $8,318.33 $57,040 $4,753.33 $346,315
Suwannee $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Taylor $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Union $91,140 $7,595.00 $41,360 $3,446.67 $346,315
Volusia $91,140 $7,595.00 $47,600 $3,966.67 $346,315
Wakulla $91,140 $7,595.00 $55,280 $4,606.67 $346,315
Walton $92,960 $7,746.67 $60,480 $5,040.00 $407,336
Washington $91,140 $7,595.00 $41,360 $3,446.67 $346,315
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Florida Housing Finance Corporation’s
First Mortgage Program Options
At-A-Glance
(TBA-The Bond Alternative First Mortgage Programs ONLY)
Florida Housing’s EIN 59-3451366
FL First TBA HFA Preferred for TBA
HFA Advantage for TBA
Loan Type Government (FHA, USDA, VA) Conventional (Fannie Mae)
Conventional (Freddie Mac)
Features ● 30-year fixed rate. • 30-year, fixed rate. • Offers reduced cost (PMI) premium for borrowers below 80% AMI
• Standard PMI applies to borrowers above 80% AMI.
• 30-year, fixed rate. • Offers reduced cost (PMI) premium for borrowers below 80% AMI.
Eligible for FL Housing’s MCC Program?
YES YES YES
Eligible for these
FL Housing Second Mortgage
● FL Assist ● FL Homeownership Loan Program (HLP) ● Salute our Soldiers 3%, 4% and 5%
Please note that FL Housing’s down payment assistance program cannot be combined with another FL Housing down payment assistance program.
Loan Delivery Purchase Timeline
60 Day Purchase Timeline
Reservation (rate lock) to UW Certification = 20 Days
Reservation to Purchase = 60 Days
(Mortgage Loans purchased beyond the 60-day purchase deadline are subject to repricing costs or late purchase fees or cancellation. These fees will be deducted from a Participating Lender’s SRP at purchase by US Bank.)
Pricing & Rate Lenders should confirm rate in eHousingPlus eHPortal as it is subject to change daily.
LLPA N/A No LLPA or Adverse Market Fee Applies.
Loan Purpose Purchase only. Refinances are not eligible. Assumptions permitted only on government by a qualified borrower satisfying first time homebuyer requirements, income and purchase limits at time of assumption. Construction to permanent loans are not permitted.
Term 30-year fixed.
LTV / CLTV As permitted by the Agencies (FHA, USDA, VA).
97% / 105%
FICO Minimum 640. Minimum 640 (Higher minimum FICO requirement may apply per MI provider.)
DTI Ratios 45% for USDA, VA. (Or ratio deemed acceptable by US Bank.) 50% Max for FHA for FICOs at or greater than 680.
50% (Fannie Mae: DU Approve/Eligible or MI eligible.) FICOs at or greater than 680. 50% (Freddie Mac LP/LPA) FICOs at or greater than 680.
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Florida Housing’s EIN 59-3451366
FL First TBA HFA Preferred for TBA
HFA Advantage for TBA
Co-Signers or Non-Occupying Co-Borrowers
Not permitted.
Non Purchasing Spouse (NPS)
NPS is not required to qualify as a first time buyer.
Non-Citizen Applicants
Adhere to Agency/GSE (FHA, USDA-RD, VA, Fannie Mae, Freddie Mac) guidelines specific to citizenship requirements and documentation to support citizenship. Borrower(s) must have the ability to permanently and LAWFULLY reside in the State of Florida.
Occupancy Owner occupied only with borrower’s intent to occupy property as their primary residence within 60 days of closing.
Minimum Borrower Contribution
N/A. Required only if GSE or MI provider require.
Cash Back to Borrower
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 Agency/GSE guidelines when applying a principal reduction for cash back other than those received from gift funds.
Assets Borrowers are not required to utilize assets for participation. Adhere to Agency (FHA, USDA, VA) and GSE (Fannie Mae/Freddie Mac) guidelines.
Manual Underwriting
Not permitted. Permitted ONLY for Fannie Mae & Freddie Mac underwritten loans with an LTV of 95% or below.
Maximum allowable DTI is 36%, 2 months PITIA reserves required unless product/property type requires a lower DTI or > 2 months reserves per Fannie Mae/Freddie Mac or MI provider.
Homeowner’s Insurance
Deductible
As required by the Agencies (FHA, USDA, VA). Also refer to US Bank’s Lending Manual at www.hfa.usbank.com under “Funding Documentation Requirements”.
As required by Fannie Mae & Freddie Mac. Also refer to US Bank’s Lending Manual at www.hfa.usbank.com under “Funding Documentation Requirements”.
Flood Coverage (If Applicable)
US Bank’s policy regarding flood coverage may vary from standard flood requirements in the State of Florida or a Lender’s own requirements. Refer to US Bank’s Lending Manual at www.hfa.usbank.com under “Funding
US Bank’s policy regarding flood coverage may vary from standard flood requirements in the State of Florida or a Lender’s own requirements. Refer to US Bank’s Lending Manual at www.hfa.usbank.com under “Funding Documentation Requirements”.
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Florida Housing’s EIN 59-3451366
FL First TBA HFA Preferred for TBA
HFA Advantage for TBA
Documentation Requirements”.
Please note that FHA does not permit private flood insurance. Refer to FHA’s Seller/Servicing Guide for more info.
Assumptions ● Permitted. ● Check Program and Agency (FHA, USDA, VA) guidelines in effect at time of assumption request.
Not permitted.
Prepayments Permitted at any time without penalty.
First Time Homebuyer (FTHB) Requirement
Borrowers must not have had an ownership interest in their primary residence within the last three years unless. Ownership interest is defined as having appeared on deed. Buyers satisfying the Veterans Exception or purchasing in a Federally Designated Targeted Area are exempt from the FTHB Requirement.
Veterans Exception
Refers to the Congressional Act that permanently exempts qualified veterans from the Internal Revenue Code 143 requirement of being a First Time Homebuyer when utilizing loan programs that rely on mortgage revenue bond financing as its funding source. Veterans need not be FTHBs if he or she served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable.
Federally Designated Targeted Area
Means those areas within the State identified as Qualified Census Tracts and Areas of Chronic Economic Distress (if any) which are set forth in this Program Guide.
Homebuyer Education (HBE)
First-Time Homebuyers, EVEN IF QUALIFYING under a Veteran's Exception or those who are exempt by purchasing a home in a Federally Designated Targeted Area as specified in this Program Guide, must complete a Program-approved pre-purchase homebuyer education course. We will accept face-to-face homebuyer education if provided by a HUD approved counseling agency, a unit of local government that provides pre-purchase homebuyer education in FL, or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf. Refer to www.hud.gov for a list of approved education providers by county.
Certificates of Completion are acceptable for 2 years from date of completion.
First-Time Homebuyers, EVEN IF QUALIFYING under a Veteran's Exception or those who are exempt by purchasing a home in a Federally Designated Targeted Area as specified in this Program Guide, must complete a Program-approved pre-purchase homebuyer education course. We will accept face-to-face homebuyer education if provided by a HUD approved counseling agency, a unit of local government that provides pre-purchase homebuyer education in FL, or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf. Refer to www.hud.gov for a list of approved education providers by county. Certificates of Completion are acceptable for 2 years from date of completion.
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Florida Housing’s EIN 59-3451366
FL First TBA HFA Preferred for TBA
HFA Advantage for TBA
Who Must Attend HBE
Any party appearing on the note would need to attend even if the borrower(s) is a Veteran or purchasing in a Targeted Area.
Documentation Required to Verify FTHB Eligibility
Borrower(s) final URLA/1003. Borrower(s) should note the VIII. Declarations, m. Section of the 1003 accordingly.
Property Type ATTACHED / DETACHED 1-UNIT DWELLINGS (includes townhomes).
2-4 UNIT PROPERTIES
● Borrower(s) must occupy one of the units as their primary residence. ● Property must be at least 5 years old.
CONDOS
● Please refer to US Bank website at www.hfa.usbank.com for more info or email [email protected]
Manufactured housing (mobile homes) is not permitted.
Modular housing is permitted.
Please note that no more than 15% of the square footage of the property may be used for business purposes.
ATTACHED/ ATTACHED/ DETACHED 1-UNIT DETACHED 1-UNIT DWELLINGS DWELLINGS ONLY (includes townhomes) (includes townhomes) 2-4 UNIT Borrower(s) must PROPERTIES not have an
• LTV cannot ownership interest in exceed 95%. more than two
• Requires 3% financed residential minimum borrower properties, including contribution. the subject property, as of the Note date.
CONDOS
● Please refer to US Bank website at www.hfa.usbank.com for more info or email [email protected]
Manufactured housing (mobile homes) is not permitted.
Modular housing is permitted.
Please note that no more than 15% of the square footage of the property may be used for business purposes.
Income Considered in Qualifying for Program
1003 or credit qualifying income only. Household income is NOT considered
Subject to Recapture Tax?
NO
Program Participation Restriction
All borrowers are restricted to a one-time participation in FL Housing’s Homebuyer Loan Program. Any party appearing on mortgage, title/deed or note to This includes all first and second mortgage programs.
Loan Closing Information
Doc Stamp & Intangible Tax
First AND second notes and mortgages are exempt. The verbiage below must reflect on all FL Housing first mortgages, which are provided and generated by Participating Lenders:
“This note and the mortgage securing this note arise out of or are given to secure the repayment of a loan issued in connection with the financing of housing and are exempt
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Florida Housing’s EIN 59-3451366
FL First TBA HFA Preferred for TBA
HFA Advantage for TBA
from documentary stamp tax and intangible tax pursuant to section 420.513(1), F.S.”
Power of Attorney (POA)
● Permitted but must satisfy Agency (FHA, USDA, VA) or GSE requirements as well as US Bank’s requirements. Refer to US Bank’s Lending Manual at www.hfa.usbank.com under “Funding Documentation Requirements”. ● Active duty military personnel may provide an “Alive and Well” letter. ● Lenders should contact their title company/closing agents for information regarding POA requirements in the State of FL.
First Mortgage Program Fees
Tax Service Fee
● $80 payable to Core Logic Tax Services or the vendor of the Lender’s choice.
Compliance Fee
● $125 payable to eHousingPlus
Funding Fee ● $200 should reflect as “Investor Funding Fee” on LE/CD.
Lender Fees ● Lenders are permitted to charge their standard and customary origination fees.
Lender Compensation
● Lenders are NOT PERMITTED to charge 1% Origination on this Program as lender will be compensated 2.5% SRP upon loan purchase by US Bank.
Realtor Commission and Realtor Transaction Fee
● Realtor Commission is not permitted to be paid with the Florida Housing’s down payment assistance funds. The buyer may pay using their own funds. Florida Housing funds are restricted to down payment and STANDARD closing costs. Realtor commission is not a standard buyer cost in the State of Florida.
Realtor Transaction Fee may be paid by the borrower but the fee cannot
exceed $400.
First Mortgage Program Documents (Available through eHousing Reservation System)
Required Program Documents
● US Bank Privacy Form ● FHA Obligation Letter (FHA Only) ● FHA Gift Letter (FHA Only)
● US Bank Privacy Form
Second Mortgage Programs Available with the Salute our Soldiers Program
Florida Housing’s EIN 59-3451366
FL Assist FL Homeownership Loan Program (HLP)
Salute our Soldiers 3%, 4% and 5%
Amount of Assistance Up to $7,500 Up to $10,000 3%, 4% or 5% of the Sales Price
Rate 0%, non-amortizing 3%, amortizing 0%, non-amortizing
Term 30-year, balloon 15-year 5-year, forgivable
Repayment Terms Deferred until borrower sells, refinances, pays off first mortgage, transfers deed or no longer occupies property as his/her primary at which point, it becomes due and payable, in full.
Carries a monthly payment. However, if borrower sells, refinances, pays off first mortgage, transfers deed or no longer occupies property as his/her primary then unpaid
Forgiven at the rate of 20% a year over its five-year term. However, if a borrower sells, refinances, pays off first mortgage, transfers deed or no longer occupies property as his/her primary then unpaid principal balance will
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Florida Housing’s EIN 59-3451366
FL Assist FL Homeownership Loan Program (HLP)
Salute our Soldiers 3%, 4% and 5%
principal balance will become due and payable, in full.
become due and payable, in full. Any unpaid principal balance will be forgiven for those military personnel receiving special orders to relocate for more than one year and must sell the property as a result.
Eligible with these
FL Housing First Mortgage Programs
● FL First for TBA (includes FHA, USDA and VA financing) ● HFA Preferred for TBA (Fannie Mae only) ● HFA Advantage for TBA (Freddie Mac only)
Allowable Borrower Costs
● Borrower’s down payment. ● Any down payment exceeding minimum requirement to be applied to first
mortgage principal. ● Reasonable and customary closing costs. PLEASE NOTE: FL Housing’s down payment and closing cost assistance 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.
Income Limits Page 10 FL Assist Page 12 FL HLP and Salute our Soldiers 3%, 4%, 5%
Income Considered in Qualifying for Program
Credit qualifying income or 1003 income.
Purchase Price Limits Page 10 FL Assist Page 12 FL HLP and Salute our Soldiers 3%, 4%, 5%
Disclosure Requirements
LE AND a CD is required. Lenders should be providing these disclosures from their own LOS. FL Housing and eHousingPlus do NOT provide the TRID forms. Disclosing one document without the other is considered non-disclosure and non-compliance with TRID.
Assumptions Not permitted.
Program Participation Restriction
All borrowers are restricted to a one-time participation in FL Housing’s Homebuyer Loan Program. Any party appearing on mortgage, title/deed or note to This includes all first and second mortgage programs.
Loan Closing Information
Doc Stamp & Intangible Tax
First AND second notes and mortgages are exempt. The verbiage below will reflect on all FL Housing second mortgages, which are available in the eHousing eHPortal System. This serves as a directive to title companies/settlement agents.
“This note and the mortgage securing this note arise out of or are given to secure the repayment of a loan issued in connection with the financing of housing and are exempt from documentary stamp tax and intangible tax pursuant to section 420.513(1), F.S.”
Recapture Tax N/A.
Title Insurance Strictly prohibited on Florida Housing’s second mortgages.
Mortgagee Clause Florida Housing Finance Corporation
ISAOA/ATIMA
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Florida Housing’s EIN 59-3451366
FL Assist FL Homeownership Loan Program (HLP)
Salute our Soldiers 3%, 4% and 5%
227 N. Bronough St., Suite 5000
Tallahassee, FL 32301
Power of Attorney (POA) ● Permitted but must satisfy Agency (FHA, USDA, VA) or GSE requirements as well as US Bank’s requirements. Refer to US Bank’s Lending Manual at www.hfa.usbank.com under “Funding Documentation Requirements”. ● Active duty military personnel may provide an “Alive and Well” letter. ● Lenders should contact their title company/closing agents for information regarding POA requirements in the State of FL.
Second Mortgage Program Fees
● Recording Fee ONLY.
● Recording Fee ● $175 Servicing Fee payable to US Bank.
● Recording Fee ONLY.
Special Instructions to Title Companies
All Florida Housing closing and collateral documents should be returned to the originating lender upon execution and recording. Many of these documents reflect Florida Housing as the mortgagee and title companies often return these documents to Florida Housing’s corporate office which can result in loan purchase delays and additional late delivery fees to lenders. Please instruct title companies that these closing and collateral documents should NOT be returned to Florida Housing.
Down Payment Program Documents
Florida Housing’s EIN 59-3451366
FL Assist FL Homeownership Loan Program (HLP)
Salute our Soldiers 3%
Required Program Documents
(Available through eHousing eHPortal)
● FL Assist Note ● FL Assist Mortgage
● FL HLP Note ● FL HLP Mortgage
● Salute our Soldiers Note ● Salute our Soldiers Mortgage
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RESERVING FIRST AND SECOND MORTGAGE LOANS ONLINE
Please contact the eHousingPlus Compliance Team with any questions or concerns at [email protected] or 954-217-0817.
All loans must be registered or reserved through the eHousingPlus eHPortal (www.eHousingPlus.com). Reserving the first and second mortgage loans serve as a “lock” for the rate and the down payment assistance.
Please note that Lenders may also need to “lock” the loan in their own origination system or through their lending institution. Refer to your internal process or requirements specific to “locking” loans that are originated through the FL Housing’s Homebuyer Loan Program.
FL Housing offers a continuously-funded Homebuyer Program. First and second mortgage funds are always available so do not reserve loans early within the 60-day purchase timeline. Mortgage Loans purchased beyond the 60-day purchase deadline are subject to repricing costs and late purchase fees or cancellation. These costs will be deducted from a Participating Lender’s SRP at purchase by US Bank. PAY ATTENTION TO THE RESERVATION TIMELINE. BE SURE YOU ARE RESERVING AND CERTIFYING ACCORDINGLY. LENDERS SHOULD NOT HAVE TO INCUR LATE DELIVERY FEES IF THEY ARE FOLLOWING THE RESERVATION TIMELINE BELOW. RESERVATION TO CERTIFICATION = 20 DAYS This means you have 20 days to certify the loan from the day it is reserved. Certifying = ensuring the loan will close and will be delivered to US Bank for purchase. Keep in mind that once a loan is certified that an underwriter can modify a reservation so that it can be updated to reflect any changes that may have occurred to the loan reservation since certification. RESERVATION TO PURCHASE = 60 DAYS This means you have 60 days from the day the loan was reserved (and 40 days from the day the loan was certified) to get the loan delivered to US Bank and eHousing for review AND loan purchased by US Bank. This means any deficiencies assigned by US Bank and eHousing need to be cleared prior to loan purchase.
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CLOSING, SHIPPING AND CLEARING LOANS FOR PURCHASE
Please contact the eHousingPlus Compliance Team with any questions or concerns at [email protected] or 954-217-0817.
CLOSING
Closers should be verifying all necessary Program documents for data consistency with first mortgage loan documents.
Program documents are available through the eHousing eHPortal. Closers should be pulling the Program documents below for forwarding to the closing agent, title agency or closing attorney.
FIRST MORTGAGE PROGRAM COMPLIANCE DOCUMENTS
● DPA Obligation Letter (for the FL First FHA First Mortgages ONLY.) ● DPA Borrower Gift Letter (for the FL First FHA First Mortgages ONLY.) ● US Bank Privacy Form
SECOND MORTGAGE DOCUMENTS
● FL Assist Second Mortgage Note. ● FL Assist Second Mortgage. ● FL HLP Second Mortgage Note. ● FL HLP Second Mortgage. ● Salute our Soldier Second Mortgage Note ● Salute our Soldier Second Mortgage.
Name affidavit may be required if borrower has more than one legal name reflected in first mortgage loan documents. Power of Attorney (POA) is acceptable but must satisfy Agency (FHA, VA, RD, Fannie Mae, Freddie Mac) and US Bank requirements. Active duty military personnel may provide an “Alive and Well” letter.
Only those appearing on deed need to sign Program documents (exception: a non-borrowing spouse does not sign the second mortgage note). Those appearing on deed must occupy the property as their primary residence.
Advise closing agents that all second mortgage documents are to be returned to the Participating Lender. The second mortgage collateral documents will reflect Florida Housing Finance Corporation as mortgagee and may prompt closing agents to return the fully executed
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second mortgage documents to FL Housing. Packages from closing agents will be returned by Florida Housing to closing agent which may result in loan purchase delays and additional late delivery fees.
Refer to appropriate Term Sheet in this Lender Guide for disclosure requirements on all second mortgages.
SHIPPING
Compliance files should include the following:
● $125 Compliance Review Fee payable to eHousingPlus ● COPY of homebuyer education certificate, if applicable. ● COPY of real estate contract. ● COPY of signed, FINAL 1003. This does not mean the initial 1003 or others completed prior to FINAL executed date of closing. ● COPY of signed Closing Disclosure (CD) for 1st Mortgage ● COPY of signed Closing Disclosure (CD) for 2nd Mortgage ● COPY of warranty deed. ● COPY of gift letter for any refund of gift funds at closing (if applicable).
How does a lender submit the compliance file to eHousingPlus?
See pages 24-27 of this guide for detailed information about eHP Digital Docs.
First mortgage and second mortgage loan file should be forwarded to US Bank. Refer to their website at www.hfa.usbank.com for file submission checklists. Lenders should be providing US Bank with complete loan file submissions based on the checklists provided on their website. Lenders will provide US Bank with a collateral file which consists of the credit underwriting file and all loan documentation to support loan. Collateral documents will include the first AND the second mortgage. Do not forward second mortgage collateral documents to eHousing or FL Housing. US Bank will service second mortgages on behalf of FL Housing’s Homebuyer Loan Program.
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CLEARING LOANS FOR PURCHASE (POST-CLOSING)
eHousingPlus will review all closed compliance loan files to determine if it satisfies all Program requirements. The electronic delivery of the file to eHousingPlus is reviewed on the next page of this guide.
US Bank will review all closed first and second mortgage loan files to determine if it satisfies all Agency and US Bank requirements. Once US Bank receives and reviews a loan file, they will notify Lender of any deficiencies.
Lenders can pull all compliance deficiencies assigned by eHousingPlus and all first and second mortgage loan file deficiencies assigned by US Bank from the eHousingPlus eHPortal.
For more information on how to submit the necessary cure documentation to eHousingPlus or for questions regarding compliance file exceptions, please contact eHousingPlus at [email protected] or 954-217-0817.
For more information on how to submit the necessary cure documentation to US Bank or for questions regarding first and second mortgage loan file exceptions, please contact US Bank at [email protected] or 800-562-5165, option 1.
eHP DIGITAL DOCS
INSTRUCTIONS FOR THE DELIVERY OF
COMPLIANCE FILES, CURE DOCUMENTS AND COMPLIANCE FEES
Please contact the eHousingPlus Compliance Team with any questions or concerns at [email protected] or 954-217-0817.
Compliance files and corrections to previously submitted files with erroneous or missing required documents will be managed through the eHousingPlus Digital Docs Portal. This Digital Docs Portal provides lenders with all the tools necessary to deliver the required documents for the approval of the originated loan(s) in their respective affordable homebuyer programs. This portal is a secure, easy to use and efficient way for lenders to deliver the compliance file, cure documentation and pay the required Compliance Review Fee via our eHPay on-line fee approval and related tools. Who Needs Access to eHP Digital Docs? Closers, Post-Closers, Shippers, Post-Closing and Accounting Personnel.
HELPFUL TIPS FOR UPLOADING COMPLIANCE FILES
• The site works best with the
Google Chrome browser. All
other browsers may encounter
problems.
• If you cannot remember your
password, you can reset it from
the eHP Digital Docs log in screen.
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Digital Docs User Credentials
• You will need a Username and Password to access eHP Digital Docs
a. If you are already an existing Active User of the eHPortal Lender Portal, you will
automatically be set up to use eHP Digital Docs. Your Username and Password will be the
same but you may be prompted to change the password if it does not meet security
guidelines.
b. If you are NEW to any of the eHousingPlus Portals, you will need to request User
Credentials at www.ehousingplus.com/user-credentials.
Access the eHP Digital Docs Portal
• As a Participating Lender in various housing finance agency (HFA) programs, you already know
that our website at https://www.ehousingplus.com/available-programs/florida/FHFC/ is where you
access both program and reservation system information. Click on the PROGRAM Tab and select
the desired HFA’s available Program(s).
• There are two icons you will immediately see:
o This is the existing Lender Origination Portal
o This is the NEW eHP Digital Docs Portal.
NOW YOU ARE READY TO UPLOAD YOUR COMPLIANCE FILE
Upload the Compliance File to Digital Docs
The Compliance File should be a PDF file composed of all required documents on the Checklist. ➢ By clicking “NEW UPLOAD” on the Digital Docs Menu, you will be able to upload the file easily.
➢ Currently, there are three file types you will upload into the new DD Portal: Compliance Files,
DEFI’s, and/or pre-closing documents as required. Additional uploads after the Compliance File
are identified as Defis.
➢ There is a NOTES Feature in case there is any pertinent information you want to add to the
compliance documents.
➢ Once submitted, the system will confirm that the document was uploaded successfully or it will
present an error.
➢ All Files Uploaded, can be seen immediately in UPLOADED DOCS.
➢ All documents must be a PDF format and must not be locked or encrypted.
➢ Documents must be uploaded upright and in a clear legible format.
➢ Use the Checklist to make sure you are delivering all required documents.
Submit the required Compliance Review Fee
➢ Compliance Review Fees may now be submitted separately from the Compliance File.
➢ The NEW eHPay is a secure, efficient method for lenders to pay the fees ON-LINE by enrolling in
this FREE Program. Payments managed through eHPay are processed faster, without fee errors
or other unnecessary delays. Accounting Staff can access eHP Digital Docs and process the
compliance fees payment easily via eHPay.
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Not sure of the required fee for your loan? Use the FIND MY FEE feature under PAYMENT CENTRAL and get your answer instantly.
➢ Compliance Files Uploaded are NOT ready for review until the Compliance Review Fee Payment
has been received by eHP.
➢ FILES PENDING PAYMENT lists Compliance Files that have been uploaded successfully but
whose fee payment is still pending. Lenders can monitor this area to ensure their fees have been
delivered in a timely manner.
➢ UNIDENTIFIED PAYMENTS are payments received from your company without the proper
identification which can be applied to the appropriate loan. Lenders can monitor this area to ensure
that payments made are being properly identified with OUR LOAN NUMBER.
➢ SHORT PAYMENTS indicates incomplete payments and displays the amount paid as well as the
correct fee amount.
Digital Docs Helpful Tips
➢ Sign up for eHPay. This is a secure solution for the payment of fees. Talk to one of our
eHousingPlus Business Representatives about how you can sign up and they can also answer any
questions related to this new service.
➢ Make sure that every payment made is properly identified with OUR LOAN NUMBER. This is
particularly a problem with wires and ACH payments, as well as bundled payments. ACH/Wires do
not properly identify loans in most cases and hold up the processing of your loans!
➢ If submitting a paper check, print the INVOICE/RECEIPT. You can submit the fee for one or several
loans at one time by attaching this receipt to your check.
NOT QUITE READY TO UPLOAD YOUR COMPLIANCE FILES? During this initial transition of delivering Compliance Files digitally through our NEW eHP Digital Docs portal, eHousingPlus will continue to accept paper Compliance Files from those lenders that need a little extra time. If you are sending the paper files, please continue to ship them as you currently do to:
eHousingPlus 3050 Universal Boulevard, Suite 190
Weston, FL 33331 WE trust that you will soon be utilizing all the new features that have been developed to make the delivery of Compliance Files easier and less costly via our NEW eHP Digital Docs portal available for you, our Participating Lenders.
Correcting a Deficient Compliance File
✓ LOAN DEFICIENCIES ARE NO LONGER ACCEPTED VIA EMAIL
The eHPortal (Lender Origination Portal) has various tools that alert lenders when a Compliance File is delivered NON-COMPLIANT / DEFICIENT. These multiple tools assist you, the lender, in easily correcting deficiencies and allow your file to be approved by our Compliance Team in a timely manner.
➢ System generated DEFI emails sent at time of review with corrective actions.
➢ Loans TIMELINE Tab depicts pending deficiencies ANYTIME you log in and view your loan.
➢ EXCEPTIONS/DEFICIENCY Reports are available through the REPORTS Menu.
Florida Housing Finance Corporation Salute our Soldiers Military Loan Program Lender Guide
Effective March 1, 2020 Rev. 03/02/20 28
WHEN YOU ARE READY TO SUBMIT YOUR CURE DOCUMENTATION (DEFIES) OR MISSING DOCUMENTS The Corrected DEFIES will now be submitted and UPLOADED via eHP Digital Docs, using the same easy method the Compliance File is delivered.
▪ Log in to eHP DIGITAL DOCS
▪ Search for your loan
▪ NEW UPLOAD: select your file(s), and if prompted select Corrected DEFI as
‘Type’.
▪ The NOTES Feature is available to add any relevant information if needed.
▪ YOU’RE DONE!
▪ Defies may be uploaded as a lender receives a document.
▪ Corrected Defies may be viewed in eHP Digital Docs under Uploaded Docs.
QUICK TIPS
➢ Save time by trying to consolidate corrections to your loan files.
➢ Working on DEFIES might be easier if grouped by loan & program. Typically, the same types of
errors occur based on varying program criteria.
➢ Use the reports available on the eHPortal (EXCEPTIONS/DEFICIENCIES) as a guide and deliver
them easy using eHP Digital Docs.
Florida Housing Finance Corporation Salute our Soldiers Military Loan Program Lender Guide
Effective March 1, 2020 Rev. 03/02/20 29
DEFINITIONS
Agency means FHA (Federal Housing Administration of the United States Department of Housing and Urban Development), VA (Veteran’s Affairs) or USDA/RD (Rural Development Service of the United States Department of Agriculture).
Conventional Loan Program means any approved loan satisfying the requirement of Fannie Mae originated in Florida Housing’s Homebuyer Program.
Documentary Stamp Tax and Intangible Tax Exemption means under Section 420.513(1), Florida Statutes, first and second mortgages and notes given to secure the repayment of a loan issued in connection with the financing of housing under Florida Housing’s Homebuyer Programs are exempt from documentary stamp tax and intangible tax. Deeds are not exempt.
Fannie Mae means the Federal National Mortgage Association, a corporation organized and existing under the Federal National Mortgage Association Charter Act, 12 U.S.C. 1716 et seq., or any successor thereto.
FHA/VA/USDA-RD Loans means Mortgage Loans which are FHA insured, U.S. Department of Veterans Affairs (VA) Guaranteed, or U.S. Department of Agriculture Rural Development (USDA-RD) Guaranteed.
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 listed throughout this Program Guide.
Freddie Mac means the Federal Home Loan Mortgage Corporation, and its successors and assigns.
Government Loan Program means any FHA, VA or USDA-RD Mortgage Loans originated in Florida Housing’s Homebuyer Program.
GSE means the Government Sponsored Enterprises which includes Fannie Mae and Freddie Mac.
Homebuyer Programs or Program means Florida Housing’s homeownership assistance programs and the requirements of which are set forth in this Program Guide.
Income Limit means the federally adjusted income limits which are set forth in this Program Guide.
Lender or Participating Lender means a home mortgage lending institution approved by Florida Housing for the Program.
Mortgage means the written instrument creating a lien on real property to provide security for the payment of a Mortgage Loan.
Mortgage Loan means a qualified loan originated by a Lender under the Program with respect
Florida Housing Finance Corporation Salute our Soldiers Military Loan Program Lender Guide
Effective March 1, 2020 Rev. 03/02/20 30
to real property, which is evidenced by a Mortgage Note and secured by a Mortgage that creates a first or second lien.
Mortgage Note means the promissory note evidencing the obligation to repay a Mortgage Loan.
Ownership Interest means a person(s) who has owned and occupied a primary residence and appear on the deed to such property.
Private Mortgage Insurance (PMI) means primary mortgage insurance coverage that borrowers must obtain through a private mortgage insurance provider that reduces the risk for lenders and investors on conventional loans that have loan-to-value balances exceeding 80% at loan origination. Program Qualifying Income means a borrower(s) income as reflected on the Uniform Residential Loan Application (URLA) or Fannie Mae Form 1003 (1003) which is considered in credit underwriting.
Purchase Price Limit or Acquisition Limit means the Homeownership Program limits on the maximum purchase price of a home, by county, which are set forth in this Program Guide.
Reasonable and Customary Closing Costs means reasonable and customary fees determined to satisfy all Agency guidelines such that those fees will not impact the insurability or the guarantee of mortgage loans by the Agencies.
State means the State of Florida.
Florida Housing Finance Corporation Salute our Soldiers Military Loan Program Lender Guide
Effective March 1, 2020 Rev. 03/02/20 31
IMPORTANT UPDATES
Effective
Date
Update
Page#
Published
03/01/2020
Created guide for Saluting our Soldiers – available in all Florida Counties.
Throughout
02-28-20 Updated property type for HFA Preferred for TBA and HFA Advantage for TBA
17
03-02-20 Revised income limit charts to include another column.
Corrected spelling of county names.
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