Florida Housing Finance Corporation 2014 HFA Preferred Programs Page !6 Florida Housing Finance Corporation FL HFA PREFERRED CONVENTIONAL LOAN PROGRAM (UPDATED MARCH 21, 2014) Features Loan Delivery Purchase Timeline Borrowers eligible for this first mortgage product also qualify to receive down payment assistance through Florida Housing’s second mortgage program but ARE NOT REQUIRED to participate in the second mortgage program. Some borrowers may choose to participate in the first mortgage program only in order to receive the benefit of lower MI and loan costs but use their own funds for down payment. The current second mortgage program offers $10,000 in down payment and closing cost assistance in the form of a 30 year deferred, 0% non-amortizing loan. 60 Day Timeline ● 20 days from rate lock (reservation) to underwriter certification. ● 40 days reservation to closed, and delivered, loan. ● 60 days reservation to exceptions cleared and loan purchase. Extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days. An extension of up to 30 days may be granted by FL Housing if request is submitted, in writing, to the Program Administrator prior to expiration date. Pricing and Rate Daily pricing program. Rates will be posted by 10 AM in eHousing reservation system. System will be locked at 8 PM nightly. LLPA & Adverse ● No LLPA. Market Delivery Fee ● .25 bps Adverse Market Fee paid by borrower or seller. First Time Borrower(s) who will appear on the Universal Residential Loan Application (URLA) or Homebuyer (FTHB) “1003” cannot have had an ownership interest in a primary residential property within the Requirement last 3 years and cannot have ownership interest in any other residential property at time of closing. Ownership Interest For HFA Preferred loans, an ownership interest is defined as a borrower whose name appears on the deed to any residential property. Residential properties include single family detached, townhomes, condos, and 1-4 unit properties. Fannie Mae also includes manufactured homes, investment properties and vacation homes as residential properties for this Program Exemption to FTHB Veterans do not have to be first time homebuyers. Veterans are defined as “persons who served Requirement in the active military, naval, or air service, and who were discharged or released therefrom under conditions other than dishonorable.” DD 214 must be provided to verify eligibility. However, veterans must adhere to Fannie Mae’s ownership interest requirements. Documentation Required to Verify FTHB Eligibility Borrower(s) final Universal Residential Loan Application (URLA) or the “1003”. Minimum Borrower Required per Agency (Fannie Mae) or mortgage insurance provider guidelines. Contribution Cash Back to Borrower No cash back to borrower(s) at closing. Any cash back to borrower should be applied as a principal reduction to the first mortgage FICO Score Requirements Minimum 640 for LTV’s 95% or lower. ! ! Minimum 680 for LTV’s 95.01-97%. Minimum FICO requirement may apply per mortgage insurance provider. Co-signers Not permitted. Non-Citizen Applicants All loans must adhere to Agency (Fannie Mae) and mortgage insurance provider guidelines. Page !7 Florida Housing Finance Corporation 2014 HFA Preferred Programs Mortgage Insurance Charter level MI coverage applies – refer tp your mortgage insurance provider for more information on the HFA Preferred and any additional overlays that may be required by your MI provider. Homeowner’s As required by Agency (Fannie Mae). No additional US Bank overlays. Insurance Deductible Ratios Homebuyer Education Maximum debt-to-income ratio of 45%. More restrictive DTI requirements may apply per mortgage insurance providers. Borrowers may elect to attend face to face OR online homebuyer education course through a HUD approved agency or mortgage insurance provider. Loan Type CONV, Fannie Mae HFA Preferred only. Loan Purpose Purchase only. Construction to permanent loans are not permitted. Term 30 year fixed rate only. LTV/CLTV Maximum 97% / 105%** Origination / Discount Points 1% Origination permitted and payable to Participating Lender. Occupancy Owner occupied only with borrower’s intent to occupy property as their primary residence within 60 days of closing. 1 unit detached and townhomes ONLY with LTV of 95.01% - 97% 1 unit detached, townhomes and condos with LTV of 95% or lower. Refer to Fannie Mae guidelines regarding condo projects and requirements Limits determined by county and household size. Income limits apply to both first and second mortgage programs. Currently, borrowers qualifying for participation in the first mortgage program will automatically qualify to participate in the FL Assist second mortgage program. Borrower(s) final URLA/1003 will serve as confirmation of borrower(s) income. Only income considered in credit qualifying will serve as program income. Property Type Income Limits Documentation Required to Verify Income Eligibility Purchase Price Limits Limits determined by county. Documentation Required to Verify Purchase Price Limits Final Settlement Statement (HUD-1) AND Final URLA/1003. Doc Stamp & Intangible Tax First AND FHFC second notes and mortgages are exempt. Florida Housing EIN Number Florida Housing EIN 59-3451366 (Added 8-11-14) Federal Disclosure Requirements Lenders are required to adhere to all federal disclosure requirements for first AND second mortgages. Failure to comply will deem loan ineligible for purchase by US Bank Prepayments Permitted at any time without penalty. Tax Service Fee ● $85 deducted from wire by U.S. Bank at time of loan purchase. Compliance Fee ● $225 Compliance Fee payable to eHousing. Funding Fee ● $300 deducted from wire by U.S. Bank at time of loan purchase. Lender Fees ● Normal and customary fees are allowable. Lender Compensation ● ● 1% Origination Charge. 1% SRP paid by FHFC to lender upon purchase. ! ** Those lenders not allowed delegated underwri2ng for HFA Preferred loans exceeding 95% LTV, must adhere to U.S. Bank’s Underwri2ng File Submission Process. Florida Housing Finance Corporation 2014 HFA Preferred Programs ! Page !8 Florida Housing Finance Corporation FL HFA PREFERRED PLUS CONVENTIONAL LOAN PROGRAM (EFFECTIVE JUNE 25, 2014) Features Borrowers eligible for this first mortgage product also qualify to receive 3% in down payment assistance in the form of non-repayable grant funds through Florida Housing. Borrowers are not eligible for the 3% grant unless participating in this first mortgage program. This first mortgage program also offers lower MI savings. Loan Delivery 60 Day Timeline Purchase Timeline ● 20 days from rate lock (reservation) to underwriter certification. ● 40 days reservation to closed, and delivered, loan. ● 60 days reservation to exceptions cleared and loan purchase. Extension fee of .375 will be assessed for any loan not eligible for purchase within 60 days. An extension of up to 30 days may be granted by FL Housing if request is submitted, in writing, to the Program Administrator prior to expiration date. Pricing and Rate Premium priced program with daily pricing. Rate will be offered at a slightly higher rate than the FL HFA Preferred Conventional Loan Program. Rates will be posted by 10 AM in eHousing reservation system. System will be locked at 8 PM nightly. LLPA & Adverse ● No LLPA. Market Delivery Fee ● .25 bps Adverse Market Fee paid by borrower or seller First Time Borrower(s) who will appear on the Universal Residential Loan Application (URLA) or 1003 cannot Homebuyer (FTHB) have had an ownership interest in a primary residential property within the last 3 years and cannot Requirement have ownership interest in any other residential property at time of closing. Ownership Interest For HFA Preferred Plus loans, an ownership interest is defined as a borrower whose name appears on the deed to any residential property. Residential properties include single family detached, townhomes, condos, and 1-4 unit properties. Fannie Mae also includes manufactured homes, investment properties and vacation homes as residential properties for this Program Exemption to FTHB Veterans do not have to be first time homebuyers. Veterans are defined as “persons who served Requirement in the active military, naval, or air service, and who were discharged or released therefrom under conditions other than dishonorable.” DD 214 must be provided to verify eligibility. However, veterans must adhere to Fannie Mae’s ownership interest requirements. Documentation Required to Verify FTHB Eligibility Borrower(s) final Universal Residential Loan Application (URLA) or the “1003”. Minimum Borrower If required per Agency (Fannie Mae) or mortgage insurance provider guidelines. Contribution Cash Back to Borrower No cash back to borrower(s) at closing. Any cash back to borrower should be applied as a principal reduction to the first mortgage FICO Score Requirements Minimum 640 for LTV’s 95% or lower. Minimum 680 for LTV’s 95.01-97%. Minimum FICO requirement may apply per mortgage insurance provider. Not permitted. Co-signers Non-Citizen Applicants All loans must adhere to Agency (Fannie Mae) and mortgage insurance provider guidelines. Mortgage Insurance Charter level MI coverage applies. Refer to your mortgage insurance provider for more information on the HFA Preferred and any additional overlays that may be required by your MI provider. Homeowner’s As required by Agency (Fannie Mae). No additional US Bank overlays. Insurance Deductible Ratios Homebuyer Education Maximum debt-to-income ratio of 45%. More restrictive DTI requirements may apply per mortgage insurance providers. Borrowers may elect to attend face to face OR online homebuyer education course through a HUD approved agency or mortgage insurance provider. Page !9 Florida Housing Finance Corporation 2014 HFA Preferred Programs Loan Type CONV, Fannie Mae HFA Preferred only. Loan Purpose Purchase only. Construction to permanent loans are not permitted. Term 30 year fixed rate only. LTV/CLTV Maximum 97% / 105%** Origination / Discount Points 1% Origination or 1% Discount (not both) permitted and payable to Participating Lender. Occupancy Owner occupied only with borrower’s intent to occupy property as their primary residence within 60 days of closing. 1 unit detached and townhomes ONLY with LTV of 95.01% - 97% 1 unit detached, townhomes and condos with LTV of 95% or lower. Refer to Fannie Mae guidelines regarding condo projects and requirements Limits determined by county and household size.. Currently, borrowers qualifying for participation in the HFA Preferred Plus Conventional Loan Program will automatically qualify to receive 3% of the purchase price as gift funds. Borrower(s) final URLA/1003 will serve as confirmation of borrower(s) income. Only income considered in credit qualifying will serve as program income. Property Type Income Limits Documentation Required to Verify Income Eligibility Documentation Required to Verify Household Size Program Documentation Requirement Purchase Price Limits ! Household Size Affidavit which is available in the online reservation system. Please note the Household Size Affidavit is ONLY required if a permanent household member will not reflect on the URLA/1003 but would increase household size from 1-2 people to 3 or more in qualifying the borrower(s) for higher income limits. Borrowers must execute a Down Payment Acknowledgment Form available in the HDS online reservation system. Limits determined by county. Documentation Required to Verify Purchase Price Limits Doc Stamp & Intangible Tax Final Signed Settlement Statement (HUD-1) AND Final Signed URLA/1003. Florida Housing EIN Number Florida Housing EIN 59-3451366 (Added 8-11-14) Federal Disclosure Requirements Prepayments Lenders are required to adhere to all federal disclosure requirements for first mortgage loans. Tax Service Fee ● $85 deducted from wire by U.S. Bank at time of loan purchase. Compliance Fee ● $225 Compliance Fee payable to eHousing. Funding Fee ● $300 deducted from wire by U.S. Bank at time of loan purchase. Lender Fees ● Normal and customary fees are allowable. Lender Compensation ● ● 1% Origination or 1% Discount Charge. 1% SRP paid by FHFC to lender upon purchase. ! First mortgage and note are exempt. ! Permitted at any time without penalty. * * Those lenders not allowed delegated underwriting for HFA Preferred loans exceeding 95% LTV, must adhere to U.S. Bank’s Underwriting File Submission Process.
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