Transcription of THE FL HFA PREFERRED CONVENTIONAL LOAN …
1 florida housing finance corporation (FHFC) 2014 !THE FL HFA PREFERRED CONVENTIONAL loan PROGRAM ! !Lender Guide Published 1-31-14 Program Updates on Page 3 See Page 3 for list of changes per Fl housing comments ! ! ! !! Page 2!TABLE OF CONTENTS !PROGRAM UPDATES 4 THE florida housing PARTNERSHIP TEAM 5 TERMS and REQUIREMENTS 8 loan DELIVERY PURCHASE TIMELINE 8 PRICING AND RATE 8
2 LLPA and ADVERSE MARKET DELIVERY FEE 9 THE FIRST TIME HOMEBUYER REQUIREMENT 9 EXEMPTION TO THE FIRST TIME HOMEBUYER REQUIREMENT 9 MINIMUM BORROWER CONTRIBUTION 9 CASH BACK TO BORROWER 9 FICO SCORE REQUIREMENT 9 CO-SIGNERS 9 NON-CITIZENS 10 MORTGAGE INSURANCE 10 HOMEOWNER S INSURANCE DEDUCTIBLE 10 RATIOS 10
3 HOMEBUYER EDUCATION REQUIREMENT 10 loan TYPE 10 loan PURPOSE 10 loan TERM 10 LTV/CLTV 11 ORIGINATION / DISCOUNT POINTS 11 OCCUPANCY 11 PROPERTY TYPE 11 INCOME
4 LIMITS 11 PURCHASE PRICE LIMITS 11 DOC STAMP AND INTANGIBLE TAX 12 FEDERAL DISCLOSURE REQUIREMENTS 12 PREPAYMENTS 12 FL HFA PREFERRED PROGRAM FEES 12 LENDER FEES 12 LENDER COMPENSATION 12 COMPLIANCE DOCUMENTATION REQUIREMENTS 13 HOUSEHOLD INCOME LIMITS FOR THE FL HFA PREFERRED AND 14 THE FL ASSIST SECOND
5 MORTGAGE PROGRAM 14 ACQUISITION (PURCHASE PRICE) LIMITS FOR THE FL HFA PREFERRED 16 AND THE FL ASSIST SECOND MORTGAGE PROGRAM 16 ! Page 3 florida ASSIST SECOND MORTGAGE 17 florida ASSIST (FL ASSIST)
6 SECOND MORTGAGE 18 TERMS and REQUIREMENTS 18 THE FIRST TIME HOMEBUYER REQUIREMENT 18 TERM 18 RATE 18 ORIGINATION / DISCOUNT POINTS 18 FEDERAL DISCLOSURE REQUIREMENTS 18 INCOME LIMITS 18 PURCHASE PRICE LIMITS 19 PREPAYMENTS 19
7 SECOND MORTGAGE PROGRAM FEES 19 SECOND MORTGAGE PROGRAM DOCUMENTS 19 RECORDATION REQUIREMENTS 19 HOW TO ORIGINATE THE FL HFA PREFERRED 20 ATTEND TRAINING! 20 GET ACCESS TO THE RESERVATION SYSTEM 20 QUALIFY YOUR BORROWERS 20 RESERVE YOUR loan 20 DISCLOSE 20
8 UNDERWRITE AND CERTIFY 20 CLOSE AND FUND THE FIRST AND SECOND MORTGAGE LOANS 20 SHIP CLOSED loan FILE FOR PURCHASE 21 ! Page 4 PROGRAM UPDATES !!Effective DateProgram UpdatePage!#2-21-14 Added information regarding Household Size Affidavit!
9 13! Page 5 THE florida housing PARTNERSHIP TEAM Puts All The Pieces Together To Create Affordable Home Ownership for Floridians! ! florida housing finance corporation ( florida housing ): Provides a first and second mortgage program. If a borrower qualifies for a florida housing first mortgage, they will also qualify for down payment and closing cost assistance that s available as a second mortgage.
10 The Program do
