florida housing finance corporation’s … · florida housing finance corporation (fl housing)...

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



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.



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]

[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

Joe [email protected]

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


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:

[email protected]

813-579-6295


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.

mailto:[email protected]


http://www.ehpuniversity.com/index.html?page_id=28




http://www.ehpuniversity.com/index.html?page_id=28




https://www.ehousingplus.com/ehpu/





https://www.ehousingplus.com/available-programs/florida/FHFC/



How to reserve a loan eHousingPlus View the System Training Video Library

Or contact: Jennifer [email protected]

813-579-6295


813-579-6283


813-579-6294

Where to reserve a loan eHousingPlus View the System Training Video Library


813-579-6295


813-579-6283


813-579-6294

How to modify a loan eHousingPlus View the System Training Video Library


813-579-6295


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


813-579-6283


813-579-6294

Questions regarding eHousingPlus Please contact:

income for the [email protected]

Homebuyer Loan Program 813-579-6293

[email protected]

813-579-6295

[email protected]

813-579-6294

https://university.ehousingplus.com/login.aspx?page=/default.aspx





















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)

[email protected]

954-217-0817

[email protected]

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)

[email protected]

954-217-0817

[email protected]

800-562-5165 Option 1








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



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.



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



County 1-2

Persons

1-2 Persons

Income/12=Monthly

3+ Persons

3+ Persons

Income/12=Monthly


Mac 80% AMI or

less only All

Household Sizes

Fannie Mae and

Freddie Mac 80%

AMI or less All

Household Sizes

Income/12=Monthly


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



County 1-2

Persons

1-2 Persons

Income/12=Monthly

3+ Persons

3+ Persons

Income/12=Monthly


Mac 80% AMI or

less only All

Household Sizes

Fannie Mae and

Freddie Mac 80%

AMI or less All

Household Sizes

Income/12=Monthly


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



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


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



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


80% AMI or less only All

Household Sizes


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



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.






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”.

http://www.hfa.usbank.com/









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.






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










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


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







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






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



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




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.




CLOSING, SHIPPING AND CLEARING LOANS FOR PURCHASE


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




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.




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


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.






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.

https://www.ehousingplus.com/available-programs/florida/FHFC/



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.



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.



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



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.



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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