HFA of Lee County   

 

Own a Home Opportunity Administrator Guidelines   
PARTICIPATING LENDERS   
ISSUING AGENCY
  • Housing Finance Authority of Lee County
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
  • Reservations are OPEN M-F, between 10am – 8pm EST excluding Holidays; All other system functions are available 24/7
ELIGIBLE AREAS
  • Lee (including Charlotte, Collier, DeSoto, Sarasota) and Palm Beach Counties
ELIGIBILITY CRITERIA
  • First-time Homebuyers – Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to Underwriter Certification – 15 days (can’t extend, loans will be cancelled)
  • Reservation to Closed & Delivered First Mortgage Loan – 45 days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 70 days
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac 80% AMI
MCC 
  • This program can be combined with the Own a Home MCC Program.  
    • for details, please reference the MCC Tab
DOWN PAYMENT ASSISTANCE
  • up to $7,500 – Lee  (including Charlotte, Collier, DeSoto, Sarasota) and  up to $10,000 – Palm Beach
  • 0%, 30 year, deferred second mortgage
  • Loan is never forgiven. (or due upon sale, refinancing, transfer of title, or rental of the home if done within first 30 years) ,
INCOME LIMIT CRITERIA
  • Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • Income Limits are based on household size by county, for both Target and Non-Target areas. 
  • see guidelines 
HOME ACQUISITION LIMITS 
  • Home Acquisition Limits are by county, Non-Target or Target Areas 
  • see guidelines 
HOME BUYER EDUCATION
  • Required
FICO SCORE REQUIREMENT
  • see guidelines
CO-SIGNERS
  • Co-signers are permitted for FHA loans. Follow FHA guidelines.
  • Co-Signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  • For information on how your company can participate in this program, Click here
FORMS
  • Program Forms are available on-line and automated. After you login to Lender Portal, click on FORMS
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or to contact the US Bank Lender Help Desk, Click here.
Own a Home Opportunity GRANT Administrator Guidelines  
ISSUING AGENCY Housing Finance Authority of Lee County
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
  • Reservations are OPEN M-F, between 10am – 8pm EST excluding Holidays; All other system functions are available 24/7
ELIGIBLE AREAS 
  • Lee, Broward, Charlotte, Collier, DeSoto, Palm Beach, Sarasota, St Johns & Volusia Counties in Florida
ELIGIBILITY CRITERIA
  • No First-Time buyer requirement
  • Buyers & Spouses must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
LOAN TIMELINE REQUIREMENTS Please DO NOT Reserve early.  Borrowers should be qualified prior to locking reservation.

  • Reservation to Underwriter Certification – 15 calendar days (can’t extend)
  • Reservation to Closed & Delivered First Mortgage Loan – 45 calendar days (can’t extend)
  • Reservation to Exceptions Cleared & First Mortgage Loan Purchased – 70 calendar days
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac 80% AMI
  • Freddie Mac OVER 80% AMI 
MCC 
  • This program can be combined with the Own a Home MCC Program.  
    • for details, please reference the MCC Tab
DOWN PAYMENT ASSISTANCE
  • Assistance – based on the final loan amount (note)
  • non repayable Grant
INCOME LIMIT CRITERIA 
  • Household income = 1003 Credit Qualifying Income
  • see Guidelines  
HOME ACQUISITION LIMITS
  • Home Acquisition Limits are based on the county.
  • see Guidelines 
HOME BUYER EDUCATION
  • Required
FICO & DTI  REQUIREMENT
  • see Guidelines 
CO-SIGNERS
  • Co-signers are permitted for FHA loans. Follow FHA guidelines. Co-Signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  • For information on how your company can participate in this program, Click here
FORMS
  • Program Forms are available on-line and automated. After you login to Lender Portal, click on FORMS
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.
ADMINISTRATOR GUIDELINES   
ISSUING AGENCY Housing Finance Authority of Lee County
PROGRAM FUNDS
  •  20 million in MCC allocation
ELIGIBLE AREAS
  •  Lee, Charlotte, Collier, DeSoto, Sarasota and St. Johns Counties
ELIGIBILITY CRITERIA
  • First-Time buyer requirement
  • Buyers & Spouses must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
LOAN TIMELINE REQUIREMENTS Please DO NOT Reserve early. Your Underwriter MUST UW Certify the loan 15 days after Reservation, or lock will be cancelled.
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac HFA Advantage
INCOME LIMIT CRITERIA  

  • Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older residing in the home.
  • see guidelines 
HOME ACQUISITION LIMITS
  • Home Acquisition Limits are defined by county, Non-Target or Targeted Areas
  • see guidelines 
HOME BUYER EDUCATION
  •  All borrowers must attend home buyer education from an educational provider approved by the Issuer.
FICO SCORE REQUIREMENT
  •  None
CO-SIGNERS
  • Follow Agency (FHA, VA, Freddie Mac) guidelines.
  • Co-Signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  •  For information on how your company can participate in this program, Click here
FORMS
  • Program Forms are available on-line and automated. After you login to Lender Portal, click on FORMS

Current Rate/Offerings – Reservation/locks are AVAILABLE from 10:00am-8:00pm EDT (excluding weekends & holidays)

see below Rate/Offerings FICO DPA Lock Rate
  GOVERNMENT (w/Second)  
FHA, USDA-RD, VA 640 $7,500 or $10,000 7.125%
  CONVENTIONAL  
Freddie Mac 80% AMI or OVER 80% AMI 640 $7,500 or $10,000 7.250%
  GOVERNMENT (Grant)  
FHA, USDA-RD, VA 640 3% n/a
FHA, USDA-RD, VA 640 4% n/a
FHA, USDA-RD, VA 640 5% n/a
   CONVENTIONAL  
Freddie Mac 80% AMI or OVER 80% AMI 640 0% 7.000%
Freddie Mac 80% AMI or OVER 80% AMI 640 3% n/a
Freddie Mac 80% AMI or OVER 80% AMI 640 5% n/a

 

DPA

  • Must be used for  Down Payment and/or Closing Costs Assistance
  • Cashback is not allowed
  • Lender funds and is reimbursed by US Bank at purchase
  • w/Second Mortgage – up to $7,500 – Lee  (including Charlotte, Collier, DeSoto, Sarasota)  and up to $10,000 – Palm Beach

 

 

Please see each of the Programs Summary Tab