ADMINISTRATOR First & DPA GUIDELINES                                              MCC GUIDELINES
PARTICIPATING LENDERS
PROGRAM FUNDS	Issued by the Hillsborough HFA Continuously Funded Program Program funds are available first-come, first-served
ELIGIBLE AREAS	Hillsborough, Clay, Brevard Counties and the City of Jacksonville
ELIGIBILITY CRITERIA	First-time Homebuyers – 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 years – all borrower(s) & spouses Hillsborough requires an MCC with their first mortgage products
LOAN TIME LINE REQUIREMENTS & EXTENSIONS	Please see the guidelines for details
ELIGIBLE LOAN TYPES	FHA, VA, USDA-RD Freddie Mac HFA Advantage – ONLY option is at 80% AMI
AVAILABLE DOWN PAYMENT ASSISTANCE	Please see the guidelines for details and the rates tab
INCOME LIMITS & CRITERIA	Household income is considered for ALL Borrower(s), spouses & anyone 18 years or older. (see guidelines)
HOME ACQUISITION LIMITS	Home Acquisition Limits are based on location of property. (see guidelines)
HOME BUYER EDUCATION	Required for Borrowers.
FICO SCORE & DTI REQUIREMENTS	Please see the guidelines for details
CO-SIGNERS	Please see the guidelines for details
FORMS	Available online within the loan or under 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 getting to the Servicer Lender Guides, Click here. To contact US Bank Lender Help Desk, Click here.

PROGRAM FUNDS	2020 MCC Program $25 Million Includes 5 million Targeted Area Set-aside MCC Credit rate is 250%
ELIGIBLE AREAS	Only Hillsborough County
ELIGIBILITY CRITERIA	First-time Homebuyers – 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
ELIGIBLE LOAN TYPES	FHA, VA, USDA-RD
INCOME LIMIT CRITERIA	Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older.  (see guidelines)
HOME ACQUISITION LIMITS	Home Acquisition Limits (see guidelines)
HOME BUYER EDUCATION	Required for ALL named on the Warranty Deed. View Homebuyer Education Providers.
CO-SIGNERS	Cosigners are permitted for FHA loans as per FHA Guidelines. Cannot be named on the Warranty Deed.
LOAN TIME LINE REQUIREMENTS	Reservation to UW Cert: 10 days Reservation to Close, Delivery, Cleared of all exceptions and Purchased: 65 days
FORMS	Available online. eHP SF Web Management, under Forms.

 

Current Rate/Offerings  

RESERVATION/LOCKS –

• with 15 days from reservation to underwriter’s certification. (can’t extend)
• Program has a 65 day timeline from date reserved to date purchased.
• AVAILABLE WEEKDAYS FROM 10:00 AM – 6:00 PM  (EXCLUDING HOLIDAYS 10-6 EDT )

Rate/Offerings	Min FICO	Lock Rate	DPA
GOVERNMENT
FHA, USDA, VA	640	7.125%	see below
CONVENTIONAL
Freddie Mac 80% AMI	640	n/a	see below

 

• Term: 30 Year Amortizing
• cashback is not allowed

DPA

• up to –
  • $  25,000- Hillsborough except in the City of Tampa $ 5,000
  • $  15,000- Clay
  • $  20,000- Jacksonville
  • $  15,000- Brevard 
• 0.00% second
• Must be used for down payment and closing costs, Cash Back is not allowed
• DPA Forms- The Award Letter, second Mortgage & Note are available online (SF Web Management – Forms)
• EIN provided on the Award Letter

Please note that loans in Hillsborough  County & in Jacksonville must reserve an MCC loan under the Hillsborough MCC Program or the Jacksonville MCC Program.

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eHousingPlus is the Program Administrator, and provides some of the following services:

Guidelines are posted on the Summary Tab

	Preclosing (in case needed) – Notices and Recapture – Click Here
	DOC STAMP EXEMPTION NOTICE – Please see Guidelines 1st Mtg Doc Stamp Affidavit is online 2nd Mtg Doc Stamp Affidavit is online

Lenders are posted on Summary Tab