HFAofManatee

HFA of Manatee County 

Please see the guidelines for details.

This Summary applies to all Programs.  Please see the Single Family and Grant Tab options.

ADMINISTRATOR GUIDELINES  –  SINGLE FAMILY PROGRAM         GRANT PROGRAM      MCC PROGRAM 
PARTICIPATING LENDERS   
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
  • Manatee County, Florida
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to Underwriter Certification – 15 days (can’t extend, must certify or 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, Freddie Mac OVER 80% AMI
DOWN PAYMENT ASSISTANCE & ADDITIONAL MCC  Program offers several options;

  • Deferred second mortgage DPA up to $15,000 – 0%, 30 year 
  • Non repayable Grant
  • MCC: An additional Mortgage Credit Certificate for 50% Please see the Rates Tab
HOME BUYER EDUCATION 
  • see Guidelines
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.
ELIGIBILITY CRITERIA
  • Options for Non First-Time Homebuyers (First Mortgage) & First-time Homebuyers (MCC)
    • Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses (MCC)
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
INCOME LIMIT & 
HOME ACQUISITION LIMITS
  • Household income considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • Please see guidelines

 

ELIGIBILITY CRITERIA
  • Qualifying only the Borrower(s)
  • Non First-Time,  must be able to permanently reside in the U.S. 
  • Borrower(s) must occupy property within 60 days of closing, Principal Residence
INCOME LIMIT  &  
HOME ACQUISITION LIMITS 
  • Household income = 1003 Credit Qualifying Income only borrower(s) See Guidelines.
  • see guidelines
PROGRAM FUNDS
  •  Program end date 12/31/2023
ELIGIBILITY CRITERIA
  • Options for Non First-Time Homebuyers (First Mortgage) & First-time Homebuyers (MCC)
    • Applies to All Borrower(s) & Spouses (occupant or non-occupant)
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses (MCC)
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
INCOME LIMIT  &
HOME ACQUISITION LIMITS
  • Household income considered for ALL Borrower(s) , spouses and anyone 18 years or older
  • see guidelines 

 Current Rate/Offerings – Borrowers should be qualified prior to locking reservation.

SINGLE FAMILY Rate/Offerings FICO DPA Lock Rate
GOVERNMENT  
FHA, USDA-RD or VA 660 up to 10,000 6.500%
CONVENTIONAL  
Freddie Mac 80% AMI or OVER 80% AMI 640 up to 10,000 7.000%
GRANT – Rate/Offerings FICO DPA  
GOVERNMENT
  
FHA, USDA-RD or VA 660 3% n/a
CONVENTIONAL  
Freddie Mac

80% AMI or OVER 80% AMI

 640 0% 7.750%
3% n/a
4% n/a
5% n/a

 

  • Term: 30 Year Amortizing

DPA

  • to be used for Down Payment and/or Closing Costs Assistance
    • up to $10,000  $15,000 – 0%, 30 year deferred second mortgage -Effective 6/16/22
    • Non repayable Grant