See Guidelines (under the Guide & Forms Tab) for all details

ADMINISTRATOR GUIDELINES  –   Government Loans          Conventional Loans
Program Highlights
PARTICIPATING LENDERS
PROGRAM FUNDS	Program funds are available first-come, first-served from a continuously funded revolving pool
RESERVATIONS / LOCKS	Reservations are OPEN weekdays, between 9am – 8pm Central (10-9 EST) excluding Holidays; All other system functions are available 24/7
LOAN TIME LINE REQUIREMENTS	DO NOT RESERVE EARLY.  BORROWERS SHOULD BE QUALIFIED BEFORE RESERVING.  Reservation (Lock) to UW Cert:  25  days (loans cancel if not certified) Reservation to Loan Purchase:  70 day locks
ELIGIBLE AREAS	State  – Excluding specific areas: City Limits of: El Paso, Grand Prairie, McKinney and Travis County
ELIGIBILITY CRITERIA	There is no first-time homebuyer requirement in this program. Follow Agency (FHA, etc) guidelines for non-citizens. Those with permanent asylum do qualify & should provide an I-9. Buyers must occupy the property within 60 days of closing.
ELIGIBLE LOAN TYPES	Government FHA, VA, USDA-RD [RHS] Conventional Freddie Mac 80% AMI  Fannie Mae 80% AMI  Fannie Mae OVER 80% AMI
AVAILABLE DOWN PAYMENT ASSISTANCE	Assistance is based on the final loan amount (see rates) Paid by SETH at closing
INCOME LIMIT CRITERIA	Household income = 1003 Credit Qualifying Income Please see guidelines
HOME ACQUISITION LIMITS	Please see guidelines
HOME BUYER EDUCATION	SETH course is required.  Click here Please see guidelines
FICO SCORE & CREDIT REQUIREMENT	Please see guidelines
CO-SIGNERS	Cosigners permitted only for FHA.
THE AGENCY	Issues the First Mortgage Program and Down Payment Assistance Program, Sets the rate, term, points and DPA options Lender relationships, Markets the Program SETH
SETH WIRE REQUEST	SETH Wire Transfer Request – must be submitted 2 business days before loan closing/funding. The actual Request Form is in the system with all the other forms.
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, Click here.

Reservation/locks – AVAILABLE weekdays from 9 am-8 pm Central (excluding holidays – 10-9 EDT )

Note:

• DPA – Assistance is calculated on Final Loan Amount
  • DPA 2nd Liens, 3 Year, forgivable
  • Manual Underwriting Permitted on some products, please reference guidelines
• 1.5% SRP: FHA, VA, USDA and Conventional Loan Types

Please see the Summary Tab

Please see the Summary Tab