01travis
Travis HFC – Hill Country Home Down Payment Assistance Program 
ADMINISTRATOR GUIDELINES   
PARTICIPATING LENDERS   
PROGRAM FUNDS
  • Continuous Funding
  • RESERVATIONS/LOCKS – OPEN 9 am – 7 pm CT (10 am – 8 pm EST )
  • All other functions available 24/7
ELIGIBLE AREAS
  • Travis County
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY.  BORROWERS SHOULD BE QUALIFIED BEFORE RESERVING.

  • Reservation to UW Certification: 15 days
  • Reservation to Close: 45 days
  • Reservation to Loan Purchase: 70 days
EXTENSION
  • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.   Extensions will kick in after expiration.
ELIGIBILITY CRITERIA
  • Non-First Time Buyers
  • Borrower(s) & Spouses must occupy the property as their Primary Residence
  • non-permanent resident – follow Agency (FHA, VA, USDA) guidelines
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac 80% AMI – HFA Advantage
DPA
  • various levels, please see the rates tab
  • Forgivable Second Mtg
INCOME LIMIT CRITERIA 
  • Household income = 1003 Credit Qualifying Income
  • For all household sizes income cannot exceed
    • Government = $1138,460
    • Freddie Mac 80% = $79,120 (effective 6/16)
HOME ACQUISITION LIMITS 
  • $364,452 
HOME BUYER EDUCATION
  • Required for First-time buyers
FICO/DTI REQUIREMENT
  • Applies to all borrowers
  • Max DTI 45%
  • Minimum FICO – see guidelines
CO-SIGNERS
  • Permitted for FHA loans, use FHA guidelines.
  • May NOT have ownership interest. May NOT reside in the residence
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system: See Forms
THE AGENCY
  • Creates the First Mortgage Program
  • Provides the Down Payment Assistance Grant
  • Sets the rate, term, points and options, Lender relationships, Markets the Program
  • Agency Website Interested in participating, click here
THE LENDER
  • Takes applications for the program
  • Reserves first mortgage in eHousingPlus system
  • Must meet loan processing timeline
  • Process, Underwriter, Certify, Fund, Close and Sell qualified loans to the Program Master Servicer
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, Click here.

Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-7:00pm Central (10-8 EDT excluding weekends & holidays)

 GOVERNMENT

Rate/Offerings FICO DPA Lock Rate
 GOVERNMENT  
FHA, USDA, VA 660 0% 6.625%
FHA, USDA, VA 2% 6.750%
FHA, USDA, VA 4% 7.250%
FHA, USDA, VA 5% n/a
FHA, USDA, VA 6% n/a
 CONVENTIONAL – HFA Advantage – FREDDIE MAC 80% AMI and below  
Freddie Mac 80% AMI 640 0% 7.000%
2% 7.125%
4% 7.750%
5% n/a
6% n/a

 Borrowers should be qualified prior to locking reservation.

  • All Loans are Assisted Rate Loans
  • 30 Year, Fixed Rate, Amortized
  • DPA Assistance – based on Final Loan Amount (system will calculate)
  • non-repayable Grant

 

Please see the Summary Tab

Please see the Summary Tab