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Privacy Policy

Updated 07/08/10

MILITARY HEROES - Be a veteran, defined as a member of the Florida National Guard or U. S. service personnel; or currently on active duty or honorably discharged from the military (Army, Navy, Air Force, Marine Corps, Coast Guard, the Reserves) Verification may include discharge papers for non-active duty personnel and current military photo ID for active duty personnel. (Please see administrator guidelines)  
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FOR FIRST MORTGAGE LOANS -There’s no origination or discount on the first mortgage products in this program. Origination and discount may not be charged under any circumstances.  The first mortgage program includes a Bond Application Fee of $215. The fee is payable at closing and netted at loan purchase. The fee must be disclosed on the HUD-1 as being paid to the Servicer. This fee is not included in Lender Fee Cap. Tax Service Fee of $75 (paid by buyer or seller as per insurer/guarantor requirements) on the first mortgage. The fee is payable at closing and netted at loan purchase and must be disclosed on the HUD-1 as being paid to the US Bank. This fee is not included in Lender Fee Cap.

FOR SECOND MORTGAGE LOANS-Lenders advance funds at closing for both HAMI And FLORIDA ASSIST second mortgage loans. • No origination or discount on HAMI or FLORIDA ASSIST loans. On HAMI loans lenders may collect $225 Second Mortgage Loan Application Fee and retain $75.00 that is not included in the Lender Fee Cap. The Servicer nets $150 at loan purchase. $150 should be shown on the HUD-1 as being paid to the Servicer.  On Florida Assist loans Lenders collect and retain $75 Second Mortgage Loan Application Fee that is not included in the Lender Fee Cap.

FOR FIRST AND SECOND MORTGAGE LOANS -
In Florida Housing programs, Realtors and builders may not charge transaction fees to anyone...buyers or sellers.

LENDERS FEES should not exceed $750 no matter what they are called.  Regarding the $750 cap on lender fees, by lender fees we mean fees paid to the lender for services rendered such as Processing Fees, Underwriting Fees, Administrative or Administration Fees and Doc Prep Fees. If a lender is outsourcing underwriting, the resulting charge must be included as though the underwriter was on staff.  Fees that involve a third party (does not apply to underwriting) such as credit reports*, appraisal*, title commitment, survey, notary fees, recording, prepaid escrow deposits, insurance and courier fees for the actual cost are allowable to the extent permitted by insurer/guarantor. (Please retain proof of costs). An application fee* must include only the actual costs of credit report and/or appraisal.  "Junk" fees are not a defined term and may not be charged.  Excessive fees are not permitted in the program. Lender fees DO NOT INCLUDE THE BOND FEES THAT ARE LISTED SEPARATELY ON THIS PAGE. Our Best Advice: Please do not get creative.  
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MINIMUM CREDIT SCORE page 6 (Please see administrator guidelines) Florida Housing requires a minimum credit score of 600 (the mid score must be 600 or above) for government loans. For conventional loans, follow Fannie guidelines. Check with your underwriter for current requirements. Florida Housing will still allow manual underwrites for non-traditional credit loans or where there is no FICO score but only in those circumstances. Please note that government or conventional loans must meet the highest FICO score requirement of your company, Florida Housing, FHA, VA, RD or Fannie.
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