|
 McWEB
Lender
Portal
_____________
FLORIDA HOUSING FINANCE
CORPORATION
First-Time Homeowner Program
2007
Series 6
Effective rate as of 3/11/2008 4pm
|
FL FIRST |
*6.89% |
2nd=HAMI or FL Assist |
|
FL PLUS |
*7.45% |
w/ 4% DPA Grant |
|
FL HEROES |
*6.64% |
2nd=HAMI or FL Assist |
|
FL ADVANTAGE |
*6.39% |
2nd=HAMI or FL Assist |
|
FL 40 |
*6.99% |
2nd=HAMI or FL Assist |
*If you do not have the BLUE select, the funds are NOT available.
Please remember the system is real-time.
Effective
3/1/2008
FL FIRST |
6.50% |
2nd=HAMI or FL Assist |
FL PLUS |
7.06% |
w/ 4% DPA Grant |
FL HEROES
|
6.25% |
2nd=HAMI or FL Assist |
FL ADVANTAGE |
6.00% |
2nd=HAMI or FL Assist |
FL 40 |
6.60% |
2nd=HAMI or FL Assist |
_________________________________________________
Effective 2/19/2008
Florida FIRST |
6.05% |
2nd=HAMI or FL Assist |
Florida PLUS |
6.61% |
w/ 4% DPA Grant |
Florida HEROES |
5.80% |
2nd=HAMI or FL Assist |
Florida ADVANTAGE |
5.55% |
2nd=HAMI or FL Assist |
Florida 40 |
6.15% |
2nd=HAMI or FL Assist |
_________________________________________________
Available on 11/19/2007
Florida FIRST |
6.20% |
2nd=HAMI or FL Assist |
Florida PLUS |
6.76% |
w/ 4% DPA Grant |
Florida HEROES |
5.95% |
2nd=HAMI or FL Assist |
Florida ADVANTAGE |
5.70% |
2nd=HAMI or FL Assist |
Florida 40 |
6.30% |
2nd=HAMI or FL Assist |
|
Program Size |
2007 Series
6
$ 95,000,000 |
| Eligible Areas |
Statewide
|
|
Eligible Loan Types |
FHA, VA
Guaranteed & USDA/RD
Conventional - Freddie Mac & Fannie Mae  |
|
Eligible Property
Types |
Single Family
detached or attached, Condos and manufactured homes that meet FNMA, FHA, USDA/RD or VA
requirements and are acceptable
to the Certificate Provider. |
Eligible Homebuyer(s)
|
First
time homebuyer - Applies to all borrowers...
Cannot have owned/occupied own home in past three (3) years.
OWN & OCCUPY. Does not apply to homes in Federally designated target-areas.
|
First Mortgage
Interest Rates |
- FLORIDA
FIRST-----------
(can do HAMI or FL Assist)
-
FLORIDA
PLUS-----------
- FLORIDA HEROES-------
(can do HAMI or FL Assist)
-
FLORIDA
ADVANTAGE-
(can do HAMI or FL Assist)
- FLORIDA
40------------------ (can do HAMI or FL
Assist)----
|
Second Mortgages
& Down Payment
Assistance |
-
5% - HAMI - up to $5,000 - 10 year amortized
- 0% - Florida Assist -
up to $10,000 - deferred
|
|
Home Buyer Education |
*ALL
first time home borrowers are required to attend a Face to Face see
guidelines for details and click on
link for a list of HUD approved classes being offered. |
| Income
Limits |
|
|
Acquisition Limits
|
|
Participating
Lenders
|
FHFC |
|
Documentary
stamp tax and intangible tax may not be charged on the
mortgages or notes to buyer or seller. Deeds are not exempt. Only
seller may pay this charge. Under SECTIONS
199.183,
420.513(1), FLORIDA STATUTES, the Mortgage and Note are exempt
from documentary and intangible taxes.
Mortgages
and notes for Florida
Housing first and second mortgages are exempt from
Documentary stamp tax and Intangible tax. Deeds are not
exempt. Borrowers may not pay this charge with the
exception of homes purchased from HUD.
|
-
Your team must
be aware of timeline
-
 Reservation
to Underwriter Certification = 45 days
-
Reservation
to files delivered to US Bank =
80 days
-
Reservation
to Loan Purchase = 115 days (includes compliance & mortgage
exceptions)
-
Extension (reinstate if cancelled) fee is .25% for 10 days.
-
RESERVATIONS
are for loans closing in 45 days or less. McWeb will
cancel loans on the 46th day if not committed online via the
UW Certification.
-
First Mortgage = Final
Loan Amount
-
Purchase price
= Acquisition
-
Need complete
address, including census tract - we will canceled
incomplete addresses
-
Estimated
closing date - Real date.
IMPORTANT NEWS- As of August 1,
2007- ALL reservations will require Face-to-Face HUD approved First Time
Homebuyer Counseling. REQUIRED
FOR ALL first time borrowers.
|
