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FHFC-TBA Program

Florida Housing Finance Corporation (FHFC)

(LO's are required to have their primary residence and office in Florida)

FL First and FL Plus Conventional TBA Programs

Product Features:

Primary Purchase only 30yr Fixed
Fannie Mae HFA Preferred and Freddie HFA Advantage
640 Min Fico
Max DTI 50% with AUS A/E
No Manual UW
1st time homebuyer restriction for All borrower(s) on the loan (NPS is not required to be a 1st time homebuyer)
Credit income limits apply (income on final 1003 used to support the final AUS)
Homebuyer Education required
Co-signers are permitted for Fannie HFA Preferred (income included in the in income limits - cannot be named on the Warranty Deed)

Eligible property types:

Located in Florida
1-4 unit properties (2-4 Units - borrower must occupy one unit as primary residence AND property must be at least 5 years old)
Condos (agency approved)
PUDS
Manufactured Homes allowed on Fannie Mae (Min FICO 660, Max DTI 45% and age must be 1994 or newer)

DPA options/terms:

THE FLORIDA ASSIST SECOND MORTGAGE (FL Assist)

$10,000 for all loans.
0%, non-amortizing, deferred.
Carries no monthly payment.
The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become payable in full.
Cannot be combined with any of FL Housing’s other down payment programs.

THE FLORIDA HOMEOWNERSHIP LOAN PROGRAM SECOND MORTGAGE (FL HLP)

$10,000
3%, fully-amortizing, second mortgage.
15-year term.
Carries a monthly payment.
The unpaid balance of the FL HLP Loan will become payable in full in the event of sale, transfer,
satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases
to occupy the property.
Cannot be combined with any of FL Housing’s other down payment programs.

THE PLUS SECOND MORTGAGE (FL HLP)

3%, 4%, 5% of the Total loan amount
Five-year, deferred loan.
0% interest rate
Carries no monthly payment.
Forgiven at the rate of 20% per year on the anniversary of loan closing, over the term of the second mortgage loan provided the borrower is not in default. There is no pro-rata forgiveness.
Any time before the end of the fifth year, any unpaid balance of the PLUS Second Mortgage Loan will become payable in full in the event of sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property as his/her primary residence.
Cannot be combined with any of FL Housing’s other down payment programs.

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