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ATTENTION PARTICIPATING LENDERS
READ ALL OF THIS IMPORTANT ANNOUNCEMENT
Lenders are still delivering loans in which their AUS doesn’t support the product reserved in the eHousing reservation system. This can result in a costly pricing adjustment or, non-purchase. These costs can be easily avoided by ensuring the product you have reserved supports your AUS.
***If you are closing and delivering a Fannie Mae HFA Preferred, you must run and provide DU findings. If you are closing and delivering a Freddie Mac HFA Advantage, you must run and provide LP/LPA findings.
PLEASE pay attention to the Program (BOND or TBA) and the first mortgage loan type (HFA Preferred or HFA Advantage) you are reserving in the eHousing reservation system. Rates will vary between programs and loan types.
Be especially cautious when reserving a conventional loan. There are different rates for the UP to 80% AMI option and the OVER 80% AMI option. The lower rate applies to the UP to 80% option and the higher rate applies to the OVER 80% option. The 80% AMI threshold is determined by Fannie Mae and Freddie Mac to determine if a borrower qualifies for the reduced cost, charter coverage mortgage insurance. Borrowers UP to 80% AMI would receive the charter coverage and the OVER 80% AMI borrowers would receive standard coverage. Refer to your AUS findings to determine which your borrower would qualify for.
Also, be sure to have your borrower attend pre-purchase homebuyer education (HBE). If using a conventional loan, Fannie Mae and Freddie Mac require HBE and do not recognize the Veterans Exemption so HBE is required. Failure to provide a valid HBE certificate for a conventional loan will result in non-purchase.
If you have any questions, please contact us.
As always, thank you all for your continued support of our Homebuyer Loan Program.
Charles White
Homebuyer Loan Program Director
Charles.white@floridahousing.org
Sandy Smith
Homebuyer Loan Program Manager
Sandy.smith@floridahousing.org
Homeownership Loan Program Team
dpa@floridahousing.org
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