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HOMETOWN HEROES (HTH)
IMPORTANT ANNOUNCEMENT!
FALLOUT AVAILABLE OCT. 29th
FL Housing will offer funds from cancelled reservations on Tuesday, October 29th.
There will be a little more than $1 Million in fallout available on Tuesday. We will be closely monitoring cancellations over the coming weeks to determine when we will be offering fallout, and we will issue additional updates confirming the date(s) the system will be open to reserve any fallout funds.
Important Reminders:
- If your borrower has reserved a loan in the past or has a current reservation that should have been cancelled, make sure that loan has been cancelled and flags cleared by eHousing prior to Tuesday morning. Any last-minute requests on Tuesday will be too late.
• Select the correct loan option, don't just choose anything, and think it can be changed later. Know the loan type (FHA, VA, RD, Fannie, Freddie) and Program (BOND or TBA) when you reserve. Requests to change later may be denied.
• To reserve funds, a borrower must have a fully executed sales contract for a specific property. This means the contract must be signed by buyer and seller. Any reservations with a contract dated after reservation date are subject to cancellation.
• If a property changes, the loan must cancel and be re-reserved. A copy of a new fully executed sales contract will be required to clear flags for the borrower to be reserved again.
• One occupying borrower must be employed by a Florida based business.
• VOE must state 40 hours or full-time, the word "active" does not equal full-time. Income also does not validate full time status. Full time or 40 hours a week must be included on the paystub or VOE.
· If VOE employer is out of state, EMPLOYER must confirm the Florida physical location (street address) where qualifying HTH borrower works full-time. All employers must have a physical location in FL that borrower reports to or is assigned to. A Google screen shot reflecting a FL location for the employer does NOT satisfy this requirement. No exceptions. Failure to confirm employer is a FL based employer and which physical location borrower report to or is assigned to can result in non-purchase.
Also, we receive a significant number of requests daily for exceptions to the HTH Program occupational requirement. One occupying borrower must work full time for a FL based employer. Exceptions cannot be given to this requirement. If your borrower’s employer is not FL based and they do not work full time, we have other programs that you can utilize.
REMINDER:
All loans originated in HTH 2024 must be purchased by Lakeview no later than DECEMBER 29, 2024. Any loans not purchased by December 29, 2024, may be cancelled. No exceptions. We will allow one extension on funds already reserved. The loan must be Underwriter Certified within 60 days from reservation date to avoid auto-cancellation. If you cannot meet this timeline, cancel the loan so other qualified borrowers can benefit from the funding.
Loans will need to satisfy the 60-day reservation to purchase timeline, or they will be cancelled. If you cannot close, deliver, and have a loan purchased in the initial 60-day lock, DO NOT RESERVE FUNDS. We have other programs that you may utilize.
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