Updates for February 20, 2024

Important Change to Cash Back Policy Effective 02-16-24

In the event the preliminary closing disclosure (CD) reflects cash back of $2,000 or less AND does not exceed the Borrower’s EMD or POC’s, Lender should apply a PR to the first mortgage. IF the cash back exceeds $2,000 of the Borrower’s EMD or POC’s, Lender should re-work the loan by reducing the first mortgage loan amount.

Per agency guidelines, principal curtailments are required to be applied prior to delivery of the loan. A payment history is required on any loan where a principal reduction is applied. 

Realtor Commission and Realtor Fees

Realtor Fees may be paid by the borrower but cannot exceed $400.  This includes, but is not limited to, transaction fees, processing fees or administrative fees.

Realtor Commission is not permitted to be paid with the Florida Housing Finance Corporation's down payment assistance funds. The buyer may pay using their own funds. Florida Housing funds are restricted to down payment and STANDARD closing costs. Realtor commission is not a standard buyer cost in the State of Florida.

The Program Guidelines have been updated and may be found on this web page.

Thank you for your continued participation in the Florida Housing 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