Mortgage Rate by lonyoo

VIEWS: 49 PAGES: 6

									$100,000,000* FLORIDA HOUSING FINANCE CORPORATION Homeowner Mortgage Revenue Bonds 2004 Series 5&6 Draft Program Summary Mortgage Rate:

Exhibit B Page 1

TBD - Under current market conditions, approximately 5.70% for spot loans; 4.99% for subsidized loans. All Mortgage Loans will be fully amortized over a 30-year term and have level monthly payments. The mortgage rate will be determined upon pricing of the Bonds. Florida Housing may adjust the mortgage rate from time to time in order to more closely track changes in conventional lending rates.

Application Start Date: Reservation Start Date: Spot Loans:

TBD (loan applications may be accepted beginning on this date) TBD (funds may be reserved beginning on this date) Participating Lenders have access to a statewide pool on a firstcome, first-served basis (approximately $90,000,000). Origination Fee Discount Fee Master Servicer Purchase Price Lender Profit:
Origination & Discount Fees 2.00%* Servicer Purchase Premium/(Discount) -0.75%*

1.00%* 1.00%* 99.25%*

Total Lender Profit Reservations Reported to Servicer – deadline Funds Committed/Loans Closed Delivery to Servicer Origination/Purchase Period Ends Subsidized Loans:

1.25%* TBD TBD TBD TBD

Subsidized loan funds will be held in a statewide pools (approximately $10,000,000) and accessible to Participating Lenders for eligible homebuyers on a first-come, first-served basis. These funds are available for loan reservations made for homebuyers in Urban Infill Areas and HOPE VI/Front Porch Communities, USDA Mutual Self-Help and Disabled Homebuyers. Until such time as Florida Housing designates otherwise by providing written notice to the Servicer and to each Participating Lender, the Urban Infill Areas shall include the HUD designated Targeted Areas and shall include any currently existing enterprise zones, entitlement zones, empowerment zones or areas which have been delineated and/or designated by any local government of the State as an economically distressed area.

*Tentative, subject to change

$100,000,000* FLORIDA HOUSING FINANCE CORPORATION Homeowner Mortgage Revenue Bonds 2004 Series 5&6 Draft Program Summary

Exhibit B Page 2

Origination Fee Discount Fee Master Servicer Purchase Price Lender Profit:
Origination & Discount Fees Servicer Purchase Premium/(Discount) 1.00%* 0.25%*

1.00%* 0.00%* 100.25%*

Total Lender Profit Reservations Reported to Servicer – deadline Funds Committed/Loans Closed Delivery to Servicer Origination/Purchase Period Ends Builders:

1.25%* TBD TBD TBD TBD

Builders wishing to utilize funds in the Program may reserve their loans through a Participating Lender in the Spot Pool. Florida Housing strives to continuously keep funding available which has removed the necessity for builders to purchase an allocation. These potential loans will be registered to a ‘waitlist’ until the construction is nearly complete and the loan is ready to be underwritten for closing. When the loan is ready to be underwritten for closing (approximately 45 days prior to loan closing), the loan can be moved from the waitlist into the reservation system for the Bond Issue and respective interest rate that is available. With this process, the Builder will be reasonably assured that funds will be available for the loan; however, the Builder will not know the Mortgage Rate until the loan is reserved in the Spot Pool.

Second Mortgage Programs: HOME Loans: Florida Housing will lend, on a reservation basis, an amount equal to the lesser of (i) up to 25% (but not to exceed $14,999) of the purchase price of the Single Family Residence per applicant for persons with incomes of 80% or less of the state or county median income, whichever is greater, adjusted for family size, or (ii) the amount necessary under the Florida Housing’s or the Certificate Provider’s requirements to meet the ratio of monthly mortgage payment (PITI) to monthly income established by Florida under the HOME Loan Program. No interest will be charged. Repayment of principal is deferred, except in the event of sale, transfer, refinancing or satisfaction of the first Mortgage Loan, or until such time as the mortgagor ceases to occupy the Single Family Residence at which time the HOME Loan shall become

*Tentative, subject to change

$100,000,000* FLORIDA HOUSING FINANCE CORPORATION Homeowner Mortgage Revenue Bonds 2004 Series 5&6 Draft Program Summary

Exhibit B Page 3

payable in full. The HOME Loan will be secured by a second mortgage on the property. HAP D/P Loans: Florida Housing will lend, on a reservation basis, an amount equal to the lesser of (i) up to 25% (but not to exceed $10,000) of the purchase price of the Single Family Residence per applicant for persons with incomes of 80% or less of the state or county median income, whichever is greater, or (ii) the amount necessary to enable the eligible borrower to meet credit underwriting criteria under the HAP D/P Loan Program. No interest will be charged. Repayment of principal is deferred for the term of the first mortgage, except in the event of sale, transfer, refinancing or satisfaction of the first Mortgage Loan, or until such time as the mortgagor ceases to occupy the Single Family Residence, at which time the HAP D/P Loan will become payable in full. The HAP D/P Loan will be secured by a second mortgage on the property.

Homeowner Assistance for Moderate Income (HAMI) Loans: As funding permits, Florida Housing will lend, on a reservation basis, an amount up to $5,000 for the purpose of providing down payment and closing cost assistance to home buyers whose incomes are at or above 80.01% of the state or county median income, not to exceed 115% (140% in Targeted Areas), adjusted by household size. All Mortgage Loans will be fully amortized at an interest rate of 5.00%, over a 10-year term and have level monthly payments. The unpaid balance of the HAMI Loan will become payable in full in the event of sale, transfer, refinancing or satisfaction of the first Mortgage Loan, or until such time as the mortgagor ceases to occupy the single family residence. The loans will be secured by a second mortgage on the property. Requirements: Applicants may be eligible for a HAP D/P Loan, HOME Loan or HAMI Loan, but not for more than one. The following requirements for any Second Mortgage Program will apply: 1. The first mortgage must be a first-time homebuyer loan (except HUD designated Targeted Area Mortgage Loans) purchased under the Program. 2. The second mortgage when combined with the first mortgage may not

*Tentative, subject to change

$100,000,000* FLORIDA HOUSING FINANCE CORPORATION Homeowner Mortgage Revenue Bonds 2004 Series 5&6 Draft Program Summary

Exhibit B Page 4

exceed 105% of the lesser of the appraised value or the purchase price of the property. The second mortgage may be used for down payment assistance and allowable closing costs. Prepaids, certificate guarantee fees, bond fees and repairs may not be added to the appraised value as allowable closing costs when determining the maximum amount of the second mortgage. 3. The HAP D/P Loan, HOME Loan, or HAMI Loan must be serviced by the Servicer. 4. Underwriting guidelines must meet all FHA, USDA/RD and VA requirements, as applicable. With respect to conventional loans, underwriting guidelines must meet Fannie Mae and Freddie Mac Certificate requirements and Florida Housing guidelines. Both first and second mortgage loans will need to be approved simultaneously by FHA, USDA/RD, VA and the Fannie Mae and Freddie Mac Certificate Program, as applicable. 5. The required monthly payment under the first mortgage (monthly payments are not applicable for HAP D/P Loans and HOME Loans), plus other housing expenses and all recurring charges, cannot exceed the borrower’s reasonable ability to pay as per FHA, USDA/RD, VA or Fannie Mae and Freddie Mac Certificate Insurer requirements, as applicable. 6. The source, amount and repayment terms must be disclosed in the mortgage application and the borrower must acknowledge that he or she understands and agrees to those terms. 7. No commitment or origination fee will be charged for HAP D/P Loans, HOME Loans, or HAMI Loans; however, the Mortgage Lender may collect and retain a $75 application fee for HAP D/P Loans or HOME Loans. In addition, the Mortgage Lender, on behalf of the Servicer, will also collect a $150 servicing fee on each HAMI Loan. 8. The HAP D/P Loan, HOME Loan, or HAMI Loan must have the same due-on-sale requirements as the first mortgage. The HAP D/P Loan shall have a maturity date of 30 years, and HAMI Loans shall have a maturity of 10 years. 9. Acquisition costs cannot exceed the Maximum Sales Price Limits of Florida Housing in effect at the time of the lender’s written commitment of funds to the borrower.

*Tentative, subject to change

$100,000,000* FLORIDA HOUSING FINANCE CORPORATION Homeowner Mortgage Revenue Bonds 2004 Series 5&6 Draft Program Summary

Exhibit B Page 5

10. The first mortgage and the second mortgage must meet Federal Truth-inLending Disclosure requirements and any other applicable state and federal lending regulations. 11. The first and second mortgages must be recorded in the following order: First Mortgage, Assignment of First Mortgage; Second Mortgage 12. No cash back to buyers is allowed in this Program. 13. Lenders will not be permitted to originate any HAP D/P Loans, HOME Loans, or HAMI Loans unless and until all documentation of Florida Housing with respect thereto have been satisfied. HUD Designated Targeted Areas: The Internal Revenue Code of 1986, as amended, requires that Florida Housing make available 20% of the proceeds of the “new money” portion of the issue (with certain exclusions) to provide owner financing of targeted area residences for at least one year after the issuance of the bonds. Mortgage loans made for such targeted area residences may be offered with certain concessions, including higher allowable purchase prices and higher income limits and a waiver of the first time homebuyer requirement. These mortgage loans also qualify for the subsidized interest rates described under the caption “Subsidized Loans” in this Program Summary, subject to funding availability. Permitted Closing Costs: In addition to the Origination Fee and the Discount Fee, the Participating Lender may collect, at the time of closing, from the Mortgagor or Seller, all reasonable and customary out-of-pocket costs permitted by law paid or incurred by the Participating Lender, including but not limited to notary fees, attorneys’ fees, documentary and intangible taxes, if applicable, recording or registration taxes and charges, prepaid escrow deposits and similar charges. Payable by Mortgagor or Seller: Compliance Fee and Administration Tax Service

Compliance Fees:

$215 $65

Loan Types:

Conventional, FHA, VA Guaranteed and USDA:RD Mortgage Loans. The Corporation may choose to restrict any of the above loan types. However, at this time no limits are contemplated.

*Tentative, subject to change

$100,000,000* FLORIDA HOUSING FINANCE CORPORATION Homeowner Mortgage Revenue Bonds 2004 Series 5&6 Draft Program Summary Homebuyer Counseling:

Exhibit B Page 6

Will be required for all borrowers. Counseling provided by an MI provider is acceptable as well as online counseling provided by VA or non-profits funded by Fannie Mae if acceptable to the Agency (FHA, VA, Fannie, Freddie).

First-Time Homebuyer Requirements:

Federal law requires that the proceeds must be used to finance mortgage loans (except mortgage loans on residences in targeted areas) made to households that have not had a homeownership interest in a principal residence at any time during the three-year period preceding the closing date of the mortgage loan.

Acceptable Property Types:

Any new or existing single family residence, townhouse, duplex or condominium that meets Fannie Mae, FHA, USDA:RD or VA requirements and is acceptable to the Certificate Provider. Manufactured homes must meet Fannie Mae requirements.

Exempt from Documentary And Intangible Taxes: Under Section 420.513 of Florida Statutes, the Mortgage and Note are exempt from documentary and intangible taxes.

*Tentative, subject to change


								
To top