Central Texas HFC

Lender Portal

Working Group Portal

2009 SF MRB Program

PROGRAM FUNDS $15,000,000 – Program Extended – Final Loan Submission 6/15/2012
ELIGIBLE AREAS Bell, Coryell, Hamilton, Lampasas, Milam, Mills, and San Saba counties.
ELIGIBILITY CRITERIA - First-time Homebuyers- Applies to all Borrower(s) & Spouses, occupant or non-occupant
- Must be able to permanently reside in the U.S.
- Principal residence
- Borrower(s) must occupy property within 60 days of closing
- IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD, Conventional (with U S BANK approval)
AVAILABLE DOWN PAYMENT ASSISTANCE Assistance payment equal to 4% of the note amount to apply toward down payment or closing costs. Cash back is not allowed.
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.                            hhld 1-2      hhld 3+
Bell and Coryell     $65,880  / $76,860
Hamilton               $60,480  / $70,560
Lampasas             $63,480  / $74,060
Milam & San Saba  $58,600  / $67,390
Mills                      $61,920  / $72,240
HOME ACQUISITION LIMITS All Counties -  $258,670
HOME BUYER EDUCATION Not Required
FICO SCORE REQUIREMENT Mid score must be 620 (Effective 3/30/2012) or higher
CO-SIGNERS Cosigners are permitted for FHA loans under very specific conditions.
LOAN TIME LINE REQUIREMENTS - Reservation to UW Cert: 45 days
- Reservation to Close and Delivery: 85 days
- Reservation to Loan Purchase: 110 days
FORMS AND DOCUMENTATION View Forms and Documentation.
OTHER For additional information, please See Program Guidelines.

Current Rates

  • 3.40% – Assistance Rate Loan
  • 4.00% – Assistance Grant
  • Term: 30 Year Amortizing

DPA

  • 4% assistance is calculated on the first Note amount. This amount is funded by the lender at closing and reimbursed by the Servicer at the time the loan is purchased.
    Because the Assistance is a fixed percentage, any remaining Assistance must be applied as a principal reduction.
Program Updates

Final Submission date is June 15, 2012

FICO Requirement is now 620.

2011 taxes will be required on all loans closing on or after the IRS tax filing date.

- Low Rate Loan is no longer available in this program.

Lender F.A.Q.

 

 

        

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