Heart of Texas HFC

Lender Portal

Working Group Portal

2009A Single Family MRB

PROGRAM FUNDS $15,000,000 – Program Extended – Final Loan Submission 6/15/2012
ELIGIBLE AREAS Bosque, Falls, Freestone, Hill, Limestone, and McLennan including the City of Waco
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
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.
For additional details and limits for Targeted areas, please see page 7 -Administrator’s Guidelines.
                 hhld 1-2/  3+Â
Bosque      $63,480 / $74,060
Falls          $59,500 / $68,425
Freestone  $63,720 / $74,340
Hill            $60,840 / $70,980
Limestone  $59,500 / $69,300
McLennan  $64,800 / $75,600
HOME ACQUISITION LIMITS All Counties $258,690
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. See Program Guidelines.
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.

 

          

To register for Heart of Texas HFC Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.

Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.