VP Qualify Borrower

  All Programs

• Rate Company overlays apply. Refer to Affordable Housing landing page for current requirements
• Property must be located in Pasco, Pinellas, or Polk county
• First-time homebuyer requirement 
  • Spouses (including non-borrowing spouses) must also be first-time homebuyers
• Past three years federal income tax returns are required
• Homebuyer education required for all Borrowers and anyone listed on deed. Required courses can be found in the guidelines
• 1-unit properties allowed
  • Manufactured homes are not permitted

• Income limits and purchase price limits apply:
  • Household income considered
  • Freddie Mac: Borrower income must be below 80% AMI to be eligible for Charter MI coverage

• Assistance in the form of a deferred 2nd lien, 30-year term at 0% interest
• Assistance amount by county:
  • Pinellas County: $12,000
    • Effective reservations on/after 6/11/25: $10,000
  • Pasco and Polk County: $8,000
    • Effective reservations on/after 6/11/25: $7500

 MC

• A 2nd Encompass file is required for the down payment assistance 
  • Use 2nd lien TRID template for Closing Cost Template
  • 2nd lien LE/CD should reflect a balloon payment feature. Use appropriate loan program in Encompass
• Homebuyer education required for all Borrowers and anyone listed on deed. Required courses can be found in the guidelines
• No more than 20 days from the reservation/lock date and on the Closing Date, confirm the Loan Closing date in eHousingPlus
  
  

 UW the loan

• Following credit approval, must complete the online Underwriter Certification within the eHousingPlus Lender Portal at anytime prior to closing
• EIN: 59-2286929

 LC 

• Lender funds 1st and 2nd liens
  • FHA loans require a Draw Letter for the 2nd lien which can be pulled from eHousingPlus portal after Underwriter Certification
  • 2nd lien LE/CD should reflect a balloon payment feature. Use appropriate loan program in Encompass
• Homebuyer education required for all Borrowers and anyone listed on deed. Required courses can be found in the guidelines
  
• No more than 20 days from the reservation/lock date and on the Closing Date, confirm the Loan Closing date in eHousingPlus
  

 Compensation & Lender Fees 

• Do not pull fees
• 1st Mortgage:
  • Must use the Pinellas County FL closing cost template in Encompass
  • Reasonable and customary lender fees 
  • 1% origination fee (801a)
  • $84: Tax Service Fee
  • $400: Investor Funding Fee (Line 801, Section A)
  • $300: Compliance/Admin fee (Line 826, Section B)
    
• 2nd Mortgage/DPA:
  •  Only recording fees allowed to be charged on 2nd lien 
    

 Close/ Fund 

• Borrower may receive reimbursement of prepaids and overage of earnest money only. No other cash back permitted
  • Principal reduction is allowed and must go to pay down 1st mortgage
• GRA funds 1st and 2nd liens
  • FHA loans require a Draw Letter for the 2nd lien which can be pulled from eHousingPlus portal after underwriter certification
  • 2nd lien LE/CD should reflect a balloon payment feature. Use appropriate loan program in Encompass
    
• Documentary Stamps and Intangible Taxes 
  • First and second mortgages are exempt from Documentary and Intangible Taxes. The second mortgage will auto populate with the exemption language
  • Refer to guidelines for the exemption language and more details

 Upload Post-Close 

 Package 

• Loan must be purchased within 60-day reservation period
• Compliance package to eHousingPlus Lender Portal 
• Full credit package to US Bank

 Deliver loan to Servicer 

 Clear any post-close conditions 

• Serviced by US Bank