Hometown Heroes: Frequently Asked Questions

FREQUENTLY ASKED QUESTIONS

Q. Do Veterans still qualify as first time buyers under the new HTH Program?
A. Yes. Veterans that provide a valid DD214 with a discharge status of other than dishonorable can
qualify.

Q. Do active military personnel or members of the reserves still qualify as a first time buyer
under the new HTH Program?
A. If utilizing the BOND HTH Program, active military personnel and Reserve members must qualify
as a first time buyer by providing the last three years’ tax returns or transcripts (or a
combination of the two) or a VOR or copy of lease.

If using the TBA HTH Program, active military personnel and Reserve members would qualify
as a first time buyer when they provide a copy of their LES or SCRA.

Q. Do you allow originators to participate in HTH if they are located in another state?
A. No. Originators must have a primary residence in FL in order to participate.

Q. Can a buyer who is retired qualify for HTH?
A. Other than veterans, all borrowers must currently work 35 hours or more a week to qualify.

Q. What does an originator need to do to appear on FL Housing’s website of approved loan
officers?
A. Originators are required to have 4 PURCHASED loans within a 6-month period. FL Housing
updates their website every January and July.

Q. Does the HTH Program consider household income?
A. Yes and no.

YES. If using the BOND HTH Program, the household income is considered. The gross,
annual income of all occupants aged 18 and older must be considered in the household
income. Co-signor income is not considered in the household income since co-signors will not
be a member of the household; they will not occupy the property.

NO. If using the TBA HTH Program, the AUS income is considered. Co-signor income would
be considered in qualify since co-signor income is considered in the AUS approval.

Q. Does the HTH Program require three years’ tax returns to validate first time buyer status?
A. Yes and no.

Yes. If using the BOND HTH Program, all borrowers (including the spouse even if not on the loan) must provide confirmation of first time eligibility through their last three years’ tax returns or transcripts (or a combination of the two) or a VOR or copy of lease.

No. If using the TBA HTH Program, the borrowers must complete the Declarations Section of the 1003 accordingly.

Q. Does FL Housing allow co-signors for HTH?
A. Co-signors are permitted with FHA and Fannie Mae’s HFA Preferred only.

Co-signors income will NOT be considered in household income for the BOND HTH Program since they do not occupy the property.

Co-signor income IS considered in the TBA HTH Program since co-signor income is considered in the AUS approval.

Q. Is Manufactured Housing permitted in HTH?
A. Yes, but only for VA, FHA and Fannie Mae’s HFA Preferred. Please see the Manufactured Housing Cheat Sheet for more info.

Q. Is the 203k or 203ks permitted in HTH?
A. The standard 203k is not permitted but the streamline 203 is permitted. See Lakeview’s

Q. What are the fees for HTH?
A. First mortgage loans originated under the HTH Program allow lender to charge their usual and customary origination fees but are NOT permitted to charge a 1% Origination. The HTH First Mortgage Fees are:

$400 Investor Funding Fee (payable to Master Servicer)
$275 Compliance Fee (payable to eHousing)
$75 Tax Service Fee (payable to Master Servicer)
$10 Flood Certification Transfer Fee (payable to Master Servicer)
The HTH Second Mortgage allows a recording fee only. No other fees are permitted.

Q. Does the HTH Program require specific training?
A. No. However, all lenders that participate and work with the HTH Program must attend mandatory program and system training. www.ehpuniversity.com

Q. Where do we obtain a copy of the HTH Certification Form that the buyer has to sign?
A. The HTH Certification Form is available in the reservation for lenders to pull at time of closing. You can also obtain a blank Attestation Form for buyer to complete from the eHousing website here: https://programs.ehousingplus.com/available-programs/florida/fhfc/

Q. If a borrower(s) no longer occupies the property and chooses to rent out the property, is the HTH Second Mortgage required to be repaid?
A. Yes, the HTH Second Mortgage is required to be repaid, in full, upon the sale, refinance, transfer of deed, payoff of the first mortgage or if the borrower(s) no longer occupy the property as their primary. A demand letter would be issued to the borrower(s) if any of the above occur.

Q. Can the HTH Second Mortgage be used to bridge the gap between the purchase price and the appraised value?
A. No. FL Housing down payment funds cannot be used to bridge the gap between the purchase price and the appraise value and cannot be used to pay off borrower(s) debt. It also cannot be used to pay broker fees.

Q. Does the HTH Program allow down payment funds from another agency?
A. Yes, as long as agency providing the down payment funds take third lien position.