67-57.070. Homebuyer Loan Process  

Effective on Tuesday, July 2, 2019
  • 1(1) Once construction on the Unit has begun, Members shall reserve HOP funds, on a loan-by-loan basis.

    18(2) Within fourteen (14) Calendar Days of making the reservation, unless a Member is subject to subsection (8) below, Members must submit to the Corporation a copy of the building permit and the Corporation must approve the completed Environmental Checklist (“HOPENV301 (4/1/19)”), which is adopted and incorporated into this rule chapter by reference and which is available on our website at 79https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms 80or from 82https://www.flrules.org/Gateway/reference.asp?No=Ref-10689 84or the reservation will be canceled.

    90(3) Funds shall be reserved for a maximum of one hundred eighty (180) Calendar Days. If the funds for the Eligible Homebuyer are not drawn within that period, the reservation of funds shall be canceled and the Member must submit a new reservation.

    133(4) Existing reservations in counties affected by a newly designated Presidentially declared or State declared disaster area shall be granted an automatic ninety (90) Calendar Day extension of the reservation. If additional time is needed, Members must submit a request for an extension which requires Board approval. Reservations without Board approved extensions will be canceled.

    188(5) At least four (4) weeks prior to the HOP Loan closing, the Member shall submit to the Loan Servicer a borrower analysis package, which shall include:

    215(a) Borrower Analysis Worksheet (“HOPANALYSIS401 (4/1/19)”), which is adopted and incorporated herein by reference and is available on the Corporation’s Website at 237https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms 238or from 240https://www.flrules.org/Gateway/reference.asp?No=Ref-10690 242with all required documentation;

    246(b) Certification or evidence of pre-purchase homebuyer education;

    254(c) Copy of First Mortgage lender’s approval letter;

    262(d) Third party documentation of household income and Personal Assets;

    272(e) Copy of as-built property Appraisal;

    278(f) Copy of purchase contract and any addendums; and,

    287(g) Copy of approval page generated from the HUD Income Calculator, which can be found at HUD’s website at https://www.hudexchange.info/incomecalculator/.

    307(6) The Loan Servicer shall underwrite the HOP Loan and review the terms and conditions of the First Mortgage loan.

    327(7) A minimum of five (5) Calendar Days prior to closing, the Member shall provide the loan closing package, which shall include:

    349(a) Requisition of Funds/Loan Detail Report (“HOPROF501 (4/1/19)”), which is adopted and incorporated herein by reference and is available on the Corporation’s Website at 373https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms 374or from 376https://www.flrules.org/Gateway/reference.asp?No=Ref-10691 378and all required documents;

    382(b) Proof of property insurance;

    387(c) Proof of title insurance;

    392(d) Amenities certification; and,

    396(e) Green building certification as required in rule 40467-57.040, 405F.A.C.

    406(8) Members using Self Help under USDA-RD Section 502 financing can make reservations four (4) weeks prior to the homebuyer closing. After making the reservation, the borrower analysis package, must be sent to the Loan Servicer for review and approval. 446In addition, the HOP Self-Help Checklist (“HOPSelfHelp302 (4/1/19)”), which is adopted and incorporated into this rule chapter by reference and which is available on 470our 471Website at https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms or from 476https://www.flrules.org/Gateway/reference.asp?No=Ref-10692, 478or other acceptable documentation must be sent to the Corporation within fourteen (14) days of the reservation date. 496Upon approval, the closing can occur and funds will be held in escrow by the Corporation.

    512Rulemaking 513Authority 514420.507(12), 515(14) FS. Law Implemented 519420.507(23), 520420.5088, 521420.5089(2) FS. 523History–New 6-26-06, Amended 10-14-07, 6-17-08, 7-2-19.