Florida Housing Finance Corporation, Departmental

 

FLORIDA HOUSING FINANCE CORPORATION

NOTICE OF FUNDING AVAILABILITY

HOMEOWNERSHIP ASSISTANCE FOR MODERATE INCOME LOAN PROGRAM

Pursuant to Section 420.509, Florida Statute, and Rule Chapter 67-51, Florida Administrative Code, the Florida Housing Finance Corporation (the “Corporation”) announces its intention to provide up to $105,000 for qualified mortgage loans for down payment and closing costs assistance under the Homeownership Assistance for Moderate Income Loan Program (HAMI). These HAMI Loans are expected to be made available to moderate income persons in conjunction with the Corporation’s Single Family Mortgage Revenue Bond Program (SFMRB). All HAMI Loans will be fully amortized second mortgage loans up to $5,000 at a fixed interest rate not to exceed 5%, over a 10-year term. These loans will provide financing for owner-occupied residences in any county in the State of Florida, subject to the participation of qualified lending institutions and the counties they elect to serve. Access to these funds will be made available through Participating Lenders that have been selected to originate first mortgages under the Corporation’s SFMRB Program through an application process. Participating lending institutions will make HAMI Loan funds available on a first-come, first-served basis to eligible first-time home buyers qualifying for a first mortgage under the Corporation’s SFMRB Program. Applications for such loans may be obtained from the participating lending institutions.

Any home mortgage lending institution that is a qualified FHA–approved mortgagee (with direct endorsement underwriting authority preferred), or a VA-approved lender (with automatic approval authority preferred), or an USDA/RD approved lender (unless waived by the Servicer), or with respect to Conventional Mortgage loans, is a Fannie Mae and/or Freddie Mac approved lender in good standing, has errors and omissions coverage of at least $300,000, meets the requirements of the Servicer and Florida Housing with respect to financial status and is acceptable to a Fannie Mae and/or Freddie Mac PMI Insurer, that is interested in receiving an Invitation and Application to Participate in the program should contact the Corporation by telephone at [phone], by facsimile at [phone], or in writing at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329. Any questions or concerns regarding the proposed issuance of bonds should be directed to Edny Sanchez Gammons, Single Family Bonds Manager, [phone].