Fla. Admin. Code R. 67-57.070

Current through Reg. 50, No. 124; June 25, 2024

Section 67-57.070 - Homebuyer Loan Process

(1) Once construction on the Unit has begun, Members shall reserve HOP funds, on a loan-by-loan basis.

(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 https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms or from https://www.flrules.org/Gateway/reference.asp?No=Ref-10689 or the reservation will be canceled.

(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.

(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.

(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:

(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 https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms or from https://www.flrules.org/Gateway/reference.asp?No=Ref-10690 with all required documentation;

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

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

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

(e) Copy of as-built property Appraisal;

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

(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/.

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

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

(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 https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms or from https://www.flrules.org/Gateway/reference.asp?No=Ref-10691 and all required documents;

(b) Proof of property insurance;

(c) Proof of title insurance;

(d) Amenities certification; and,

(e) Green building certification as required in rule 67-57.040, F.A.C.

(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. In 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 our Website at https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms or from https://www.flrules.org/Gateway/reference.asp?No=Ref-10692, or other acceptable documentation must be sent to the Corporation within fourteen (14) days of the reservation date. Upon approval, the closing can occur and funds will be held in escrow by the Corporation.

Fla. Admin. Code Ann. R. 67-57.070

Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS.

New 6-26-06, Amended 10-14-07, 6-17-08, Amended by Florida Register Volume 45, Number 118, June 18, 2019 effective 7/2/2019.

New 6-26-06, Amended 10-14-07, 6-17-08, 7-2-19.