thirteen Qualification – Features Features Enjoy: ? Single Nearest and dearest Equipment ? FHA Recognized Condos ? Structured Product Developments (PUDS) ? 2-Equipment characteristics Ineligible Characteristics: ? 3-cuatro Product functions ? Are created construction ? Financial support services ? Rental Homes ? Co-ops ? Amusement, trips, or dos nd land
fifteen SAPPHIRE System Question System Malfunction State RestrictionAvailable on the Says Regarding California, Nevada, Arizona, Texas And you will UTAH Only! System Models ? FHA 31 Seasons Repaired ? Virtual assistant 29 12 months Repaired Max LTV ? FHA – % ? Va 100% Max CLTVFollow FHA and you can/or Virtual assistant assistance Limitation Loan amount FHA: The latest minimal out of $417,000 (not including MIP) or FHA allowable limitation Virtual assistant: The brand new less out-of $417,000 (plus VAFF) otherwise Va allowable limit Loan PurposePurchase OccupancyOwner Occupied Downpayment Assistance Grant : 3% or 5% available Are often used to fulfill the borrower’s collateral sum requisite towards same day loans Montana the FHA 1 st Home loan, settlement costs, pre-paids, Virtual assistant allowable charges per Va guidelines
17 Underwriting Recommendations TopicGuidelines Underwriting Approach Allowable underwriting strategy: ? Fannie mae Desktop Underwrite (DU) greeting ? Must be risk obtained because of the FHA Scorecard ? Approve/Qualified testimonial ? Instructions UW greet FMC Overlays incorporate **Unless of course specifically given, realize practical FHA direction In addition to First mortgage FHA overlays** Minimal Credit ratings ? 620 ? Non-Conventional Tradelines Banned Max Debt Ratio ? DU Recognized financing Follow DU recognition in order to maximum 50% DTI ? Instructions UW loans Go after investor guidelines including FMC overlays Supplies ? None expected Follow company direction Financial Inches. ? Realize practical FHA MIP
18 Underwriting Guidelines TopicGuidelines Homebuyer Knowledge ? Not required Non-Tenant Co- borrowers/Co-signers ? Banned Current Letter ? Provide Page required, each HUD guaranteeing criteria Tax Transcripts ? Pursue FMC’s practical 4506-T plan Assets Flips ? Greet Follow HUD guidelines Along with FMC overlays
19 UW Recommendations cont’d… TopicGuidelines Provider Efforts Anticipate as much as six% Present FundsAllowed away from family relations Go after 4155 Prepayment Punishment No Prepayment Penalty AssumabilityNot welcome *** Virtually any requirements Realize FHA 4155.step one direction As well as FMC overlays***
FMC comes with the new offer towards the lenders recommendations so we over cord the amount once we finance our financing which means that, we no longer wait a supplementary day to cover good Sapphire mortgage
twenty two Restriction Deductible Charge TopicGuidelines Interest rates ? Available on the fresh Booking Portal, Or perhaps the FMC Rate Sheets Max Origination Commission ? Speak to your FMC Support People getting fees and compensation Write off Costs ? Not one invited Rebate Pricing ? Not one available Par costs simply Deductible Costs ? Must be reasonable and you can standard and you can fully unveiled on debtor in accordance with every businesses, federal, condition and you may regional laws and regulations – Consider ML 2009-53 to possess HUD exception to this rule so you can itemizing fees ? Speak to your FMC Support Class to own deductible costs System CodeFHA: F30FMP Va: V30FMP
24 Mortgage Techniques Borrower need meet the pursuing the conditions: step 1. 2.FMC Part submits the newest completely canned file so you’re able to Underwriting to have mortgage approval step 3.Upon loan approval, the brand new Department is actually notified to set aside money and you will lock loan 5.FMC personal/pre-loans 1 st real estate loan six.
FMC underwrites the borrowed funds 4
twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We have been required to mirror NHF’s EIN into HUD’s FHA Mortgage Underwriting and you may Transmittal Realization and secondary capital guidance, features or presents towards debtor when the debtor is receiving a keen FHA First mortgage.
twenty-six NHF Reservation Site Debtor have to meet with the following requirements: ? Bookings will be managed during the FMC Branch peak using the Scheduling Site for the NHF webpages nhfloan.orgnhfloan.org ? New Booking Webpage would be accessed Tuesday by way of Saturday between nine:00 Have always been and you can cuatro:00 PM PST. ? In order to accessibility new Reservation Site, a good Associate ID is employed. ? You to user ID and you will Passcode is assigned to for every part by Seller Support group at FMC. All prior associate ID’s was in fact de-activated. ? The new Booking Portal tend to pick if or not a loan registration very first qualifies centered on Money and Credit history Limitations recommendations considering, and gives a digital verification (Connection Verification) of one’s registration and therefore need to be offered on mortgage document.
