13 Eligibility – Attributes Attributes Greeting: ? Solitary Family members Tools ? FHA Recognized Condominiums ? Prepared Device Advancements (PUDS) ? 2-Product functions Ineligible Qualities: ? 3-cuatro Tool characteristics ? Were created property ? Funding services ? Local rental Belongings ? Co-ops ? Amusement, trips, otherwise 2 nd homes
15 SAPPHIRE Program Topic System Breakdown State RestrictionAvailable from the Claims Regarding Ca, Las vegas, Arizona, Tx And you can UTAH Merely! Program Products ? FHA 29 Season Repaired ? Va 30 Seasons Repaired Max LTV ? FHA – % ? Virtual assistant – 100% Maximum CLTVFollow FHA and/or Va guidance Limitation Loan amount FHA: New cheaper out of $417,000 (excluding MIP) or FHA allowable maximum Virtual assistant: The fresh minimal of $417,000 (in addition to VAFF) or Virtual assistant deductible restrict Mortgage PurposePurchase OccupancyOwner Filled Advance payment Guidance Give : 3% otherwise 5% available Can be used to satisfy the borrower’s collateral share expected with the FHA step 1 st Financial, settlement costs, pre-paids, Va allowable charge for every Virtual assistant recommendations
17 Underwriting Direction TopicGuidelines Underwriting Strategy Allowable underwriting strategy: ? Fannie mae Desktop computer Underwrite (DU) invited – ? Should be exposure scored from the FHA Scorecard ? Approve/Eligible recommendation ? Guide UW desired – FMC Overlays use **Until especially given, pursue important FHA direction As well as First mortgage FHA overlays** Lowest Credit scores ? 620 ? Non-Conventional Tradelines Banned Max Loans Proportion ? DU Accepted fund – Realize DU approval so you’re able to max 50% DTI ? Manual UW money – Go after trader guidance including FMC overlays Reserves ? Nothing expected – Go after company recommendations Home loan Ins. ? Go after basic FHA MIP
18 Underwriting Guidelines TopicGuidelines Homebuyer Education ? Not required Non-Occupant Co- borrowers/Co-signers ? Prohibited Gift Letter ? Gift Letter is necessary, for each and every HUD insuring conditions Taxation Transcripts ? Realize FMC’s practical 4506-T rules Property Flips ? Anticipate – Go after HUD advice As well as FMC overlays
19 UW Direction cont’d… TopicGuidelines Seller Efforts Greet as much as six% Provide FundsAllowed out of nearest and dearest – Follow 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot acceptance *** Any kind of requirements – Realize FHA 4155.step 1 direction Also FMC overlays***
FMC comes with the fresh offer into the the lenders instructions and we also more cord extent whenever we financing our loan for example, i don’t wait a supplementary a day to fund a Sapphire loan
22 Maximum Deductible Charges TopicGuidelines Rates ? On new Scheduling Portal, And/or FMC Speed Sheets Maximum Origination Commission ? Contact your FMC Help Team getting costs and you may payment Discount Charges ? None anticipate Promotion Prices ? None available – Par cost just Allowable Charges ? Have to be practical and typical and fully uncovered for the borrower according to all the firms, federal, state and you may local guidelines – Reference ML 2009-53 to own HUD difference to help you itemizing fees ? Speak to your FMC Service People getting allowable charges Program CodeFHA: F30FMP Virtual assistant: V30FMP
24 Loan Processes Borrower have to meet the pursuing the standards: step one. dos.FMC Branch submits the brand new completely processed document so you can Underwriting to own mortgage recognition step three.Abreast of mortgage recognition, the fresh new Part is notified so you can set-aside finance and secure financing 5.FMC close/pre-finance step one st real estate loan 6.
FMC underwrites the loan 4
twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We’re necessary to echo NHF’s EIN to your HUD’s FHA Financing Underwriting and you can Transmittal Bottom line with additional financial support direction, provides or gift ideas into the borrower when the borrower receives a keen FHA First-mortgage.
26 NHF Reservation Portal Debtor need to meet up with the after the criteria: ? Bookings could be handled from the FMC Part level with the Reservation Portal to the NHF site nhfloan.orgnhfloan.org ? Brand new Reservation Portal will likely be reached Friday courtesy Monday ranging from 9:00 In the morning and cuatro:00 PM PST. ? To help you access this new Scheduling Portal, good “Representative ID” must be used. ? You to associate ID and Passcode was allotted to for every branch from the Vendor Assistance team from the FMC. Every earlier user ID’s have been de–triggered. ? online payday loan in Libertyville Alabama This new Reservation Portal have a tendency to identify whether or not that loan registration very first qualifies considering Income and you will Credit rating Constraints suggestions considering, and gives an electronic verification (Union Confirmation) of your own membership which have to be considering regarding mortgage document.
