Financing Administrator pre-qualifies borrower to have Sapphire loan and you may NHF income maximum
13 Eligibility – Attributes Attributes Greet: ? Single Friends Tools ? FHA Acknowledged Condominiums ? Organized Equipment Developments (PUDS) ? 2-Unit characteristics Ineligible Characteristics: ? 3-cuatro Device characteristics ? Are produced property ? Financing characteristics ? Leasing Residential property ? Co-ops ? Entertainment, travel, or 2 nd house
fifteen SAPPHIRE Program Thing Program Breakdown State RestrictionAvailable on the States Out-of California, Las vegas, nevada, Washington, Colorado And you will UTAH Only! System Designs ? FHA 30 Season Fixed ? Virtual assistant 30 Year Fixed Maximum LTV ? FHA – % ? Virtual assistant – 100% Maximum CLTVFollow FHA and you will/otherwise Virtual assistant guidelines Limit Loan amount FHA: The fresh new cheaper away from $417,000 (excluding MIP) or FHA deductible limitation Virtual assistant: The fresh new less away from $417,000 (including VAFF) otherwise Va deductible restrict Financing PurposePurchase OccupancyOwner Filled Down-payment Recommendations Grant : 3% or 5% offered Can be used to fulfill the borrower’s security share necessary into FHA 1 st Home loan, closing costs, pre-paids, Va deductible fees per Va guidance
17 Underwriting Advice TopicGuidelines Underwriting Means Deductible underwriting approach: ? Federal national mortgage association Pc Underwrite (DU) enjoy – ? Should be exposure obtained from the FHA Scorecard ? Approve/Qualified recommendation ? Guidelines UW anticipate – FMC Overlays use **Until specifically specified, realize simple FHA recommendations Together with First-mortgage FHA overlays** Lowest Credit ratings ? 620 ? Non-Traditional Tradelines Not allowed Max Financial obligation Ratio ? DU Approved loans – Realize DU acceptance so you can max fifty% DTI ? Instructions UW money – Go after buyer advice in addition to FMC overlays Reserves ? Not one required – Realize agency direction Home loan Inches. ? Go after important FHA MIP
18 Underwriting Recommendations TopicGuidelines Homebuyer Studies ? Not essential Non-Tenant Co- borrowers/Co-signers ? Banned Gift Page ? Provide Letter is required, for every single HUD insuring conditions Taxation Transcripts ? Realize FMC’s practical 4506-T coverage Assets Flips ? Allowed – Pursue HUD recommendations And FMC overlays
19 UW Direction cont’d… TopicGuidelines Provider Benefits Greeting to 6% Provide FundsAllowed out of family – Pursue 4155 Prepayment Penalty No Prepayment Penalty AssumabilityNot enjoy *** Any kind of criteria – Realize FHA 4155.step 1 guidance And additionally FMC overlays***
FMC boasts the brand new grant on our lenders instructions so we more cord the amount once we loans all of our loan and therefore, i not any longer waiting an extra 1 day to pay for a good Sapphire financing
22 Maximum Deductible Charge TopicGuidelines Interest rates ? On the brand new Booking Webpage, Or perhaps the FMC Speed Sheet sets Maximum Origination Commission ? Contact your FMC Help Cluster to own costs and you can compensation Disregard Fees ? Not one enjoy Discount Rates ? Nothing offered – Level rates just Deductible Charges ? Should be practical and you can standard and you can fully announced towards the debtor in line with most of the companies, federal, state and you will regional legislation – Reference ML 2009-53 getting HUD difference in order to itemizing charges ? Speak to your FMC Help Group having allowable charges System CodeFHA: F30FMP Virtual assistant: V30FMP
24 Loan Processes Borrower have to meet up with the adopting the criteria: step one. dos.FMC Branch submits the new fully processed file so you’re able to Underwriting having loan approval step 3.Abreast of mortgage approval, the brand new Branch was notified in order to set-aside fund and you will lock loan 5.FMC close/pre-money 1 st home mortgage 6.
FMC underwrites the loan 4
25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We’re expected to reflect NHF’s EIN into HUD’s FHA Financing Underwriting and you will Transmittal Summation in addition to second investment assistance, gives otherwise gifts into debtor if debtor is receiving an FHA First mortgage.
twenty six NHF Reservation Webpage Debtor need certainly to meet with the following the requirements: ? Reservations could well be treated at FMC Part height utilizing the Reservation Site on the NHF web site nhfloan.orgnhfloan.org ? The fresh new Booking Portal is accessed Monday through Saturday ranging from 9:00 Are and you can 4:00 PM PST. ? So you can access brand new Reservation Portal, an effective “Member ID” is employed. ? That member ID and you may Passcode could be assigned to for every single part by the Vendor Help group at FMC. Most of the prior user ID’s had been de-triggered. ? Brand new Booking Site often choose if or not financing subscription initial qualifies considering Income and you can Credit history Constraints advice offered, and gives a digital confirmation (Relationship Confirmation) cash loan Lipscomb AL of your registration and that have to be offered on the mortgage file.