Financing Manager pre-qualifies borrower to have Sapphire mortgage and you can NHF money limit

13 Eligibility – Attributes Attributes Anticipate: ? Single Family relations Tools ? FHA Approved Condos ? Organized Tool Developments (PUDS) ? 2-Device services Ineligible Features: ? 3-4 Equipment characteristics ? Are formulated casing ? Resource characteristics ? Rental Residential property ? Co-ops ? Recreational, travel, otherwise 2 nd property

fifteen SAPPHIRE System Matter Program Malfunction State RestrictionAvailable from the States Away from Ca, Nevada, Washington, Colorado And UTAH Simply! System Designs ? FHA 29 Year Repaired ? Virtual assistant 29 12 months Fixed Max LTV ? FHA – % ? Va 100% Maximum CLTVFollow FHA and you will/otherwise Virtual assistant direction Limit Loan amount FHA: The latest lesser out-of $417,000 (not including MIP) otherwise FHA allowable limit Va: The fresh minimal of $417,000 (and VAFF) or Va allowable restriction Mortgage PurposePurchase OccupancyOwner Occupied Advance payment Recommendations Give : 3% otherwise 5% available Can be used to satisfy the borrower’s collateral share called for towards the FHA 1 st Mortgage, settlement costs, pre-paids, Va deductible costs each Va guidelines

17 Underwriting Recommendations TopicGuidelines Underwriting Means Deductible underwriting strategy: ? Federal national mortgage association Desktop computer Underwrite (DU) anticipate ? Should be risk obtained by the FHA Scorecard ? Approve/Qualified testimonial ? Manual UW greet FMC Overlays pertain **Until especially given, follow simple FHA recommendations Including First mortgage FHA overlays** Lowest Fico scores ? 620 ? Non-Conventional Tradelines Banned Maximum Personal debt Proportion ? DU Approved fund Go after DU acceptance in order to maximum 50% DTI ? Guidelines UW money Go after trader guidelines in addition to FMC overlays Supplies ? Nothing necessary Go after agency guidance Mortgage In. ? Realize basic FHA MIP

18 Underwriting Assistance TopicGuidelines Homebuyer Education ? Not necessary Low-Occupant Co- borrowers/Co-signers ? Not allowed Current Letter ? Gift Page will become necessary, for each and every HUD insuring requirements Tax Transcripts ? Pursue FMC’s practical 4506-T policy Assets Flips ? Acceptance Go after HUD guidance Including FMC overlays

19 UW Assistance cont’d… TopicGuidelines Supplier Contributions Invited up to six% Current FundsAllowed out of family Go after 4155 Prepayment Penalty No Prepayment Penalty AssumabilityNot allowed *** Any kind of conditions Go after FHA 4155.1 assistance As well as FMC overlays***

FMC comes with the fresh new grant for the our loan providers information and now we over cable the total amount whenever we financing the financing for example, we no longer waiting an additional day to fund an effective Sapphire financing

twenty two Limitation Allowable Charges TopicGuidelines Rates ? Available on the latest Booking Portal, Or the FMC Price Sheets Maximum Origination Commission ? Contact your FMC Help Class to possess fees and you may settlement Discount Charge ? Not one desired Discount Cost ? Nothing offered Level costs merely Allowable Charges ? Should be sensible and standard and you will totally announced into the borrower prior to most of the enterprises, federal, state and you can regional rules – Make reference to ML 2009-53 having HUD exception in order to itemizing charges ? Speak to your FMC Support Cluster having allowable fees Program CodeFHA: F30FMP Virtual assistant: V30FMP

24 Financing Procedure Borrower have to meet up with the following the standards: step one. dos.FMC Branch submits new completely canned document so you can Underwriting having financing acceptance step three.Abreast of loan recognition, the fresh new Department are notified to help you reserve financing and you may lock financing 5.FMC personal/pre-loans step one st real estate loan six.

FMC underwrites the loan cuatro

twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We have been necessary to reflect NHF’s EIN with the HUD’s FHA Loan Underwriting and you can Transmittal Conclusion alongside additional financing guidelines, gives otherwise gift ideas towards the debtor in the event that debtor is receiving a keen FHA First-mortgage.

twenty-six NHF Scheduling Site Debtor need certainly to meet up with the pursuing the criteria: ? Bookings would-be addressed at the FMC Department level utilising https://elitecashadvance.com/installment-loans-nc/ the Reservation Webpage to your NHF website nhfloan.orgnhfloan.org ? The brand new Scheduling Webpage is going to be reached Tuesday as a result of Friday ranging from 9:00 Was and you can cuatro:00 PM PST. ? So you’re able to availability the fresh new Booking Webpage, good Representative ID must be used. ? One to representative ID and you can Passcode might possibly be assigned to for each and every branch from the Provider Help cluster in the FMC. All earlier in the day user ID’s were de-triggered. ? The brand new Reservation Portal commonly identify whether that loan membership first qualifies according to Earnings and you may Credit score Restrictions pointers offered, and gives a digital confirmation (Commitment Verification) of one’s subscription and this should be given regarding the loan document.