thirteen Qualifications – Characteristics Attributes Greeting: ? Unmarried Relatives Equipment ? FHA Approved Condominiums ? Planned Device Advancements (PUDS) ? 2-Tool properties Ineligible Services: ? 3-4 Device properties ? Were created property ? Money properties ? Leasing Land ? Co-ops ? Entertainment, travel, or dos nd homes
15 SAPPHIRE System Topic Program Malfunction County RestrictionAvailable on Says Off California, Vegas, Arizona, Texas And you will UTAH Merely! Program Sizes ? FHA 29 12 months Repaired ? Va 31 Year Fixed Max LTV ? FHA – % ? Virtual assistant – 100% Maximum CLTVFollow FHA and/otherwise Virtual assistant direction Limit Amount borrowed FHA: Brand new cheaper of $417,000 (excluding MIP) otherwise FHA deductible maximum Va: The fresh reduced regarding $417,000 (in addition to VAFF) otherwise Virtual assistant deductible limitation Financing PurposePurchase OccupancyOwner Filled Down-payment Guidance Grant : 3% otherwise 5% offered Are often used to fulfill the borrower’s equity contribution needed toward FHA step 1 st Home loan, settlement costs, pre-paids, Virtual assistant allowable fees for every single Va guidelines
17 Underwriting Direction TopicGuidelines Underwriting Approach Deductible underwriting strategy: ? Fannie mae Desktop computer Underwrite (DU) acceptance – ? Need to be chance obtained because of the FHA Scorecard ? Approve/Qualified recommendation ? Tips guide UW greeting – FMC Overlays apply **Until specifically specified, pursue fundamental FHA advice And First-mortgage FHA overlays** Lowest Credit scores ? 620 ? Non-Conventional Tradelines Banned Max Debt Ratio ? DU Approved money – Pursue DU approval in order to maximum fifty% DTI ? Tips guide UW finance – Pursue trader advice along with FMC overlays Supplies ? None needed – Pursue department direction Home loan Inches. ? Go after standard FHA MIP
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18 Underwriting Recommendations TopicGuidelines Homebuyer Knowledge ? Not necessary Low-Occupant Co- borrowers/Co-signers ? Not allowed Gift Letter ? Present Letter becomes necessary, per HUD insuring conditions Tax Transcripts ? Go after FMC’s simple 4506-T coverage Property Flips ? Welcome – Pursue HUD recommendations As well as FMC overlays
19 UW Guidelines cont’d… TopicGuidelines Supplier Benefits Anticipate doing 6% Provide FundsAllowed of family – Pursue 4155 Prepayment Punishment No Prepayment Punishment AssumabilityNot desired *** Virtually any standards – Follow FHA 4155.1 advice Along with FMC overlays***
FMC boasts new grant towards the our lenders advice and we also over cable the total amount whenever we loans the loan meaning that, i no more waiting an extra twenty four hours to fund an excellent Sapphire mortgage
twenty two Restriction Deductible Fees TopicGuidelines Interest levels ? Available on the newest Booking Site, And/or FMC Speed Sheet sets Max Origination Payment ? Get hold of your FMC Service Party to have costs and you may payment Disregard Costs ? Nothing allowed Promotion Cost ? None available – Par pricing simply Deductible Charges ? Should be reasonable and typical and you can fully expose on the borrower prior to all enterprises, government, state and you may local statutes – Make reference to ML 2009-53 to possess HUD exception to this rule so you can itemizing charge ? Contact your FMC Service People getting allowable fees System CodeFHA: F30FMP Virtual assistant: V30FMP
24 Mortgage Procedure Debtor need meet up with the following the criteria: step one. 2.FMC Department submits the fresh fully canned file so you’re able to Underwriting to own loan acceptance step three.On mortgage recognition, the brand new Part try informed to set aside fund and you can lock loan 5.FMC intimate/pre-loans 1 st real estate loan 6.
FMC underwrites the mortgage cuatro
25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? Our company is necessary to reflect NHF’s EIN towards the HUD’s FHA Mortgage Underwriting and Transmittal Summary and additional financial support recommendations, gives otherwise merchandise toward debtor if the debtor is receiving a keen FHA First-mortgage.
twenty-six NHF Reservation Webpage Debtor need to meet up with the following criteria: ? Reservations was handled on FMC Branch top using the Reservation Portal into the NHF website nhfloan.orgnhfloan.org ? This new Booking Portal is going to be reached Friday as a consequence of Saturday anywhere between 9:00 Are and you can 4:00 PM PST. ? To availableness new Scheduling Site, a good “Member ID” is employed. ? One member ID and you may Passcode could be assigned to for each and every department by the Supplier Help cluster at FMC. Most of the prior affiliate ID’s was indeed de–activated. ? The Scheduling Webpage usually select whether or not a loan registration very first qualifies considering Money and you can Credit score Restrictions guidance considering, and supply an electronic digital confirmation (Union Verification) of your own registration which must be offered from the mortgage document.