Financing Officer pre-qualifies debtor to own Sapphire financing and you may NHF earnings restriction

13 Qualifications – Functions Attributes Greeting: ? Solitary Members of the family Units ? FHA Acknowledged Condos ? Structured Tool Advancements (PUDS) ? 2-Product features Ineligible Attributes: ? 3-4 Device services ? Were created construction ? Resource attributes ? Local rental Home ? Co-ops ? Leisure, trips, otherwise dos nd house

fifteen SAPPHIRE System Topic Program Malfunction State RestrictionAvailable regarding the Says Out of Ca, Vegas, Washington, Tx And you can UTAH Only! Program Items ? FHA 30 Seasons Repaired ? Va 31 12 months Fixed Maximum LTV ? FHA – % ? Virtual assistant – 100% Max CLTVFollow FHA and you may/or Virtual assistant guidance Limitation Loan amount FHA: The newest reduced from $417,000 (not including MIP) otherwise FHA allowable maximum Virtual assistant: This new lesser off $417,000 (along with VAFF) otherwise Virtual assistant allowable maximum Mortgage PurposePurchase OccupancyOwner Occupied Advance payment Guidance Grant : 3% otherwise 5% available Are often used to satisfy the borrower’s equity contribution called for towards the FHA 1 st Home loan, settlement costs, pre-paids, Virtual assistant allowable fees for each and every Va advice

17 Underwriting Direction TopicGuidelines Underwriting Strategy Allowable underwriting approach: ? Fannie mae Pc Underwrite (DU) desired – ? Have to be risk obtained of the FHA Scorecard ? Approve/Qualified recommendation ? Manual UW allowed – FMC Overlays apply **Unless of course particularly specified, pursue basic FHA guidelines In addition to First mortgage FHA overlays** Minimum Fico scores ? 620 ? Non-Antique Tradelines Not allowed Max Obligations Ratio ? DU Accepted fund – Realize DU recognition so you can max fifty% DTI ? Tips guide UW money – Follow buyer advice and FMC overlays Supplies ? Nothing required – Follow agency guidelines Financial In. ? Pursue simple FHA MIP

18 Underwriting Advice TopicGuidelines Homebuyer Training ? Not necessary Low-Occupant Co- borrowers/Co-signers ? Prohibited Gift Letter ? Gift Letter needs, each HUD insuring conditions Tax Transcripts ? Follow FMC’s basic 4506-T rules Assets Flips ? Enjoy – Go after HUD assistance And FMC overlays

19 UW Direction cont’d… TopicGuidelines Merchant Benefits Greet doing 6% Present FundsAllowed out of friends – Realize 4155 Prepayment Punishment No Prepayment Punishment AssumabilityNot enjoy *** Another requirements – Pursue FHA 4155.step 1 guidelines As well as FMC overlays***

FMC boasts the fresh new offer towards the our lenders rules therefore more cable the quantity as soon as we finance our financing which means that, i not any longer wait an additional twenty four hours to pay for a great Sapphire financing

twenty-two Restriction Allowable Charges TopicGuidelines Interest levels ? On the brand new Reservation Webpage, Or even the FMC Speed Sheets Maximum Origination Payment ? Speak to your FMC Service Party for fees and you can payment Write off Fees ? Nothing enjoy Discount Costs ? Nothing readily available – Level rates just Deductible Charge ? Must be practical and you will vintage and you will completely disclosed toward borrower according to the businesses, government, state and you can regional statutes – Refer to ML 2009-53 to have HUD exception to help you itemizing charges ? Get hold of your FMC Help Cluster for deductible americash loans Hollywood charge Program CodeFHA: F30FMP Virtual assistant: V30FMP

24 Mortgage Techniques Borrower need meet the following the requirements: step one. 2.FMC Part submits the totally processed file so you can Underwriting to own financing acceptance step 3.On mortgage approval, the new Branch try informed in order to set aside finance and you can lock mortgage 5.FMC intimate/pre-loans step 1 st home loan six.

FMC underwrites the loan 4

twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? The audience is necessary to reflect NHF’s EIN to your HUD’s FHA Loan Underwriting and you may Transmittal Summation in addition to secondary financing assistance, offers otherwise gifts into debtor if borrower is receiving an FHA First mortgage.

twenty six NHF Reservation Site Debtor need to meet with the adopting the criteria: ? Reservations might be addressed during the FMC Branch peak using the Booking Webpage to the NHF webpages nhfloan.orgnhfloan.org ? Brand new Booking Portal is utilized Monday by way of Monday anywhere between 9:00 Am and you may 4:00 PM PST. ? So you’re able to accessibility new Scheduling Webpage, good “User ID” is employed. ? That associate ID and Passcode is allotted to for every single branch by Merchant Assistance cluster in the FMC. All of the earlier in the day member ID’s were de-triggered. ? This new Reservation Webpage commonly identify whether a loan registration initial qualifies centered on Money and you can Credit rating Restrictions guidance considering, and offer an electronic digital verification (Connection Confirmation) of one’s registration which have to be offered on the mortgage document.