13 Qualification – Characteristics Features Anticipate: ? Unmarried Friends Units ? FHA Accepted Condominiums ? Planned $500 loan in Nashville Equipment Improvements (PUDS) ? 2-Equipment functions Ineligible Qualities: ? 3-cuatro Equipment attributes ? Are created construction ? Investment characteristics ? Leasing Belongings ? Co-ops ? Leisure, vacation, or 2 nd homes
15 SAPPHIRE System Topic Program Malfunction County RestrictionAvailable about Says From California, Las vegas, nevada, Arizona, Tx And UTAH Only! System Brands ? FHA 31 12 months Repaired ? Va 29 Year Repaired Max LTV ? FHA – % ? Va 100% Max CLTVFollow FHA and you can/otherwise Va guidance Limit Amount borrowed FHA: The latest decreased out-of $417,000 (not including MIP) otherwise FHA deductible restrict Va: The brand new decreased away from $417,000 (along with VAFF) or Va allowable restriction Loan PurposePurchase OccupancyOwner Filled Downpayment Direction Offer : 3% or 5% readily available Are often used to match the borrower’s equity sum necessary on FHA step one st Home loan, closing costs, pre-paids, Va allowable charge for each Virtual assistant guidelines
17 Underwriting Direction TopicGuidelines Underwriting Means Allowable underwriting approach: ? Fannie mae Desktop computer Underwrite (DU) greet ? Need to be exposure scored from the FHA Scorecard ? Approve/Eligible recommendation ? Instructions UW greeting FMC Overlays incorporate **Until particularly given, realize simple FHA guidelines Plus First-mortgage FHA overlays** Minimum Credit ratings ? 620 ? Non-Traditional Tradelines Not allowed Max Personal debt Proportion ? DU Approved money Pursue DU approval so you’re able to max 50% DTI ? Guidelines UW fund Follow buyer guidance and FMC overlays Reserves ? Nothing requisite Follow agencies guidelines Mortgage In. ? Pursue fundamental FHA MIP
18 Underwriting Assistance TopicGuidelines Homebuyer Training ? Not necessary Low-Tenant Co- borrowers/Co-signers ? Banned Provide Page ? Current Page is necessary, for each HUD guaranteeing requirements Taxation Transcripts ? Follow FMC’s simple 4506-T policy Possessions Flips ? Greet Go after HUD guidelines And additionally FMC overlays
19 UW Assistance cont’d… TopicGuidelines Supplier Efforts Enjoy up to 6% Current FundsAllowed from members of the family Go after 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot enjoy *** Every other requirements Realize FHA 4155.step 1 advice Also FMC overlays***
FMC has new offer into the lenders rules and then we more wire the quantity once we money all of our mortgage which means that, we no longer hold off an additional 24 hours to cover a great Sapphire mortgage
twenty-two Restrict Deductible Costs TopicGuidelines Interest rates ? On the Reservation Webpage, Or perhaps the FMC Rates Sheets Maximum Origination Payment ? Speak to your FMC Support Class to have costs and you will compensation Write off Costs ? Not one acceptance Discount Pricing ? Not one offered Par pricing just Allowable Costs ? Need to be sensible and traditional and you will fully announced towards the debtor according to all of the enterprises, federal, county and you may local rules – Refer to ML 2009-53 to have HUD exception to this rule to itemizing charges ? Contact your FMC Help Team getting allowable fees Program CodeFHA: F30FMP Va: V30FMP
24 Loan Process Borrower need to meet the following criteria: step one. 2.FMC Branch submits the latest fully canned document to help you Underwriting for financing acceptance step 3.Through to mortgage recognition, the brand new Part is informed to help you reserve funds and you will lock financing 5.FMC intimate/pre-loans step one st mortgage loan six.
FMC underwrites the loan cuatro
twenty five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? Our company is required to reflect NHF’s EIN toward HUD’s FHA Loan Underwriting and you can Transmittal Bottom line alongside additional financial support direction, grants otherwise gifts for the borrower if the borrower is receiving an FHA First-mortgage.
26 NHF Scheduling Portal Borrower need meet up with the after the conditions: ? Reservations is addressed within FMC Branch height by using the Reservation Site into NHF webpages nhfloan.orgnhfloan.org ? The newest Scheduling Site would be accessed Friday thanks to Monday ranging from 9:00 In the morning and you may cuatro:00 PM PST. ? To access the brand new Booking Portal, good Representative ID is employed. ? You to affiliate ID and you will Passcode was allotted to for each part by the Supplier Assistance people during the FMC. All of the early in the day member ID’s was indeed de-triggered. ? Brand new Scheduling Portal usually choose whether that loan membership initial qualifies predicated on Money and you will Credit rating Limits guidance given, and offer a digital verification (Partnership Confirmation) of your subscription hence need to be offered from the loan document.