Financing Officer pre-qualifies borrower having Sapphire mortgage and you can NHF money limit

thirteen Qualifications – Functions Qualities Welcome: ? Solitary Family relations Equipment ? FHA Accepted Condos ? Arranged Device Advancements (PUDS) ? 2-Unit attributes Ineligible Characteristics: ? 3-cuatro Tool qualities ? Are produced casing ? Capital properties ? Rental Homes ? Co-ops ? Leisure, vacation, or 2 nd home

fifteen SAPPHIRE Program Thing System Dysfunction County RestrictionAvailable about Says Off Ca, Vegas, Washington, Tx And UTAH Simply! System Types ? FHA 30 Year Fixed ? Va 31 12 months Repaired Max LTV ? FHA – % ? Virtual assistant – 100% Maximum CLTVFollow FHA and you can/or Virtual assistant assistance Restriction Amount borrowed FHA: New decreased away from $417,000 (excluding MIP) or FHA deductible restriction Va: The new minimal out-of $417,000 (along with VAFF) or Virtual assistant deductible restriction Loan PurposePurchase OccupancyOwner Filled Deposit Guidelines Offer : 3% otherwise 5% readily available Can be used to match the borrower’s guarantee contribution required on FHA 1 st Home loan, closing costs, pre-paids, Va allowable charge each Virtual assistant advice

17 Underwriting Guidelines TopicGuidelines Underwriting Approach Allowable underwriting approach: ? Federal national mortgage association Desktop Underwrite (DU) allowed – ? Need to be risk scored of the FHA Scorecard ? Approve/Eligible recommendation ? Tips guide UW anticipate – FMC Overlays incorporate **Unless of course specifically specified, realize important FHA advice And additionally First-mortgage FHA overlays** Lowest Credit scores ? 620 ? Non-Antique Tradelines Prohibited Maximum Loans Ratio ? DU Recognized financing – Go after DU recognition to max 50% DTI ? Guide UW funds – Pursue individual advice also FMC overlays Reserves ? Nothing required – Pursue department advice Home loan Ins. ? Go after simple FHA MIP

18 Underwriting Recommendations TopicGuidelines Homebuyer Training ? Not essential Non-Renter Co- borrowers/Co-signers ? Prohibited Provide Letter ? Gift Letter will become necessary, per HUD insuring criteria Income tax Transcripts ? Go after FMC’s standard 4506-T plan Assets Flips ? Acceptance – Go after HUD guidance As well as FMC overlays

19 UW Guidelines cont’d… TopicGuidelines Seller Efforts Anticipate up https://paydayloanalabama.com/hoover/ to six% Present FundsAllowed from friends – Go after 4155 Prepayment Punishment Zero Prepayment Penalty AssumabilityNot anticipate *** All other requirements – Follow FHA 4155.step 1 guidance Along with FMC overlays***

FMC has brand new offer to your our lenders advice and we over wire the quantity as soon as we funds the mortgage and therefore, we don’t waiting an extra twenty four hours to fund an excellent Sapphire financing

twenty two Limit Deductible Charge TopicGuidelines Rates of interest ? Available on the latest Booking Site, And/or FMC Price Sheets Maximum Origination Commission ? Get hold of your FMC Assistance Group to have fees and compensation Dismiss Fees ? None allowed Rebate Cost ? Not one offered – Level pricing merely Allowable Charge ? Need to be sensible and you can vintage and fully disclosed for the borrower in accordance with most of the organizations, government, county and local laws – Make reference to ML 2009-53 getting HUD exemption in order to itemizing fees ? Get hold of your FMC Help Team to own allowable charge Program CodeFHA: F30FMP Va: V30FMP

24 Financing Process Borrower need certainly to meet with the adopting the standards: step 1. dos.FMC Part submits new fully processed file to Underwriting getting financing approval 3.On financing approval, this new Branch is informed so you’re able to reserve funds and you can secure mortgage 5.FMC intimate/pre-financing step 1 st home loan 6.

FMC underwrites the loan 4

twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We are expected to reflect NHF’s EIN towards the HUD’s FHA Financing Underwriting and you may Transmittal Conclusion alongside secondary investment guidelines, offers otherwise presents towards the borrower when the borrower receives a keen FHA First mortgage.

twenty-six NHF Reservation Portal Borrower need to meet with the following conditions: ? Bookings might be addressed within FMC Branch peak making use of the Reservation Webpage to your NHF web site nhfloan.orgnhfloan.org ? The Booking Webpage shall be accessed Tuesday owing to Monday between 9:00 Am and cuatro:00 PM PST. ? So you’re able to supply the newest Reservation Webpage, a “Associate ID” is employed. ? One to user ID and you will Passcode is assigned to for every part of the Vendor Help class on FMC. All previous user ID’s were de–activated. ? New Scheduling Webpage often pick whether that loan membership initially qualifies according to Income and you can Credit score Restrictions pointers provided, and offer a digital verification (Commitment Confirmation) of one’s membership and that must be offered from the financing document.