Mortgage Manager pre-qualifies debtor to have Sapphire mortgage and you may NHF money restriction
thirteen Qualifications – Properties Functions Anticipate: ? Single Household members Products ? FHA Acknowledged Condominiums ? Organized Product Improvements (PUDS) ? 2-Device attributes Ineligible Characteristics: ? 3-cuatro Unit attributes ? Are available property ? Financial support features ? Local rental Property ? Co-ops ? Relaxation, vacation, otherwise dos nd house
fifteen SAPPHIRE Program Material Program Description Condition RestrictionAvailable regarding States Away from California, Vegas, Washington, Tx And you may UTAH Only! Program Systems ? FHA 29 Year Repaired ? Va 29 Year Fixed Max LTV ? FHA – % ? Va – 100% Maximum CLTVFollow FHA and you can/or Virtual assistant advice Maximum Loan amount FHA: The fresh lower away from $417,000 (not including MIP) or FHA deductible limit Va: New smaller away from $417,000 (together with VAFF) or Virtual assistant deductible maximum Mortgage PurposePurchase OccupancyOwner Filled Down payment Advice Offer : 3% otherwise 5% available Can be used to satisfy the borrower’s security contribution called for into the FHA step 1 st Mortgage, settlement costs, pre-paids, Virtual assistant allowable costs for every Va assistance
17 Underwriting Recommendations TopicGuidelines Underwriting Approach Deductible underwriting method: ? Fannie mae Desktop Underwrite (DU) desired – ? Must be risk scored because of the FHA Scorecard ? Approve/Eligible recommendation ? Manual UW greeting – FMC Overlays use **Unless particularly given, go after basic FHA recommendations And First mortgage FHA overlays** Minimal Credit ratings ? 620 ? Non-Old-fashioned Tradelines Prohibited Maximum Financial obligation Ratio ? DU Accepted fund – Realize DU acceptance so you’re able to maximum 50% DTI ? Tips guide UW finance – Pursue buyer assistance plus FMC overlays Reserves ? None needed – Pursue service guidance Home loan In. ? Follow practical FHA MIP
18 Underwriting Direction TopicGuidelines Homebuyer Education ? Not necessary Low-Occupant Co- borrowers/Co-signers ? Prohibited Present Letter ? Gift Page is necessary, for each HUD insuring criteria Tax Transcripts ? Follow FMC’s important 4506-T coverage Assets Flips ? Enjoy – Go after HUD assistance In addition to FMC overlays
19 UW Advice cont’d… TopicGuidelines Provider Efforts Greeting up to 6% Provide FundsAllowed out of relatives – Realize 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot enjoy *** Various other conditions – Pursue FHA 4155.step 1 guidance In addition to FMC overlays***
FMC includes the newest grant to the the loan providers information and then we more cable the total amount whenever we loans all of our mortgage and thus, i no longer hold off a supplementary a day to cover a beneficial Sapphire mortgage
twenty-two Restrict Deductible Charges TopicGuidelines Rates ? On brand new Reservation Site, Or the FMC Price Sheet sets Maximum Origination Fee ? Contact your FMC Support Party to possess costs and compensation Write off Charges ? Nothing acceptance Discount Costs ? None available – Par pricing just Deductible Charge ? Must be sensible and conventional and you may totally unveiled towards the debtor in line with every businesses, federal, state and local legislation – Refer to ML 2009-53 for HUD difference so you can itemizing charges ? Get hold of your FMC no creidit check loans in Malcolm Assistance Party having deductible charge System CodeFHA: F30FMP Virtual assistant: V30FMP
24 Loan Procedure Debtor need certainly to meet with the after the requirements: step 1. 2.FMC Branch submits the fresh completely canned document to help you Underwriting to have financing acceptance step 3.On financing recognition, brand new Department are informed so you’re able to set aside loans and secure financing 5.FMC close/pre-funds 1 st mortgage 6.
FMC underwrites the loan cuatro
25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We’re necessary to echo NHF’s EIN towards the HUD’s FHA Mortgage Underwriting and you may Transmittal Realization along with secondary investment recommendations, has otherwise gifts on the borrower when the debtor is receiving a keen FHA First mortgage.
26 NHF Booking Webpage Debtor must meet with the following the criteria: ? Bookings might be addressed within FMC Department height making use of the Booking Portal into NHF site nhfloan.orgnhfloan.org ? The brand new Scheduling Webpage are going to be accessed Saturday thanks to Saturday between 9:00 Am and you may cuatro:00 PM PST. ? To availability brand new Booking Site, a great “Member ID” is employed. ? One to member ID and you will Passcode is assigned to for each and every branch of the Merchant Support party on FMC. Every earlier in the day representative ID’s have been de-triggered. ? The fresh new Reservation Site have a tendency to identify if a loan membership initial qualifies according to Income and you may Credit rating Limits information given, and gives an electronic digital verification (Relationship Verification) of registration and this need to be given throughout the financing file.
