Mortgage Manager pre-qualifies borrower to possess Sapphire mortgage and you will NHF income restrict

thirteen Qualification – Features Characteristics Invited: ? Unmarried Nearest and dearest Products ? FHA Acknowledged Condominiums ? Structured Unit Developments (PUDS) ? 2-Unit characteristics Ineligible Features: ? 3-4 Tool qualities ? Are produced casing ? Capital characteristics ? Rental Homes ? Co-ops ? Amusement, trips, otherwise 2 nd homes

15 SAPPHIRE System Situation Program Breakdown State RestrictionAvailable from the States Of Ca, Las vegas, Washington, Tx And you may UTAH Merely! Program Models ? FHA 31 Seasons Repaired ? Va 30 Season Repaired Maximum LTV ? FHA – % ? Va – 100% Max CLTVFollow FHA and/otherwise Va recommendations Limit Amount borrowed FHA: The brand new lesser out of $417,000 (not including MIP) or FHA deductible restrict Va: The fresh decreased out-of $417,000 (along with VAFF) otherwise Virtual assistant allowable limit Financing PurposePurchase OccupancyOwner Occupied Down-payment Guidelines Give : 3% or 5% available Can be used to satisfy the borrower’s collateral contribution requisite towards FHA step one st Financial, closing costs, pre-paids, Virtual assistant deductible costs per Virtual assistant advice

17 Underwriting Recommendations TopicGuidelines Underwriting Method Deductible underwriting method: ? Fannie mae Desktop Underwrite (DU) greet – ? Need to be risk obtained because of the FHA Scorecard ? Approve/Qualified testimonial ? Manual UW enjoy – FMC Overlays use **Unless specifically given, quick loans in Maplesville follow practical FHA direction And First mortgage FHA overlays** Minimum Fico scores ? 620 ? Non-Old-fashioned Tradelines Banned Max Debt Proportion ? DU Recognized loans – Follow DU approval to help you max fifty% DTI ? Guidelines UW finance – Realize investor guidelines along with FMC overlays Supplies ? Not one expected – Follow company guidelines Mortgage In. ? Go after important FHA MIP

18 Underwriting Advice TopicGuidelines Homebuyer Knowledge ? Not necessary Low-Occupant Co- borrowers/Co-signers ? Prohibited Provide Page ? Provide Page is necessary, each HUD guaranteeing standards Income tax Transcripts ? Follow FMC’s important 4506-T policy Property Flips ? Enjoy – Follow HUD guidelines In addition to FMC overlays

19 UW Guidelines cont’d… TopicGuidelines Provider Efforts Allowed to six% Gift FundsAllowed out-of family – Go after 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot acceptance *** Another requirements – Follow FHA 4155.step 1 guidance And FMC overlays***

FMC is sold with brand new give towards the all of our loan providers guidelines and we over cord extent whenever we funds our mortgage meaning that, i no further wait an extra a day to pay for a great Sapphire loan

22 Maximum Allowable Charge TopicGuidelines Interest rates ? On the new Scheduling Site, And/or FMC Rates Sheets Max Origination Percentage ? Get hold of your FMC Support People for charge and you can settlement Write off Charge ? Not one anticipate Rebate Pricing ? Nothing readily available – Level rates only Allowable Costs ? Must be reasonable and traditional and completely announced for the debtor in accordance with most of the organizations, government, county and you can regional rules – Refer to ML 2009-53 for HUD exception to help you itemizing charge ? Get hold of your FMC Service Cluster having allowable charges Program CodeFHA: F30FMP Virtual assistant: V30FMP

24 Financing Techniques Borrower need certainly to meet up with the after the requirements: step one. dos.FMC Department submits the newest totally processed document to Underwriting to own mortgage recognition step three.Through to loan approval, new Department was notified in order to set aside finance and you can lock mortgage 5.FMC close/pre-financing step 1 st mortgage loan 6.

FMC underwrites the loan 4

twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? The audience is required to mirror NHF’s EIN toward HUD’s FHA Financing Underwriting and you may Transmittal Conclusion together with second money assistance, offers or presents for the borrower in the event that debtor receives an FHA First-mortgage.

twenty six NHF Reservation Site Borrower need certainly to meet the following standards: ? Reservations might possibly be handled at the FMC Department top with the Scheduling Webpage toward NHF site nhfloan.orgnhfloan.org ? The fresh Reservation Site are reached Saturday due to Friday anywhere between nine:00 Are and you may cuatro:00 PM PST. ? So you’re able to access new Scheduling Site, good “User ID” must be used. ? One to representative ID and you will Passcode will be assigned to each department from the Provider Help class within FMC. All prior user ID’s was in fact de-triggered. ? New Scheduling Site tend to pick if or not financing registration 1st qualifies according to Money and you will Credit rating Limitations pointers considering, and supply a digital verification (Partnership Confirmation) of one’s membership and this must be provided regarding financing document.