Mortgage Administrator pre-qualifies debtor for Sapphire mortgage and you will NHF money maximum

13 Qualification – Characteristics Attributes Welcome: ? Solitary Members of the family Units ? FHA Recognized Condos ? Prepared Product Improvements (PUDS) ? 2-Tool functions Ineligible Services: ? 3-4 Device attributes ? Are built casing ? Resource qualities ? Leasing Land ? Co-ops ? Entertainment, travel, otherwise dos nd house

fifteen SAPPHIRE Program Issue System Malfunction Condition RestrictionAvailable on the States Of California, Nevada, Washington, Tx And UTAH Merely! System Designs ? FHA 31 Seasons Repaired ? Virtual assistant 29 Seasons Fixed Max LTV ? FHA – % ? Virtual assistant 100% Maximum CLTVFollow FHA and/otherwise Va advice Restriction Amount borrowed FHA: Brand new reduced out of $417,000 (not including MIP) or FHA deductible restriction Virtual assistant: The fresh reduced off $417,000 (and additionally VAFF) or Virtual assistant allowable limit Mortgage PurposePurchase OccupancyOwner Filled Deposit Advice Give : 3% or 5% offered Can be used to match the borrower’s security share requisite for the FHA step one st Home loan, closing costs, pre-paids, Va allowable charges for every Virtual assistant recommendations

17 Underwriting Guidance TopicGuidelines Underwriting Means Deductible underwriting approach: ? Federal national mortgage association Pc Underwrite (DU) acceptance ? Should be exposure scored by FHA Scorecard ? Approve/Qualified testimonial ? Manual UW greeting FMC Overlays incorporate **Until especially specified, follow standard FHA guidance And First-mortgage FHA overlays** Minimum Fico scores ? 620 ? Non-Old-fashioned Tradelines Not allowed Maximum Personal debt Proportion ? DU Approved loans Realize DU approval to help you max fifty% DTI ? Manual UW loans Follow investor assistance and additionally FMC overlays Reserves ? None expected Follow agencies guidelines Financial Ins. ? Pursue practical FHA MIP

18 Underwriting Guidance TopicGuidelines Homebuyer Education ? Not required Low-Occupant Co- borrowers/Co-signers ? Not allowed Current Letter ? Provide Page is necessary, each HUD guaranteeing requirements Income tax Transcripts ? Realize FMC’s standard 4506-T plan Property Flips ? Invited Realize HUD advice Including FMC overlays

19 UW Assistance cont’d… TopicGuidelines Seller Benefits Greeting to 6% Present FundsAllowed away from family relations Go after 4155 Prepayment Punishment Zero Prepayment Penalty AssumabilityNot enjoy *** Almost every other standards Pursue FHA 4155.step 1 assistance And FMC overlays***

FMC is sold with the fresh new give into the our very own lenders information and now we more than cable the amount when we financing the loan which means, i no further hold off a supplementary 1 day to pay for an excellent Sapphire mortgage

22 Restriction Deductible Fees TopicGuidelines Interest rates ? On the newest Booking Site, Or even the FMC Speed Sheets Maximum Origination Fee ? Speak to your FMC Help Party having charge and you may payment Write off Costs ? None desired Discount Cost ? None available Level costs simply Deductible Charge ? Must be realistic and you can typical and you can completely disclosed towards the debtor in line with the businesses, federal, condition and you will local laws and regulations – Refer to ML 2009-53 to possess HUD exception to this rule so you’re able to itemizing fees ? Speak to your FMC Help People having deductible charge Program CodeFHA: F30FMP Va: V30FMP

24 Loan Procedure Debtor have to meet with the following the requirements: step one. 2.FMC Branch submits the newest completely canned file in order to Underwriting to possess financing acceptance 3.On mortgage acceptance, the brand new Branch was notified so you’re able to reserve fund and you will lock loan 5.FMC intimate/pre-loans 1 st mortgage loan 6.

FMC underwrites the borrowed funds 4

twenty five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We have been needed to echo NHF’s EIN to your HUD’s FHA Mortgage Underwriting and you will Transmittal Realization together with second financing guidelines, has or presents on the debtor in the event the borrower is receiving an enthusiastic FHA First mortgage Houston personal loan.

26 NHF Reservation Portal Debtor have to meet the following standards: ? Reservations might be handled from the FMC Department height utilising the Scheduling Webpage toward NHF web site nhfloan.orgnhfloan.org ? New Scheduling Webpage will be reached Friday due to Tuesday ranging from nine:00 In the morning and you can cuatro:00 PM PST. ? So you can supply the Booking Site, a Representative ID must be used. ? You to definitely affiliate ID and you will Passcode might possibly be assigned to each department because of the Seller Help party at FMC. All early in the day affiliate ID’s was basically de–triggered. ? New Scheduling Webpage commonly pick if that loan subscription 1st qualifies centered on Income and you may Credit history Limitations guidance provided, and provide a digital confirmation (Union Confirmation) of your registration and this must be offered regarding mortgage document.