Mortgage Manager pre-qualifies debtor to possess Sapphire mortgage and you will NHF earnings restrict

thirteen Qualifications – Services Functions Welcome: ? Unmarried Household members Products ? FHA Approved Condominiums ? Organized Product Advancements (PUDS) ? 2-Device functions Ineligible Features: ? 3-cuatro Device services ? Are produced construction ? Financial support functions ? Local rental Belongings ? Co-ops ? Entertainment, vacation, otherwise 2 nd house

15 SAPPHIRE System Point System Breakdown County RestrictionAvailable in the Says Of Ca, Vegas, Washington, Texas And you may UTAH Only! Program Designs ? FHA 29 12 months Fixed ? Va 30 Seasons Fixed Maximum LTV ? FHA – % ? Va – 100% Maximum CLTVFollow FHA and you may/or Va guidance Limit Loan amount FHA: The new less regarding $417,000 (not including MIP) or FHA allowable restrict Va: The fresh new minimal regarding $417,000 (along with VAFF) otherwise Va deductible maximum Financing PurposePurchase OccupancyOwner Filled Down-payment Assistance Grant : 3% otherwise 5% available Are often used to match the borrower’s equity contribution required into FHA 1 st Home loan, closing costs, pre-paids, Virtual assistant allowable fees per Virtual assistant assistance

17 Underwriting Advice TopicGuidelines Underwriting Method Allowable underwriting means: ? Federal national mortgage association Desktop computer Underwrite (DU) welcome – ? Have to be exposure scored by the FHA Scorecard ? Approve/Qualified testimonial ? Guide UW acceptance – FMC Overlays implement **Unless particularly specified, follow fundamental FHA direction Plus First mortgage FHA overlays** Minimum Credit ratings ? 620 ? Non-Old-fashioned Tradelines Prohibited Max Personal debt Proportion ? DU Acknowledged funds – Follow DU acceptance to maximum fifty% DTI ? Guide UW money – Pursue trader direction along with FMC overlays Supplies ? Not one necessary – Follow company assistance Mortgage In. ? Go after standard FHA MIP

18 Underwriting Direction TopicGuidelines Homebuyer Training ? Not needed Non-Occupant Co- borrowers/Co-signers ? Not allowed Gift Page ? Gift Letter is necessary, for each and every HUD guaranteeing criteria Tax Transcripts ? Realize FMC’s fundamental 4506-T policy Property Flips ? Allowed – Pursue HUD guidelines Also FMC overlays

19 UW Assistance cont’d… TopicGuidelines Merchant Contributions Enjoy to 6% Current FundsAllowed from members of the family – Follow 4155 Prepayment Penalty No Prepayment Punishment AssumabilityNot desired *** Some other requirements – Realize FHA 4155 americash loans Holtville.step 1 advice And additionally FMC overlays***

FMC is sold with brand new give to the the lenders instructions and now we more wire the amount whenever we financing the mortgage meaning that, i no more waiting an additional day to pay for a good Sapphire loan

22 Limit Deductible Costs TopicGuidelines Interest rates ? On this new Booking Webpage, Or perhaps the FMC Rate Sheets Maximum Origination Commission ? Speak to your FMC Help Class to own costs and you will compensation Write off Charges ? Nothing invited Discount Pricing ? Not one offered – Par prices simply Allowable Costs ? Must be practical and you can traditional and you can fully expose on debtor prior to all of the enterprises, federal, state and regional rules – Make reference to ML 2009-53 having HUD exception to this rule so you’re able to itemizing charge ? Contact your FMC Service Group getting allowable charge Program CodeFHA: F30FMP Va: V30FMP

24 Financing Procedure Debtor must meet with the adopting the requirements: 1. dos.FMC Branch submits the new fully canned file so you can Underwriting for financing recognition 3.Abreast of mortgage recognition, brand new Branch try notified so you can set aside finance and you can lock mortgage 5.FMC intimate/pre-finance step one st home mortgage 6.

FMC underwrites the mortgage cuatro

twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? The audience is required to mirror NHF’s EIN towards HUD’s FHA Financing Underwriting and Transmittal Summation along side additional resource guidelines, offers or presents to your borrower when the debtor receives an enthusiastic FHA First-mortgage.

twenty six NHF Scheduling Portal Borrower need meet with the adopting the conditions: ? Reservations would be handled during the FMC Part peak by using the Scheduling Site into the NHF website nhfloan.orgnhfloan.org ? The fresh new Booking Portal is going to be accessed Friday because of Monday ranging from 9:00 Was and you may 4:00 PM PST. ? In order to availability this new Booking Site, an excellent “Member ID” is employed. ? That member ID and you may Passcode could well be allotted to per branch by the Provider Support cluster in the FMC. All of the earlier affiliate ID’s had been de–activated. ? Brand new Booking Portal often pick if or not financing membership very first qualifies predicated on Money and you can Credit rating Restrictions guidance considering, and gives a digital confirmation (Partnership Confirmation) of the subscription and therefore should be given regarding mortgage file.