Loan Manager pre-qualifies debtor having Sapphire loan and you may NHF money limit

13 Qualifications – Attributes Attributes Greeting: ? Unmarried Family relations Tools ? FHA Accepted Condos ? Planned Unit Advancements (PUDS) ? 2-Unit attributes Ineligible Qualities: ? 3-cuatro Product services ? Are manufactured housing ? Funding features ? Local rental Belongings ? Co-ops ? Entertainment, travel, or 2 nd property

fifteen SAPPHIRE System Procedure Program Breakdown Condition RestrictionAvailable regarding States Away from California, Vegas, Arizona, Tx http://www.elitecashadvance.com/installment-loans-mi/richmond/ And UTAH Merely! Program Versions ? FHA 29 Seasons Fixed ? Virtual assistant 29 12 months Repaired Maximum LTV ? FHA – % ? Virtual assistant 100% Maximum CLTVFollow FHA and/or Virtual assistant direction Restriction Loan amount FHA: Brand new cheaper away from $417,000 (excluding MIP) or FHA allowable limitation Virtual assistant: Brand new reduced out-of $417,000 (as well as VAFF) or Va deductible restrict Mortgage PurposePurchase OccupancyOwner Filled Advance payment Assistance Grant : 3% otherwise 5% offered Are often used to fulfill the borrower’s collateral share necessary toward FHA 1 st Mortgage, closing costs, pre-paids, Va allowable charges for each Va guidelines

17 Underwriting Guidelines TopicGuidelines Underwriting Approach Allowable underwriting strategy: ? Fannie mae Pc Underwrite (DU) greeting ? Need to be exposure obtained from the FHA Scorecard ? Approve/Eligible recommendation ? Manual UW greet FMC Overlays use **Until specifically specified, follow basic FHA assistance And additionally First-mortgage FHA overlays** Minimal Fico scores ? 620 ? Non-Antique Tradelines Banned Max Debt Ratio ? DU Accepted financing Go after DU recognition to help you maximum 50% DTI ? Manual UW money Go after trader direction as well as FMC overlays Reserves ? Nothing requisite Realize department assistance Mortgage In. ? Realize standard FHA MIP

18 Underwriting Recommendations TopicGuidelines Homebuyer Knowledge ? Not essential Low-Tenant Co- borrowers/Co-signers ? Prohibited Current Page ? Provide Page required, for every HUD guaranteeing requirements Taxation Transcripts ? Pursue FMC’s simple 4506-T policy Possessions Flips ? Allowed Go after HUD recommendations And FMC overlays

19 UW Recommendations cont’d… TopicGuidelines Merchant Benefits Anticipate as much as 6% Provide FundsAllowed out of family unit members Follow 4155 Prepayment Punishment Zero Prepayment Penalty AssumabilityNot invited *** Any other standards Realize FHA 4155.step 1 guidelines Plus FMC overlays***

FMC includes the fresh offer with the all of our loan providers instructions and we more cable the quantity when we finance the mortgage which means, i not any longer wait an additional 1 day to cover a good Sapphire financing

twenty two Restrict Deductible Fees TopicGuidelines Rates of interest ? On the brand new Reservation Site, Or the FMC Price Sheet sets Maximum Origination Fee ? Contact your FMC Service Cluster getting costs and you will settlement Write off Charges ? Not one greet Rebate Cost ? None readily available Par rates just Deductible Fees ? Have to be realistic and you will standard and you may fully expose towards the borrower in line with most of the companies, government, county and you will regional rules – Relate to ML 2009-53 for HUD exception to this rule so you can itemizing costs ? Get hold of your FMC Support Party having deductible charge Program CodeFHA: F30FMP Virtual assistant: V30FMP

24 Mortgage Procedure Borrower must meet with the following the requirements: step one. dos.FMC Branch submits brand new totally canned document so you can Underwriting having financing recognition step 3.On financing recognition, the new Department is notified to put aside loans and you can lock mortgage 5.FMC close/pre-fund step one st mortgage six.

FMC underwrites the borrowed funds cuatro

twenty five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We are required to mirror NHF’s EIN for the HUD’s FHA Financing Underwriting and you can Transmittal Summation together with secondary capital guidelines, has otherwise gifts into the debtor in the event the debtor gets an enthusiastic FHA First-mortgage.

twenty-six NHF Reservation Portal Debtor must meet the adopting the criteria: ? Bookings might be handled within FMC Part peak utilizing the Booking Webpage toward NHF webpages nhfloan.orgnhfloan.org ? The fresh new Booking Portal might be accessed Monday through Saturday ranging from nine:00 Am and you can 4:00 PM PST. ? In order to access the newest Reservation Site, an excellent Associate ID is employed. ? That user ID and you will Passcode might be allotted to per part of the Provider Assistance party within FMC. All earlier in the day affiliate ID’s was basically de–activated. ? Brand new Scheduling Portal tend to select whether financing subscription first qualifies centered on Income and you can Credit rating Limitations suggestions given, and provide a digital confirmation (Partnership Verification) of one’s registration and this need to be provided throughout the mortgage file.