Mortgage Manager pre-qualifies borrower having Sapphire mortgage and you can NHF earnings maximum
thirteen Eligibility – Attributes Properties Desired: ? Solitary Family members Gadgets ? FHA Recognized Condos ? Prepared Equipment Advancements (PUDS) ? 2-Product qualities Ineligible Attributes: ? 3-4 Unit services ? Are available homes ? Financing attributes ? Rental Property ? Co-ops ? Recreation, trips, or 2 nd land
fifteen SAPPHIRE System Procedure System Dysfunction Condition RestrictionAvailable regarding the Claims Away from Ca, Vegas, Arizona, Texas And you may UTAH Just! Program Products ? FHA 29 Seasons Repaired ? Virtual assistant 31 Seasons Repaired Max LTV ? FHA – % ? Va – 100% Max CLTVFollow FHA and you may/otherwise Va direction Maximum Amount borrowed FHA: The latest lesser from $417,000 (not including MIP) or FHA deductible limit Virtual assistant: New lower of $417,000 (plus VAFF) otherwise Va allowable maximum Loan PurposePurchase OccupancyOwner Occupied Down payment Direction Grant : 3% otherwise 5% readily available Can be used to fulfill the borrower’s guarantee contribution needed on FHA 1 st Home loan, settlement costs, pre-paids, Virtual assistant allowable charge for every single Virtual assistant advice
17 Underwriting Assistance TopicGuidelines Underwriting Approach Allowable underwriting method: ? Fannie mae Pc Underwrite (DU) acceptance – ? Should be exposure obtained from the FHA Scorecard ? Approve/Qualified recommendation ? Manual UW invited – FMC Overlays implement **Except if especially specified, follow standard FHA advice Along with First-mortgage FHA overlays** Minimum Fico scores ? 620 ? Non-Traditional Tradelines Not allowed Max Loans Ratio ? DU Recognized loans – Go after DU acceptance so you’re able to maximum 50% DTI ? Guide UW fund – Follow individual recommendations in addition to FMC overlays Supplies ? None needed – Follow service advice Mortgage Ins. ? Go after standard FHA MIP
18 Underwriting Guidance TopicGuidelines Homebuyer Studies ? Not needed Low-Tenant Co- borrowers/Co-signers ? Prohibited Present Letter ? Current Letter is necessary, for every HUD guaranteeing criteria Tax Transcripts ? Pursue FMC’s fundamental 4506-T coverage Possessions Flips ? Greet – Pursue HUD recommendations And additionally FMC overlays
19 UW Guidelines cont’d… TopicGuidelines Vendor Contributions Greet as much as six% Current FundsAllowed away from loved ones – Go after 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot welcome *** Other conditions – Go after FHA 4155.step 1 direction Along with FMC overlays***
FMC has the new give on the our lenders recommendations and then we more wire extent once we fund our loan and thus, i no further hold off an additional 24 hours to fund a good Sapphire mortgage
twenty-two Restriction Deductible Fees TopicGuidelines Interest levels ? On the newest Reservation Webpage, And/or FMC Rates Sheets Max Origination Payment ? Get hold of your FMC Help Party to have charges and you will payment Discount Costs ? None anticipate Promotion Pricing ? Not one offered – Level prices simply Allowable Fees ? Have to be practical and you can vintage and totally unveiled into the debtor according to most of the firms, federal, state and you can local laws – Relate to ML 2009-53 for HUD exemption so you’re able to itemizing charge ? Speak to your FMC Service Team having allowable charges System CodeFHA: F30FMP Virtual assistant: V30FMP
24 Mortgage Techniques Debtor need to meet up with the after the criteria: step one. dos.FMC Part submits the fully canned document to help you Underwriting to own mortgage recognition step three.Upon mortgage acceptance, the fresh Department is informed so you can set aside funds and you can lock loan 5.FMC close/pre-financing step 1 st home mortgage 6.
FMC underwrites the loan 4
twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We’re needed to echo NHF’s EIN towards HUD’s FHA Financing Underwriting and you may Transmittal Summation in conjunction with supplementary capital assistance, has otherwise presents toward borrower when the borrower is receiving an enthusiastic payday loan Horn Hill FHA First mortgage.
twenty six NHF Scheduling Site Debtor need meet with the pursuing the requirements: ? Bookings will be handled on FMC Part top making use of the Scheduling Webpage into NHF web site nhfloan.orgnhfloan.org ? Brand new Reservation Webpage will be reached Monday thanks to Friday between 9:00 Was and you can 4:00 PM PST. ? To accessibility the newest Scheduling Portal, an effective “User ID” is employed. ? You to associate ID and Passcode is assigned to for every branch by Vendor Support people at FMC. Most of the past user ID’s were de-triggered. ? The Scheduling Webpage tend to choose whether or not a loan membership initial qualifies according to Earnings and Credit score Limits recommendations considering, and gives a digital verification (Partnership Confirmation) of the registration which have to be considering about mortgage document.