13 Eligibility – Properties Qualities Greet: ? Single Loved ones Tools ? FHA Accepted Condos ? Planned Device Improvements (PUDS) ? 2-Tool services Ineligible Qualities: ? 3-4 Tool properties ? Are designed casing ? Capital properties ? Local rental Residential property ? Co-ops ? Recreation, travel, or dos nd belongings

fifteen SAPPHIRE System Material Program Dysfunction Condition RestrictionAvailable about Says Off Ca, Vegas, Arizona, Texas And you can UTAH Just! System Designs ? FHA 31 12 months Fixed ? Va 29 12 months Fixed Maximum LTV ? FHA – % ? Va 100% Max CLTVFollow FHA and you can/otherwise Va direction Limit Amount borrowed FHA: Brand new minimal regarding $417,000 (not including MIP) or FHA allowable maximum Va: New decreased out-of $417,000 (also VAFF) or Va allowable restriction Financing PurposePurchase OccupancyOwner Occupied Deposit Guidelines Grant : 3% or 5% offered Can be used to match the borrower’s equity share needed toward FHA step one st Financial, settlement costs, pre-paids, Virtual assistant allowable fees for each and every Virtual assistant recommendations

17 Underwriting Assistance TopicGuidelines Underwriting Strategy Allowable underwriting means: ? Fannie mae Desktop computer Underwrite (DU) greeting ? Should be chance scored from the FHA Scorecard ? Approve/Eligible recommendation ? Guidelines UW enjoy FMC Overlays apply **Except if particularly specified, realize standard FHA direction Along with First-mortgage FHA overlays** Minimum Credit ratings ? 620 ? Non-Antique Tradelines Not allowed Maximum Personal debt Ratio ? DU Recognized fund Pursue DU recognition in order to max fifty% DTI ? Guide UW finance Follow investor assistance in addition to FMC overlays Supplies ? Nothing https://clickcashadvance.com/payday-loans-nh/ expected Realize agencies guidance Mortgage In. ? Pursue simple FHA MIP

18 Underwriting Direction TopicGuidelines Homebuyer Education ? Not essential Non-Occupant Co- borrowers/Co-signers ? Prohibited Present Letter ? Present Letter will become necessary, for every HUD insuring conditions Income tax Transcripts ? Pursue FMC’s practical 4506-T policy Property Flips ? Acceptance Follow HUD assistance And additionally FMC overlays

19 UW Recommendations cont’d… TopicGuidelines Supplier Benefits Welcome as much as 6% Current FundsAllowed out of nearest and dearest Follow 4155 Prepayment Punishment Zero Prepayment Punishment AssumabilityNot invited *** Some other standards Go after FHA 4155.1 direction As well as FMC overlays***

FMC comes with the fresh new give into the the lenders directions and now we over cord extent when we funds our mortgage which means, i not any longer hold off an extra a day to pay for a great Sapphire financing

twenty two Limit Deductible Fees TopicGuidelines Interest levels ? On brand new Reservation Portal, Or even the FMC Price Sheet sets Max Origination Fee ? Get hold of your FMC Support Party to possess charge and you may payment Write off Fees ? Nothing allowed Promotion Rates ? None available Par cost only Deductible Charges ? Need to be practical and classic and you will completely disclosed towards debtor prior to the firms, federal, county and local rules – Refer to ML 2009-53 for HUD different to help you itemizing costs ? Get hold of your FMC Assistance People getting allowable charge System CodeFHA: F30FMP Va: V30FMP

24 Financing Processes Borrower need meet up with the after the requirements: 1. 2.FMC Department submits the latest totally processed document so you can Underwriting for mortgage recognition step 3.Abreast of mortgage approval, the latest Part is informed to help you put aside finance and you may secure loan 5.FMC intimate/pre-loans step one st mortgage 6.

FMC underwrites the borrowed funds 4

25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We’re expected to reflect NHF’s EIN on HUD’s FHA Financing Underwriting and you may Transmittal Bottom line together with supplementary investment direction, grants otherwise gifts into the borrower in the event the borrower gets an enthusiastic FHA First-mortgage.

twenty-six NHF Reservation Site Debtor need to meet with the adopting the requirements: ? Bookings might be treated in the FMC Department level making use of the Booking Webpage to the NHF web site nhfloan.orgnhfloan.org ? The brand new Reservation Webpage is accessed Tuesday using Friday between 9:00 Are and you can 4:00 PM PST. ? To supply the latest Booking Webpage, a beneficial Representative ID is employed. ? One user ID and Passcode is assigned to for every single branch by the Supplier Support class at the FMC. All of the previous associate ID’s was indeed de-activated. ? The newest Scheduling Webpage usually choose whether that loan subscription first qualifies centered on Earnings and you may Credit rating Constraints suggestions offered, and gives an electronic verification (Connection Verification) of membership and that should be considering regarding loan document.