thirteen Qualifications – Characteristics Characteristics Enjoy: ? Solitary Household members Devices ? FHA Approved Condos ? Prepared Product Advancements (PUDS) ? 2-Product services Ineligible Features: ? 3-cuatro Equipment features ? Manufactured casing ? Money attributes ? Rental Home ? Co-ops ? Recreation, travel, or 2 nd property

15 SAPPHIRE Program Question Program Description State RestrictionAvailable on the Claims Out of Ca, Vegas, Arizona, Colorado And you can UTAH Merely! Program Versions ? FHA 30 Season Fixed ? Va 29 Season Repaired Maximum LTV ? FHA – % ? Virtual assistant 100% Max CLTVFollow FHA and you will/or Va advice Limitation Loan amount FHA: The latest lesser out-of $417,000 (not including MIP) or FHA allowable limit Va: The latest lower away from $417,000 (in addition to VAFF) otherwise Va deductible restriction Mortgage PurposePurchase OccupancyOwner Occupied Down $255 payday loans online same day Tennessee payment Guidelines Offer : 3% or 5% readily available Are often used to satisfy the borrower’s security share requisite toward FHA step one st Mortgage, closing costs, pre-paids, Virtual assistant deductible costs for each Virtual assistant assistance

17 Underwriting Guidance TopicGuidelines Underwriting Approach Deductible underwriting means: ? Fannie mae Desktop computer Underwrite (DU) acceptance ? Should be exposure scored of the FHA Scorecard ? Approve/Qualified recommendation ? Tips guide UW desired FMC Overlays pertain **Except if specifically specified, go after fundamental FHA guidelines Also First mortgage FHA overlays** Minimum Fico scores ? 620 ? Non-Old-fashioned Tradelines Not allowed Max Financial obligation Ratio ? DU Recognized fund Pursue DU approval so you’re able to max 50% DTI ? Instructions UW money Realize investor recommendations plus FMC overlays Supplies ? None required Realize department advice Financial Ins. ? Realize important FHA MIP

18 Underwriting Guidance TopicGuidelines Homebuyer Education ? Not essential Non-Occupant Co- borrowers/Co-signers ? Prohibited Gift Letter ? Gift Letter will become necessary, for every single HUD insuring standards Income tax Transcripts ? Realize FMC’s basic 4506-T coverage Property Flips ? Greet Go after HUD guidance Along with FMC overlays

19 UW Assistance cont’d… TopicGuidelines Seller Contributions Anticipate as much as 6% Provide FundsAllowed off relatives Follow 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot desired *** Any other criteria Go after FHA 4155.step 1 recommendations Including FMC overlays***

FMC has new grant with the the loan providers advice therefore we over cable the amount when we finance our very own financing meaning that, we not wait an additional day to cover an excellent Sapphire loan

twenty two Restriction Allowable Fees TopicGuidelines Rates ? On new Reservation Webpage, Or even the FMC Speed Sheets Max Origination Percentage ? Speak to your FMC Help People for costs and compensation Disregard Charge ? Nothing desired Discount Cost ? None available Par prices only Deductible Charge ? Must be reasonable and you can classic and you may completely shared toward borrower according to every firms, government, state and local laws – Make reference to ML 2009-53 for HUD exemption so you can itemizing charges ? Contact your FMC Support People getting deductible charges System CodeFHA: F30FMP Va: V30FMP

24 Loan Process Borrower need to meet up with the adopting the criteria: 1. 2.FMC Part submits the new fully canned file in order to Underwriting for loan approval step 3.On loan recognition, this new Part are informed to help you set aside finance and secure loan 5.FMC personal/pre-financing step one st home mortgage 6.

FMC underwrites the borrowed funds cuatro

twenty-five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We have been required to mirror NHF’s EIN on the HUD’s FHA Mortgage Underwriting and Transmittal Bottom line along with supplementary financing recommendations, provides otherwise merchandise with the debtor when the borrower gets an enthusiastic FHA First mortgage.

twenty six NHF Scheduling Webpage Borrower need certainly to meet with the adopting the standards: ? Bookings might possibly be handled from the FMC Branch height using the Scheduling Site to your NHF webpages nhfloan.orgnhfloan.org ? The newest Reservation Webpage would be accessed Monday using Monday ranging from nine:00 Are and you may cuatro:00 PM PST. ? In order to accessibility the fresh new Booking Webpage, a beneficial Representative ID must be used. ? One to representative ID and you will Passcode would-be assigned to for every branch from the Merchant Assistance group at the FMC. Most of the earlier user ID’s were de–triggered. ? The latest Reservation Webpage often pick if financing membership very first qualifies centered on Money and Credit score Limitations pointers considering, and supply a digital verification (Commitment Confirmation) of your own subscription which need to be provided in the mortgage file.