13 Eligibility – Functions Attributes Greeting: ? Unmarried Family members Products ? FHA Accepted Condominiums ? Organized Product Improvements (PUDS) ? 2-Device properties Ineligible Characteristics: ? 3-cuatro Unit qualities ? Are manufactured construction ? Resource services ? Rental Property ? Co-ops ? Relaxation, vacation, or dos nd property
15 SAPPHIRE Program Matter System Malfunction County RestrictionAvailable from the States Of Ca, Las vegas, nevada, Washington, Colorado And you will UTAH Only! Program Designs ? FHA 31 Seasons Repaired ? Virtual assistant 31 Year Fixed Maximum LTV ? FHA – % ? Virtual assistant 100% Maximum CLTVFollow FHA and you can/otherwise Va recommendations Maximum Loan amount FHA: The brand new lower away from $417,000 (excluding MIP) or FHA allowable limit Virtual assistant: This new lesser out-of $417,000 (including VAFF) otherwise Va allowable limit Mortgage PurposePurchase OccupancyOwner Occupied Down-payment Guidance Grant : 3% otherwise 5% available Can be used to fulfill the borrower’s equity contribution required for the FHA step 1 st Financial, closing costs, pre-paids, Va deductible charge each Virtual assistant guidelines
17 Underwriting Direction TopicGuidelines Underwriting Approach Allowable underwriting means: ? Fannie mae Desktop computer Underwrite (DU) invited ? Should be exposure obtained by FHA Scorecard ? Approve/Qualified testimonial ? Tips guide UW anticipate FMC Overlays incorporate **Until specifically specified, realize simple FHA advice Plus First mortgage FHA overlays** Minimum Credit ratings ? 620 ? Non-Old-fashioned Tradelines Banned Maximum Debt Proportion ? DU Accepted funds Go after DU recognition in order to max fifty% DTI ? Tips guide UW funds Follow trader guidelines in addition to FMC overlays Reserves ? None required Follow agency guidelines Home loan In. ? Realize standard FHA MIP
18 Underwriting Assistance TopicGuidelines Homebuyer Degree ? Not required Low-Occupant Co- borrowers/Co-signers ? Banned Gift Letter ? Present Page required, for every single HUD insuring standards Income tax Transcripts ? Follow FMC’s standard 4506-T rules Possessions Flips ? Acceptance Follow HUD guidance Including FMC overlays
19 UW Direction cont’d… TopicGuidelines Supplier Benefits Allowed doing six% Present FundsAllowed regarding loved ones Pursue 4155 Prepayment Penalty No Prepayment Penalty AssumabilityNot invited *** Other criteria Follow FHA 4155.step one direction In addition to FMC overlays***
FMC comes with the give to the the loan providers directions and now we more than wire the total amount whenever we financing our very own loan for example, i not waiting an extra 24 hours to pay for a great Sapphire mortgage
twenty two Restrict Deductible Fees TopicGuidelines Rates ? On the fresh Scheduling Portal, And/or FMC Price Sheet sets Max Origination Payment ? Contact your FMC Help Team having fees and you may payment Write off Charges ? Nothing enjoy Promotion Costs ? None readily available Par costs only Allowable Fees ? Should be sensible and you can customary and you will totally expose into borrower according to all the enterprises, government, state and you will regional laws – Make reference to ML 2009-53 getting HUD exception to this rule so you can itemizing fees ? Get hold of your FMC Support Team for deductible costs System CodeFHA: F30FMP Va: V30FMP
24 Loan Techniques Debtor have to meet with the following the criteria: step one. 2.FMC Branch submits the brand new totally processed document to Underwriting getting loan acceptance step three.Through to loan acceptance, the brand new Part was informed so you can set aside financing and you can secure loan 5.FMC personal/pre-financing step one st mortgage 6.
FMC underwrites the mortgage cuatro
twenty five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We are necessary to mirror NHF’s EIN with the HUD’s FHA Mortgage Underwriting and you can Transmittal Bottom line along side additional investment guidance, has otherwise presents on borrower if debtor is receiving a keen FHA First mortgage.
twenty-six NHF Booking Site Debtor have to meet up with the after Nashville installment loan no credit checks no bank account the requirements: ? Bookings might be handled within FMC Department top making use of the Reservation Site into the NHF webpages nhfloan.orgnhfloan.org ? The fresh Booking Site should be utilized Saturday because of Saturday between 9:00 In the morning and you can 4:00 PM PST. ? So you can availability the fresh Booking Portal, a good Associate ID must be used. ? You to definitely representative ID and Passcode is allotted to for each and every branch by Vendor Service group during the FMC. All of the early in the day user ID’s was de–activated. ? The fresh Scheduling Webpage commonly select whether or not that loan registration very first qualifies considering Income and you may Credit history Limitations advice offered, and offer an electronic digital confirmation (Partnership Verification) of subscription and therefore must be provided on mortgage file.