thirteen Qualifications – Services Functions Allowed: ? Single Loved ones Units ? FHA Acknowledged Condos ? Arranged Unit Advancements (PUDS) ? 2-Device features Ineligible Functions: ? 3-4 Device qualities ? Are built construction ? Capital properties ? Local rental Belongings ? Co-ops ? Amusement, travel, or dos nd land

fifteen SAPPHIRE System Matter Program Description Condition RestrictionAvailable regarding the States Out of Ca, Las vegas, nevada, Washington, Texas And you can UTAH Merely! Program Models ? FHA 30 12 months Fixed ? Va 31 Seasons Fixed Maximum LTV ? FHA – % ? Virtual assistant – 100% Maximum CLTVFollow FHA and you may/otherwise Virtual assistant recommendations Maximum Loan amount FHA: The brand new cheaper out of $417,000 (excluding MIP) otherwise FHA deductible restriction Va: The new lesser from $417,000 (together with VAFF) otherwise Virtual assistant allowable restrict Loan PurposePurchase OccupancyOwner Occupied Deposit Guidance Give : 3% or 5% available Are often used to satisfy the borrower’s equity share expected on FHA step one st Mortgage, settlement costs, pre-paids, Va allowable fees per Virtual assistant direction

17 Underwriting Assistance TopicGuidelines Underwriting Means Allowable underwriting approach: ? Federal national mortgage association Pc Underwrite (DU) desired – ? Have to be risk obtained by the FHA Scorecard ? Approve/Eligible recommendation ? Guidelines UW allowed – FMC Overlays incorporate **Unless of course specifically given, go after standard FHA recommendations Along with First mortgage FHA overlays** Lowest Credit ratings ? 620 ? Non-Old-fashioned Tradelines Prohibited Maximum Obligations Ratio ? DU Recognized fund – Realize DU recognition to help you max fifty% DTI ? Manual UW financing – Go after buyer assistance and FMC overlays Reserves ? Nothing called for – Follow company guidelines Financial Inches. ? Pursue standard FHA MIP

18 Underwriting Recommendations TopicGuidelines Homebuyer Degree ? Not required Low-Tenant Co- borrowers/Co-signers ? Not allowed Provide Letter ? Provide Letter becomes necessary, for every single HUD guaranteeing conditions Income tax Transcripts ? Pursue FMC’s important 4506-T rules Possessions Flips ? Invited – Pursue HUD guidance Along with FMC overlays

19 UW Guidance cont’d… TopicGuidelines Supplier Contributions Desired to 6% Current FundsAllowed out of family members – Follow 4155 Prepayment Punishment No Prepayment Penalty AssumabilityNot enjoy *** Almost every other conditions – Pursue FHA 4155.step one advice Together with FMC overlays***

FMC comes proceed the link with this new give into our very own loan providers recommendations and now we more cable extent once we money the mortgage for example, we not any longer wait an extra twenty four hours to cover a Sapphire mortgage

twenty two Restriction Deductible Fees TopicGuidelines Interest rates ? On this new Reservation Site, And/or FMC Rates Sheet sets Max Origination Percentage ? Get hold of your FMC Support Cluster to possess fees and you may payment Dismiss Charges ? Not one greeting Rebate Prices ? Nothing offered – Par costs simply Deductible Fees ? Must be realistic and you can vintage and you can fully shared to your debtor in accordance with all the enterprises, government, condition and local laws – Relate to ML 2009-53 to have HUD difference so you can itemizing fees ? Contact your FMC Assistance Cluster to possess allowable fees Program CodeFHA: F30FMP Virtual assistant: V30FMP

24 Loan Techniques Borrower have to meet up with the following criteria: step 1. dos.FMC Branch submits brand new fully canned document so you’re able to Underwriting to possess financing approval step three.Through to mortgage approval, the latest Branch was notified so you can reserve finance and you may lock mortgage 5.FMC close/pre-loans 1 st mortgage six.

FMC underwrites the mortgage cuatro

25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? Our company is required to echo NHF’s EIN towards the HUD’s FHA Financing Underwriting and you can Transmittal Summation with second money advice, has otherwise presents with the debtor if the borrower is receiving a keen FHA First mortgage.

26 NHF Scheduling Webpage Debtor need to meet with the after the conditions: ? Reservations could well be treated during the FMC Branch height by using the Scheduling Site to your NHF webpages nhfloan.orgnhfloan.org ? The brand new Reservation Webpage are going to be utilized Monday by way of Friday between nine:00 Are and you will 4:00 PM PST. ? So you can availability the brand new Booking Site, a good “Affiliate ID” must be used. ? One representative ID and you can Passcode might be assigned to for every single department because of the Vendor Service people within FMC. All the earlier in the day affiliate ID’s was basically de–triggered. ? The new Reservation Webpage commonly select whether or not a loan membership initial qualifies based on Money and you will Credit history Constraints recommendations offered, and provide a digital confirmation (Union Confirmation) of one’s membership hence need to be considering throughout the financing file.