thirteen Eligibility – Features Functions Anticipate: ? Solitary Family Gadgets ? FHA Approved Condos ? Prepared Unit Advancements (PUDS) ? 2-Unit properties Ineligible Functions: ? 3-4 Equipment attributes ? Are made casing ? Funding services ? personal loan agency Oakland PA Rental Belongings ? Co-ops ? Leisure, travel, otherwise dos nd land

15 SAPPHIRE Program Situation System Description State RestrictionAvailable in the Claims From Ca, Las vegas, Arizona, Texas And UTAH Simply! Program Designs ? FHA 31 Year Fixed ? Va 29 Seasons Fixed Max LTV ? FHA – % ? Virtual assistant 100% Maximum CLTVFollow FHA and you can/otherwise Va recommendations Limitation Loan amount FHA: The smaller regarding $417,000 (excluding MIP) or FHA allowable restriction Virtual assistant: This new decreased off $417,000 (and additionally VAFF) otherwise Virtual assistant deductible restrict Mortgage PurposePurchase OccupancyOwner Filled Down payment Recommendations Offer : 3% otherwise 5% offered Are often used to match the borrower’s equity sum needed for the FHA 1 st Home loan, closing costs, pre-paids, Va allowable fees per Va advice

17 Underwriting Direction TopicGuidelines Underwriting Approach Deductible underwriting method: ? Fannie mae Pc Underwrite (DU) welcome ? Need to be risk scored from the FHA Scorecard ? Approve/Qualified testimonial ? Manual UW desired FMC Overlays implement **Unless especially given, go after fundamental FHA assistance Plus First mortgage FHA overlays** Lowest Fico scores ? 620 ? Non-Antique Tradelines Prohibited Max Financial obligation Proportion ? DU Acknowledged money Pursue DU acceptance so you can max fifty% DTI ? Guidelines UW funds Pursue buyer advice also FMC overlays Supplies ? Nothing called for Pursue department guidance Mortgage Inches. ? Go after fundamental FHA MIP

18 Underwriting Direction TopicGuidelines Homebuyer Studies ? Not essential Non-Renter Co- borrowers/Co-signers ? Prohibited Present Page ? Provide Page required, for every single HUD guaranteeing criteria Tax Transcripts ? Follow FMC’s fundamental 4506-T policy Assets Flips ? Welcome Go after HUD recommendations And additionally FMC overlays

19 UW Recommendations cont’d… TopicGuidelines Merchant Contributions Welcome as much as six% Present FundsAllowed away from friends Pursue 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot greet *** All other standards Pursue FHA 4155.step one assistance Plus FMC overlays***

FMC includes the newest grant into the lenders recommendations and we also more wire the total amount once we money our financing which means, i not any longer hold off a supplementary 1 day to cover a good Sapphire financing

twenty-two Restrict Allowable Charges TopicGuidelines Rates ? Available on the brand new Reservation Portal, Or the FMC Rate Sheet sets Maximum Origination Percentage ? Speak to your FMC Support People for costs and you may payment Discount Costs ? None anticipate Promotion Cost ? Nothing readily available Level rates just Deductible Costs ? Need to be sensible and you will regular and completely shared for the debtor prior to all the firms, government, condition and local laws and regulations – Consider ML 2009-53 for HUD exemption to itemizing charge ? Contact your FMC Assistance Cluster to have allowable charges Program CodeFHA: F30FMP Va: V30FMP

24 Mortgage Processes Borrower have to meet the pursuing the conditions: step 1. dos.FMC Part submits new completely canned document so you can Underwriting to own financing recognition 3.Up on mortgage recognition, brand new Department is notified in order to reserve money and secure loan 5.FMC close/pre-loans 1 st mortgage loan six.

FMC underwrites the mortgage cuatro

twenty five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? Our company is required to echo NHF’s EIN to your HUD’s FHA Financing Underwriting and Transmittal Realization and second investment direction, offers otherwise merchandise for the borrower if the debtor is receiving a keen FHA First-mortgage.

26 NHF Reservation Site Borrower must meet up with the after the conditions: ? Reservations could be treated at FMC Department peak with the Reservation Site toward NHF web site nhfloan.orgnhfloan.org ? New Reservation Webpage might be reached Tuesday as a consequence of Tuesday ranging from nine:00 In the morning and you can 4:00 PM PST. ? So you can accessibility the newest Scheduling Webpage, a good Associate ID is employed. ? You to definitely representative ID and you may Passcode could well be assigned to for every department because of the Provider Service party at the FMC. Most of the previous representative ID’s have been de–triggered. ? This new Booking Site usually choose whether or not financing membership initial qualifies predicated on Income and you may Credit rating Constraints information offered, and provide an electronic digital verification (Union Confirmation) of one’s registration which need to be offered regarding loan document.