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thirteen Qualification – Functions Features Anticipate: ? Unmarried Friends Units ? FHA Accepted Condominiums ? Arranged Product Improvements (PUDS) ? 2-Product qualities Ineligible Services: ? 3-cuatro Equipment functions ? Manufactured homes ? Financing qualities ? Leasing Property ? Co-ops ? Recreational, trips, otherwise 2 nd property

15 SAPPHIRE System Topic Program Dysfunction County RestrictionAvailable about Says From Ca, Vegas, Arizona, Texas And UTAH Only! System Sizes ? FHA 31 Seasons Repaired ? Va 30 Season Repaired Max LTV ? FHA – % ? Va 100% Maximum CLTVFollow FHA and/otherwise Virtual assistant advice Maximum Loan amount FHA: Brand new minimal out of $417,000 (excluding MIP) or FHA deductible maximum Virtual assistant: The brand new lesser from $417,000 (in addition to VAFF) otherwise Virtual assistant allowable restrict Financing PurposePurchase OccupancyOwner Filled Down-payment Recommendations Grant : 3% or 5% offered Can be used to match the borrower’s guarantee contribution required for the FHA step 1 st Financial, closing costs, pre-paids, Virtual assistant allowable fees for each Va direction

17 Underwriting Advice TopicGuidelines Underwriting Strategy Allowable underwriting approach: ? Federal national mortgage association Pc Underwrite (DU) greeting ? Should be risk obtained of the FHA Scorecard ? Approve/Eligible recommendation ? Tips guide UW desired FMC Overlays apply **Except if especially specified, follow important FHA recommendations As well as First-mortgage FHA overlays** Minimum Fico scores https://cashadvanceamerica.net/loans/guaranteed-approval-10000-loans/? 620 ? Non-Old-fashioned Tradelines Not allowed Maximum Personal debt Proportion ? DU Acknowledged funds Go after DU acceptance to maximum fifty% DTI ? Manual UW financing Pursue investor direction in addition to FMC overlays Reserves ? Not one needed Follow department assistance Financial In. ? Realize simple FHA MIP

18 Underwriting Advice TopicGuidelines Homebuyer Degree ? Not required Non-Occupant Co- borrowers/Co-signers ? Not allowed Provide Letter ? Provide Letter needs, for each HUD guaranteeing requirements Tax Transcripts ? Follow FMC’s fundamental 4506-T coverage Property Flips ? Enjoy Pursue HUD advice In addition to FMC overlays

19 UW Advice cont’d… TopicGuidelines Supplier Efforts Allowed doing 6% Current FundsAllowed away from friends Pursue 4155 Prepayment Penalty No Prepayment Punishment AssumabilityNot desired *** Other requirements Follow FHA 4155.1 guidelines And FMC overlays***

FMC boasts this new offer for the our very own lenders recommendations and we more than wire extent when we loans the loan and therefore, i not any longer hold off a supplementary twenty four hours to cover a great Sapphire loan

twenty two Limitation Allowable Charge TopicGuidelines Interest levels ? Available on the brand new Booking Site, Or even the FMC Rate Sheet sets Maximum Origination Fee ? Speak to your FMC Assistance Team to possess fees and you may compensation Dismiss Fees ? None allowed Discount Pricing ? Not one readily available Par pricing simply Deductible Charge ? Should be sensible and you will standard and you will fully unveiled toward debtor relative to all of the companies, government, state and you can regional rules – Relate to ML 2009-53 to own HUD exemption so you’re able to itemizing fees ? Contact your FMC Help Team to own deductible costs System CodeFHA: F30FMP Virtual assistant: V30FMP

24 Mortgage Techniques Debtor need meet the pursuing the criteria: 1. dos.FMC Part submits the new fully canned document so you’re able to Underwriting to possess loan recognition 3.On mortgage recognition, the new Part is informed in order to set aside finance and secure loan 5.FMC close/pre-money 1 st home loan 6.

FMC underwrites the loan cuatro

twenty five NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We are needed to mirror NHF’s EIN into HUD’s FHA Mortgage Underwriting and you may Transmittal Summation and second resource assistance, gives otherwise gift suggestions on debtor when the debtor gets an FHA First-mortgage.

twenty six NHF Scheduling Portal Borrower need meet with the pursuing the conditions: ? Reservations would be treated during the FMC Department peak making use of the Booking Portal to your NHF website nhfloan.orgnhfloan.org ? New Reservation Site is going to be reached Saturday using Tuesday between 9:00 Am and you may 4:00 PM PST. ? To help you access brand new Scheduling Webpage, a Affiliate ID is employed. ? You to representative ID and you can Passcode could well be assigned to each branch by Vendor Assistance team from the FMC. All the previous affiliate ID’s was basically de-triggered. ? New Booking Site tend to pick whether or not financing membership first qualifies based on Earnings and Credit rating Limits information considering, and gives an electronic digital verification (Partnership Verification) of the membership hence must be offered about loan file.