thirteen Qualification – Features Functions Acceptance: ? Single Family unit members Gadgets ? FHA Recognized Condominiums ? Planned Device Advancements (PUDS) ? 2-Product properties Ineligible Services: ? 3-4 Product qualities ? Manufactured houses ? Funding functions ? Rental House ? Co-ops ? Amusement, travel, or 2 nd property

15 SAPPHIRE System Situation System Breakdown Condition RestrictionAvailable on the Says From Ca, Las vegas, nevada, Arizona, Texas And you may UTAH Just! System Sizes ? FHA 29 Season Fixed ? Va 29 Season Repaired Max LTV ? FHA – % ? Va – 100% Max CLTVFollow FHA and/otherwise Va guidelines Limitation Loan amount FHA: The fresh new minimal regarding $417,000 (excluding MIP) or FHA allowable limitation Virtual assistant: The latest minimal out-of $417,000 (and additionally VAFF) otherwise Virtual assistant allowable maximum Loan PurposePurchase OccupancyOwner Filled Advance payment Advice Offer : 3% or 5% available Are often used to satisfy the borrower’s security contribution expected to the FHA step one st Mortgage, closing costs, pre-paids, Va allowable charges each Virtual assistant guidelines

17 Underwriting Advice TopicGuidelines Underwriting Strategy Deductible underwriting strategy: ? Fannie mae Desktop computer Underwrite (DU) enjoy – ? Have to be risk obtained by FHA Scorecard ? Approve/Eligible testimonial ? Manual UW acceptance – FMC Overlays implement **Unless specifically given, pursue simple FHA guidelines Plus First-mortgage FHA overlays** Minimum Credit scores ? 620 ? Non-Traditional Tradelines Banned Max Obligations Ratio ? DU Approved financing – Pursue DU acceptance so you’re able to max fifty% DTI ? Manual UW money – Go after trader guidelines together with FMC overlays Supplies ? None requisite – Pursue institution recommendations Home loan In. ? Pursue fundamental FHA MIP

18 Underwriting Advice TopicGuidelines Homebuyer Degree ? Not necessary Non-Tenant Co- borrowers/Co-signers ? Banned Present Page ? Gift Letter is necessary, for each HUD guaranteeing requirements Tax Transcripts ? Follow FMC’s simple 4506-T policy Possessions Flips ? Invited – Go after HUD guidelines Also FMC overlays

19 UW Direction cont’d… TopicGuidelines Seller Contributions Invited around 6% Gift FundsAllowed from family members – Follow 4155 Prepayment Penalty Zero Prepayment Penalty AssumabilityNot enjoy *** Various other conditions – Follow FHA 4155.step one advice And FMC overlays***

FMC has the brand new give towards all of our loan providers instructions so we more than cable the amount once we money our very own financing meaning that, we don’t waiting a supplementary 1 day to pay for a great Sapphire financing

twenty two Restriction Allowable Charges TopicGuidelines Interest levels ? Available on the fresh Scheduling Webpage, Or perhaps the FMC Rates Sheet sets Maximum Origination Payment ? Speak to your FMC Assistance Class to have charges and you will compensation Discount Charge ? Nothing anticipate Promotion Pricing ? Nothing readily available – Level costs merely Allowable Charge ? Need to be sensible and typical and completely expose into the debtor in line Jackson loans with the providers, federal, state and you can local laws and regulations – Relate to ML 2009-53 to possess HUD exception to this rule to help you itemizing charges ? Get hold of your FMC Help Class having deductible charges Program CodeFHA: F30FMP Virtual assistant: V30FMP

24 Mortgage Process Borrower need certainly to meet the pursuing the standards: 1. dos.FMC Department submits the brand new totally processed file so you can Underwriting to have mortgage recognition step three.Up on mortgage approval, new Branch is actually informed to reserve finance and you can lock mortgage 5.FMC personal/pre-money step one st real estate loan six.

FMC underwrites the borrowed funds 4

25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We are necessary to echo NHF’s EIN for the HUD’s FHA Financing Underwriting and you may Transmittal Realization in conjunction with supplementary capital direction, has or gift ideas with the borrower when the borrower gets an FHA First mortgage.

twenty six NHF Scheduling Portal Borrower must meet up with the after the standards: ? Bookings was treated in the FMC Part level with the Scheduling Site into the NHF website nhfloan.orgnhfloan.org ? The new Reservation Portal shall be utilized Monday as a consequence of Friday ranging from 9:00 In the morning and you may 4:00 PM PST. ? In order to availability brand new Booking Site, a good “Associate ID” can be used. ? You to definitely user ID and you will Passcode might possibly be assigned to for each department by Seller Help class at FMC. All the earlier in the day user ID’s was indeed de-activated. ? The brand new Booking Portal usually pick whether or not that loan subscription initial qualifies centered on Money and Credit rating Constraints advice given, and supply an electronic confirmation (Relationship Confirmation) of subscription and this have to be considering on the financing document.