Mortgage Officer pre-qualifies borrower for Sapphire mortgage and you will NHF income restrict
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