FHA Fixed. FICO <580 Requirements: (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 ( FICO) FF30580SG FF15580SG

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1 NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) Varies by County (a) 96.5% 105% (b) Per AUS (d) RATE AND TERM REFINANCE (e) Varies by County (a) 90% 90% 31/43% (e) a b c d e Maximum Loan Amount varies by county. Go to FHA Loan Limits Link - Click Here If Secondary financing is provided by a Government Institution or a Government Agency, the CLTV is permitted to exceed 100%, but cannot exceed total acquisition cost (purchase price + closing costs + prepaids). If Secondary Financing is provided by any other source, the maximum CLTV is 96.5%. If AUS Refers loan, max ratio is 31%/43% at the underwriter s discretion. Max cash back to borrower on FHA rate and term refi is $500 FICO <580 Requirements: (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Manual underwriting is required CASH OUT REFINANCE (e) Varies by County (a) 75% (e) 75% (e) 31/43% (e) Varies by County (a) 85% 85% Per AUS (d) Minimum FICO 560 Fixed rate only 3-4 units not permitted Purchase & Rate/Term Refinance max 90% LTV/ CLTV Cashout transactions max 75% LTV/CLTV High Balance programs are not available. Product Code Sub 580 ( FICO) Mortgage or VOR required confirming 0x30x12 month payment history (Borrowers living rent free are ineligible) FF30SG FF15SG FF30HBSG FF15HBSG FF30580SG FF15580SG Payment shock in excess of 25% ineligible Ratios in excess of 31%/43% are ineligible. Paying off revolving debt to qualify not permitted. Minimum 580 FICO Paying down installment debt to less than 10 months not allowed. Refer to page 2 for a complete requirements HUD link - Click Here 4506T transcript required. Minimum 580 FICO for High Balance programs. Page 1

2 Product Programs and Properties SERIES G - FCMC Eligible Properties in Hawaii Escrow Holdback REO and/or weather related only Credit qualifying streamline and non-credit qualifying streamline refinances (4155.1, CPT 3 & 6, Section C) FHA condos must have FHA HRAP or DELRAP approval per FHA Connection Ineligible 203K ML Back to Work EEM mortgages CHDAP Approved DPA s Approved Community seconds Approved grant programs FHA Neighbor Next Door FHA REO $100 Down Program Manufactured housing Section 184 (Public Indian Housing) Property Flipping is not permitted as of January 1, T Requirements 4506T to be fully completed and signed/dated by all applicants 4506T validation to be completed for the most current 2 tax years. FCMC Guidelines for Sub 580 FHA Transactions Min FICO 560 Max 90% LTV on Purchase and Rate/Term Refinance transaction Cashout transactions >75% ineligible Fixed only High Balance not allowed Multi unit dwellings 3-4 are ineligible Manual underwriting is required Ratios in excess of 31%/43% are ineligible 1 year employment and earnings history required. Schooling in lieu of employment, re-entering the job market and borrowers with job gap greater than 30 days not acceptable GAP report required for all loans with FICO s <580 at time of final approval evidencing consumer debt activity and update of ratios Mortgage or VOR required confirming 0x30x12 month payment history (Borrowers living rent free are ineligible) Paying off revolving debt to qualify not permitted Paying down installment debt to less than 10 months not allowed Payment shock in excess of 25% ineligible Page 2

3 MORTGAGE INSURANCE Series G See investor guidelines for full requirements. FHA Upfront and Annual Mortgage Insurance Premiums Effective with case number assignments on April 9, June 10, 2012 Loan-to-Value / Loan Term Purchase and Refinance Streamline Refinance > 95% Greater than 15-yrs 1.75% / 1.25% 1.75% / 1.25% 95% Greater than 15-yrs 1.75% / 1.20% 1.75% / 1.20% > 90% Less than or equal to 15-yrs 90% Less than or equal to 15-yrs 1.75% /.60% 1.75% /.60% 1.75% /.35% 1.75% /.35% CASE NUMBERS ASSIGNED ON OR AFTER JUNE 11, 2012 AND PRIOR TO APRIL 1, 2013 EXCLUDING STREAMLINES OF LOANS EN- DORSED PRIOR TO JUNE 1, 2009 Loan Term > 15 Years Base Loan Amount LTV Up-Front MIP Annual (Monthly) MIP <= $625,500 <= 95% 1.75% 1.20% * <= $625,500 > 95% 1.75% 1.25% * > $625,500 <= 95% 1.75% 1.45% * > $625,500 > 95% 1.75% 1.50% * Loan Term <= 15 Years <= $625,500 > 78% - 90% 1.75%.35% ** <= $625,500 > 90% 1.75%.60% ** > $625,500 > 78% - 90% 1.75%.60% ** > $625,500 > 90% 1.75%.85% ** *Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, provide the brwr has paid the premium at least 5 years. **Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, even if the brwr has been paying the premium less than 5 years. Page 3

4 MORTGAGE INSURANCE Series G All new MIP amounts set forth are affective CASE NUMBERS ASSIGNED ON OR AFTER January 26, 2015 Loan Term > 15 Years Base Loan Amount LTV Up-Front MIP New Annual (Monthly) MIP <= $625,500 <= 95% 1.75%.80% * <= $625,500 > 95% 1.75%.85% * > $625,500 <= 95% 1.75% 1.00% * > $625,500 > 95% 1.75% 1.05% * Loan Term <= 15 Years <= $625,500 <=78%- 90% 1.75%.45% ** <= $625,500 > 90% 1.75%.70% ** > $625,500 > 78% - 90% 1.75%.70% ** > $625,500 > 90% 1.75%.95% ** *Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, provide the brwr has paid the premium at least 5 years. **Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, even if the brwr has been paying the premium less than 5 years. IN ADDITION TO CHANGES ABOVE EFFECTIVE APRIL 1, THE BELOW CHANGES WILL BE EFFECTIVE WITH CASE NUMBERS AS- SIGNED ON OR AFTER JUNE 3, 2013 Duration of Annual MIP by amortization term and LTV Term Loan-to-Value Previous Term New Terms for all case numbers assigned on or after June 3,2013 <= 15 yrs <= 78% No annual MIP 11 years <= 15 yrs > % Cancelled at 78% LTV 11 years <= 15 yrs > 90.00% Cancelled at 78% LTV Loan Term > 15 yrs <= 78% 5 years 11 years > 15 yrs > % Cancelled at 78% LTV 11 years > 15 yrs > 90.00% Cancelled at 78% LTV Loan Term New effective annual MIP for loans with an LTV of less than or equal to 78% and with term <= 15 years Base LoanAmount Loan-to-Value Up-Front MIP New MIP (for all case numbers assigned on of after June 3,2013 Any Amount <= 78% 1.75%.45% Page 4

5 Together we prosper. FHA Amendatory Clause Requirements: Q&A (1/30/2015) Q What is the purpose of the FHA Amendatory Clause? A The education of homebuyers to the involvement of the Department of Housing and Urban Development in the home buying transaction represents a continual need which is partially addressed by the Statement of Appraised Value, Form FHA , which HUD requires that each homebuyer receive. There are instances, however, where the homebuyer does not receive the Statement prior to the sales contract being signed. In such cases, the information on the Statement relating to the purpose of HUD's appraisal and the limit of the Department's authority when making insured mortgage financing available has not been provided the homebuyer at a point in the home buying process when such information can be useful. For this reason, on June 12 th, 1978, FHA announced the requirement for buyer and seller acknowledgement of the borrowers right to renegotiate, or terminate the contract, without penalty in the event that the sales price was not supported by the appraised value. Q - When is the Amendatory Clause required? A - An amendatory clause must be included in the sales contract when the borrower has not been informed of the appraised value by receiving a copy of Form HUD B, Conditional Commitment/DE Statement of Appraised Value or VA-CRV before signing the sales contract. In these situations the initial 92900a #3 is Q Are there circumstances in which the Amendatory Clause is not required? A The Amendatory Clause is not required on: Transferred Appraisal - The Amendatory Clause is NOT required in circumstances in which the borrower is purchasing a property in which the HUD Appraisal was completed for a sale fail transaction involving a different purchaser and the borrower is made aware of the value: i. Prior to or at the same time as entering into the contract to purchase - Box 3(a) of the initial HUD 92900a must be completed. ii. After entering into the contract - Box 3(b) of the initial HUD 92900a must be completed confirming the borrower was not aware of the appraised value at the time of entering into the contract but was notified at the time of loan application and intends to move forward with the transaction. HUD REO sales Page 1

6 Together we prosper. FHA s 203(k) loan program sales in which the seller is: o Fannie Mae o Freddie Mac o the Department of Veterans Affairs (VA) o Rural Housing Services o other federal, state, and local government agencies o a lender disposing of REO assets, or o a seller at a foreclosure sale (Borrower is purchasing a property held by seller as a result of foreclosure) Q When does the Amendatory Clause have to be signed? A Because the buyer and seller must be notified before the value is established, The Amendatory Clause, if a separate disclosure from the sales contract, must be signed before the effective date of the appraisal, at the latest. Q - What defines fully executed? A All borrowers signing the Note and Deed of Trust, and the legal seller(s) of the property per county records must sign the document to be considered enforceable. Q Is the Real Estate Agent required to sign the Amendatory Clause? A No. The agents do not have to sign the Amendatory Clause to be enforceable. Q - If the Amendatory Clause verbiage is already contained in the purchase contract, is a separate disclosure required? A No, however the verbiage in the contract must match the following verbatim: A.5.e Page 2

7 Together we prosper. Q Is the Amendatory Clause required to be updated when the sales price is renegotiated? A - The actual dollar amount to be inserted in the amendatory clause is the sales price agreed upon in the initial contract. a. If the price is renegotiated and increased prior to the effective date of the appraisal, a new Amendatory Clause is required to be signed by all parties acknowledging the updated sales price. b. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is not required. c. Increasing the sales price after the effective date of the appraisal for purposes of increasing the seller contribution toward loan costs is not permitted. (Applicable to situations in which the appraised value comes in higher than the sales price) Q Is the Amendatory Clause required on a transferred appraisal? A YES and NO a. The Amendatory Clause IS required in the event that the appraisal was completed for the same borrower at another financial institution and then transferred to FCMC due to borrower withdrawal or lender denial. In the event that the Amendatory Clause was not fully executed prior to the effective date of the appraisal the loan is ineligible for FHA Financing. b. The Amendatory Clause is NOT required in circumstances in which the borrower is purchasing a property in which the HUD Appraisal was completed for a sale fail transaction involving a different purchaser and the borrower is made aware of the value: i. Prior to or at the same time as entering into the contract to purchase - Box 3(a) of the initial HUD 92900a must be completed. ii. After entering into the contract - Box 3(b) of the initial HUD 92900a must be completed confirming the borrower was not aware of the appraised value at the time of entering into the contract but was notified at the time of loan application and intends to move forward with the transaction. Q What if the borrower and / or seller did not sign the Amendatory Clause before the effective date of the appraisal? A The transaction is NOT eligible for FHA Financing. For additional information refer to HUD A.5.d.e Page 3

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