Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP)"

Transcription

1 Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP) Program Description: Housing Trust Silicon Valley s Mortgage Assistance Program (MAP) is an amortizing second loan that is now available to assist in the purchase of your first home. The maximum loan amount is 17% of the purchase price up to $85,000. The loan is amortized over 30 years. The interest rate on the MAP loan is: o (see chart below): Equal to the rate on the first loan. o (see chart below): 1% above the rate on the first loan. Minimum borrower contribution of 3% for this financing. At least 50% of the required borrower contribution must come from the borrower s own funds. The total combined loan to value cannot exceed 100%. The MAP loan requires the borrower(s) to occupy the home as their principal residence. There is a $300 loan application fee, due to Housing Trust Silicon Valley at submission. There is a loan origination fee of 2% of the MAP loan amount, due at close of escrow. Available throughout the counties of Santa Clara, Alameda, San Benito, Santa Cruz, and Monterey. Eligibility Requirements: 1. The borrower(s) must be a first-time homebuyer. First-time homebuyer is defined as having NOT owned a home as a principal residence in the past three years. 2. The gross annual household income of the household does not exceed 120% of the Area Median in the corresponding county (see the chart below). Gross annual household income includes income of all persons 18 and older who will be living in the house. is the anticipated gross household income for the next twelve months. The HUD Part 5 Definition of will be used. includes salary, overtime, bonuses, tips, interest, dividend income, alimony, child support, net business income, IRA distributions, pensions and annuities, net rental income, royalties, partnership income, trust income, farm income, unemployment compensation, and Social Security Benefits. 1

2 Area Median by Household Size 2015 as determined by the Department of Housing and Community Development, State of California MAXIMUM INCOME BY HOUSEHOLD SIZE BY COUNTY County Alameda Monterey San Benito Santa Clara Santa Cruz Category Number of Persons in Household $50,150 $57,300 $64,450 $71,600 $77,350 $83,100 $88,800 $94,550 $78,550 $89,750 $101,000 $112,200 $121,200 $130,150 $139,150 $148,100 $40,600 $46,400 $52,200 $58,000 $62,650 $67,300 $71,950 $76,600 $57,700 $65,950 $74,200 $82,450 $89,050 $95,650 $102,250 $108,850 $ 45,100 $ 51,550 $ 58,000 $ 64,400 $69,600 $74,750 $79,900 $85,050 $ 68,100 $ 77,850 $ 87,550 $97,300 $105,100 $112,850 $120,650 $128,450 $59,400 $67,900 $76,400 $84,900 $91,650 $98,450 $105,250 $112,050 $89,300 $102,050 $114,800 $127,550 $137,750 $147,950 $158,150 $168,350 $56,500 $64,550 $72,600 $80,650 $87,150 $93,600 $100,050 $106,500 $73,100 $83,500 $93,950 $104,400 $112,750 $121,100 $129,450 $137, The borrower s total Front-End Housing Cost to Ratio cannot exceed 38%. Housing Cost includes all principal and interest payments, property taxes, insurance and private mortgage insurance premiums, if any. Total monthly Housing Cost must not be greater than 38% of the borrower s total monthly household income. For moderateincome households, the monthly housing cost must be at least 28% of total monthly household income. 4. The borrower s Back-End debt to income ratio cannot exceed 45%. This means that when all of a homebuyer s debts are added up, including the Front End Debts (including first and second mortgage principal and interest payments, property taxes, property insurance and Private Mortgage Insurance (PMI), if applicable), plus any car payments, credit card payments and any and all other debts, loans, charge accounts, and business expenses, if applicable, etc., those total monthly payments added together must not be greater than 45% of the homebuyer s Total Monthly Household Gross. Except for those obligations specifically excluded by state law, the debts of the non-purchasing spouse must be included in the borrower's qualifying ratios. 5. The borrower must make a minimum contribution of 3% of the purchase price. 6. The borrower s post-closing liquid assets cannot exceed $60,000. 2

3 7. The borrower(s) must have a FICO credit score of The property must be located in the counties in which the MAP program is available and will be the primary residence of the borrower(s). 9. The borrower(s) must complete an 8 hour homebuyer education class from a HUDapproved counseling agency. Online classes are not acceptable. 10. The first mortgage loan must be a 30-year, fixed-rate amortizing mortgage. 11. The borrower(s) must have a signed purchase agreement (for the loan property). 12. The close of escrow date is no more than 120 days and no less than 21 days from date of application. Loan Repayment Terms: The MAP loan is a 30-year amortizing second loan with monthly principal and interest payments. The loan is payable in full upon any sale, expiration of the loan term, transfer, assignment, default or refinance of the first loan or change to non-owner occupancy status, whichever occurs first. There is no prepayment penalty. Owner occupancy is required. Application Process: Borrower(s) who meet the eligibility requirements listed above can apply for a MAP Loan, as follows: 1. Meet with a Lender or Broker to review the loan program requirements and the loan application process. 2. Complete and sign the MAP Loan Application Form. 3. The borrower(s) must submit the most recent three years of signed Federal Tax returns with W-2s, the two most recent and consecutive paystubs for all household members over the age of 18, two most recent and consecutive statements from all asset accounts and an explanation of the source of funds being used for the borrower contribution. 4. The borrower(s) must submit written Verification of Employment forms for all household members 18 and over who are earning income. 5. The borrower(s) must submit a copy of the credit report. 6. Complete a Uniform Residential Loan Application (Fannie Mae Form 1003, available through your lender/broker), and have the lender/broker sign it. Submit Uniform Underwriting and Transmittal Summary (Fannie Mae 1008). 7. Submit a copy of the Automated Underwriting System (AUS) approval. 8. Submit a copy of the Preliminary Title Report for the loan property, and Wiring Instructions regarding the wire transfer of funds (from the Title Company). 9. Submit a copy of the signed Purchase Agreement for the loan property. 3

4 10. Submit a copy of the appraisal of the loan property. 11. Submit a copy of Deed Restrictions on the property, if any. 12. Submit a processing fee (check made payable to Housing Trust Silicon Valley) in the sum of $ (this is a non-refundable fee). NO REFUNDS WILL BE ISSUED AFTER HTSV HAS MAILED DISCLOSURES. 13. Lender/broker packages the documents referenced in 2-11 above and submits along with a check for the processing fee to HTSV via mail or courier. NOTE: The Loan Application Package must be submitted to HTSV by the lender. 14. The loan application package must be received at HTSV no more than 120 days and no less than 21 days from close of escrow date. Application Review Process: The Loan Application Packages are reviewed within three business days of receipt by HTSV staff. At the time of the Initial Review of the application package, the lender is notified by that either a) the borrower(s) application package is complete; or b) the borrower(s) loan application is incomplete and application processing will recommence upon receipt of the missing documents/information; or c) the borrower(s) are ineligible and the application package is being returned. Loan Underwriting: Once the application has been determined to be complete, the underwriting process will commence. The Housing Trust will approve or deny the application within 3-4 business days of the date of application completion. When an application is complete, the borrower and property have been determined to be eligible, and the borrower(s) have completed the one-on-one counseling session with HTSV staff, the Housing Trust will issue a Loan Commitment Letter. The Housing Trust may require additional borrower s contribution if the applicant has a bankruptcy, foreclosure or short sale in the credit history. The Housing Trust reserves the right to deny an application because of bankruptcy, foreclosure, or short sale. If the loan application is denied and applicant disagrees with the decision of the Housing Trust, they have the right to appeal by requesting an appeal form from the Homebuyer Programs Specialist. The Mortgage Assistance Program is currently available throughout the counties of Santa Clara, Alameda, San Benito, Santa Cruz, and Monterey. The Housing Trust will limit the amount of Mortgage Assistance Program loans available in each jurisdiction in order to ensure geographic distribution of loans throughout the geographic county. Loan Documents: Loan document request must be in writing ( ) to the Loan Administrator. The Housing Trust requires at least 48 hours notice. Upon confirmation from the title company 4

5 that the first lender s loan documents are in title, the Housing Trust will send our loan documents out. Funding: The Housing Trust will not fund a MAP loan without receiving a HUD-1 Estimated Buyer s Statement from the Title Company prior to funding. The Housing Trust reserves the right to reduce the amount of the Mortgage Assistance Program loan based on the Estimated Statement. The borrower(s) are not permitted to receive more than $500 cash back at closing. Any funds received by the borrower(s) must be due to excess deposit as a result of over-estimation of title and escrow charges. Borrower(s) must meet Housing Trust minimum borrower contribution requirement. Failure to meet this requirement may result in the loan officer being disqualified from submitting any future application for Housing Trust programs. The Housing Trust Mortgage Assistance Program Loan will be subordinate to the First Mortgage. The Mortgage Assistance Program loan shall be no lower than second position in lien priority. Upon receipt of a complete funding package from the title company and verification that all required funding conditions have been met, the Housing Trust will need at least 24 hours to fund. 5

Tri-Valley Down Payment Assistance Program Guidelines

Tri-Valley Down Payment Assistance Program Guidelines Tri-Valley Down Payment Assistance Program Guidelines The Tri-Valley Down Payment Assistance (DPA) Program is a regional program that provides secondary down payment and closing cost assistance to income

More information

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PLANNING AND DEVELOPMENT DEPARTMENT HOUSING AND COMMUNITY DEVELOPMENT DIVISION CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PROGRAM OVERVIEW The CalHome Mortgage Assistance Program is a program funded

More information

Affordable Homeownership

Affordable Homeownership Housing and Human Services Division Affordable Homeownership Program Guidelines The City s Affordable Homeownership Program (also referred to as the Inclusionary Housing Program) provides homeownership

More information

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960 FIRST MORTGAGE LENDER INSTRUCTIONS Maximum Home Sales Price Home sale prices cannot exceed 95% of the area median home value for Soledad (see Table 1: Maximum Purchase Price per Unit). Maximum Loan-to-Value

More information

City of Alameda First-Time Homebuyer Program

City of Alameda First-Time Homebuyer Program - City of Alameda First-Time Homebuyer Program Down Payment Assistance Loan for Low to Moderate Income Households The City of Alameda is now accepting applications for its down payment assistance loan.

More information

West Valley City Grants Department Down Payment Assistance Policy & Information Packet

West Valley City Grants Department Down Payment Assistance Policy & Information Packet West Valley City Grants Department Down Payment Assistance Policy & Information Packet Current Revision: 9/09 1 CONTENTS DOWN PAYMENT ASSISTANCE (DPA) POLICY: Section I Section II Section III Section IV

More information

USDA Rural Development/Special Loan Servicing

USDA Rural Development/Special Loan Servicing Guidance Lender (Loan Holder/Loan Servicer) Borrowers USDA Rural Development/Special Loan Servicing The Lender must be a Section 502 Single Family Housing Guaranteed Loan Program approved Lender. The current

More information

County "SELP" Program Guidelines & Procedures

County SELP Program Guidelines & Procedures Charles County First Time Home Buyers Settlement Expense Loan Program for Charles County County "SELP" Program Guidelines & Procedures December 1997 Revised May 8, 2012 Supported by Charles County Commissioners

More information

Arkansas Development Finance Authority

Arkansas Development Finance Authority Arkansas Development Finance Authority ADFA S MORTGAGE BOND PROGRAM Arkansas Development Finance Authority P.O. Box 8023 Little Rock, AR 72203 www.arkansas.gov/adfa Home ToOwn Staff Murray Harding-Manager

More information

The Chase Guaranteed Rural Housing Refinance Program Features

The Chase Guaranteed Rural Housing Refinance Program Features PROGRAM ELIGIBILITY Borrower Eligibility In order to be eligible for a Rural Development guaranteed loan, the Borrowers adjusted household income cannot exceed the maximum allowable income limit set forth

More information

NEIGHBORHOOD STABILIZATION PROGRAM (NSP) APPLICATION FOR NSP LOAN. Program Guidelines

NEIGHBORHOOD STABILIZATION PROGRAM (NSP) APPLICATION FOR NSP LOAN. Program Guidelines APPLICATION FOR NSP LOAN Income limits per household Program Guidelines Maximum Income 1 48,150 2 55,000 3 61,900 4 68,750 5 74,250 6 79,750 7 85,250 8 90,750 Homebuyer Requirements Home Education Minimum

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

To see if you qualify for this program, send the items listed below to Northwest Savings Bank.

To see if you qualify for this program, send the items listed below to Northwest Savings Bank. COMPLETE YOUR CHECKLIST We need this information to help you modify your mortgage payment. To see if you qualify for this program, send the items listed below to Northwest Savings Bank. 1. The enclosed

More information

CITY OF HUNTSVILLE, ALABAMA. DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines

CITY OF HUNTSVILLE, ALABAMA. DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines CITY OF HUNTSVILLE, ALABAMA DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines Contact information: Community Development, 120 E. Holmes Ave, Huntsville, Ala. 35801, 256-427-5400, fax.

More information

LOSS MITIGATION APPLICATION

LOSS MITIGATION APPLICATION Loan Number: {1} LOSS MITIGATION APPLICATION COMPLETE ALL PAGES OF THIS FORM See Instructions corresponding with numbers in brackets {} on form BORROWER {3} CO BORROWER {4} Borrower s Name Co Borrower

More information

VA Refinance Cash Out

VA Refinance Cash Out VA Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected

More information

A Simplified Overview of FHA Loan Origination

A Simplified Overview of FHA Loan Origination Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility

More information

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing.

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot

More information

Brooklyn Park Economic Development Authority

Brooklyn Park Economic Development Authority Brooklyn Park Economic Development Authority Neighborhood Stabilization Program NSP HOMEBUYER ASSISTANCE PROGRAM FOR CITY/PARTNER ACQUISITION AND REHAB Program Description & Guidelines July 2011 TABLE

More information

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS PRODUCT GUIDELINES 12/8/2014 MORTGAGE ELIGIBILITY Product Description and Product Codes Code Short Description Long Description CF30RP 30 YR REFI PLUS CF30RP

More information

Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014

Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 ABOUT THE AFFORDABLE HOUSING CORPORATION OF LAKE COUNTY AHC is a nonprofit agency that increases and preserves affordable housing opportunities

More information

ORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN

ORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN 5/5 ARM HOME LOAN RATES AND TERMS Effective October, 015 and subject to change. Get flexibility, stability and no closing costs 1 with SDCCU s 5/5 Adjustable Rate Mortgage Home Loan. Your rate can only

More information

13 DOWNPAYMENT PROGRAMS

13 DOWNPAYMENT PROGRAMS 13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can

More information

Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES

Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES Eligible Borrowers: Income: Employment: Borrowers must be First Time Homebuyers as defined as not having

More information

UNDERWRITING GUIDELINES (Applicant and Income Requirements)

UNDERWRITING GUIDELINES (Applicant and Income Requirements) (Applicant and Income Requirements) Applicant Eligibility Have the ability to personally occupy the dwelling Be a citizen of the United States or be admitted for permanent residency Non-occupant co-borrowers

More information

Neighborhood Housing Services Silicon Valley BRE License #01324196 NMLS #259971

Neighborhood Housing Services Silicon Valley BRE License #01324196 NMLS #259971 BELOW MARKET RATE (BMR) BUYER & HOME SELECTION PROCESS City of Santa Clara: Central Park City of Santa Clara BMR Program Overview Neighborhood Housing Services Silicon Valley (NHSSV) in collaboration with

More information

County of Santa Cruz Low Income Senior and Disabled Property Tax Postponement Program

County of Santa Cruz Low Income Senior and Disabled Property Tax Postponement Program County of Santa Cruz Low Income Senior and Disabled Property Tax Postponement Program FOR THE UNINCORPORATED AREAS OF SANTA CRUZ COUNTY (NOT AVAILABLE TO RESIDENTS IN THE CITIES OF CAPITOLA, SCOTTS VALLEY,

More information

MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT COMMUNITY DEVELOPMENT ADMINISTRATION BORROWER'S AFFIDAVIT FOR REFINANCE LOANS ONLY

MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT COMMUNITY DEVELOPMENT ADMINISTRATION BORROWER'S AFFIDAVIT FOR REFINANCE LOANS ONLY MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT COMMUNITY DEVELOPMENT ADMINISTRATION BORROWER'S AFFIDAVIT FOR REFINANCE LOANS ONLY Instructions to Lender. Use this form to apply for a mortgage

More information

Page 1 of 9 Table of Contents

Page 1 of 9 Table of Contents Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY

More information

DOWN PAYMENT ASSISTANCE PROGRAM Frequently Asked Questions

DOWN PAYMENT ASSISTANCE PROGRAM Frequently Asked Questions I need help with a down payment to buy a home. Where do I start? Register for a home buyer education course by calling 512/974-3100 or go to http://www.austintexas.gov/department/housing-smarts-counseling

More information

FHA-Home Affordable Modification Program

FHA-Home Affordable Modification Program These guidelines supplement requirements outlined in e Letter 2009-23 Guidance e Mortgagors FHA-Home Affordable Modification Program The Servicer of the modified FHA-HAMP mortgage must be FHA-Approved.

More information

FHA STREAMLINE REFINANCE PRODUCT PROFILE

FHA STREAMLINE REFINANCE PRODUCT PROFILE Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015

More information

11.1 INTRODUCTION 11.2 THE RATIOS

11.1 INTRODUCTION 11.2 THE RATIOS 0BCHAPTER 11: RATIO ANALYSIS 11.1 INTRODUCTION Ratios are used to determine whether the borrower s repayment income can reasonably be expected to meet the anticipated monthly housing expense and total

More information

3 ELIGIBLE BORROWERS

3 ELIGIBLE BORROWERS 3 ELIGIBLE BORROWERS NON DISCRIMINATION All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status or physical handicap. IRS TAX CODE COMPLIANCE

More information

Conventional DU Refi Plus

Conventional DU Refi Plus Endeavor America Loan Services Conventional DU Refi Plus Guidelines Conventional Guidelines... 3 Matrix... 3 Overview... 3 Program Expiration... 3 Loan Purpose... 4 Maximum LTV, CLTV, and HCLTV Ratios

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

FHA Streamline Refinance Guidelines

FHA Streamline Refinance Guidelines The following guidelines apply to all DIRECTORS MORTGAGE s FHA Streamline Refinance loan program. All loans must adhere to the criteria of these guidelines or the individual loan programs. While DIRECTORS

More information

CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES

CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES Program Overview: BUYERS EARNING 100% OR LESS OF AREA MEDIAN INCOME (AMI) The 3% Interest Deferred Loan Program is a homeownership program

More information

CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES

CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES 100. Purpose The Murfreesboro Affordable Housing Assistance Program (the Program) encourages homeownership for low-income,

More information

The City of MIDWEST CITY GRANTS MANAGEMENT DEPARTMENT Terri L. Craft, Grants Manager. MIDWEST CITY Homebuyer Assistance Program

The City of MIDWEST CITY GRANTS MANAGEMENT DEPARTMENT Terri L. Craft, Grants Manager. MIDWEST CITY Homebuyer Assistance Program The City of MIDWEST CITY GRANTS MANAGEMENT DEPARTMENT Terri L. Craft, Grants Manager Grant Amount: $5,000.00 MIDWEST CITY Homebuyer Assistance Program The Homebuyer Assistance Program promotes homeownership

More information

Allowable Transaction Types:

Allowable Transaction Types: Allowable Transaction Types: LIFT PRODUCT GUIDELINES Purchases Existing home (with or without property renovation) Short sales (see Restrictions and Commitment Period sections) New construction (must be

More information

City of Somerville Closing Cost and Down Payment Assistance Programs

City of Somerville Closing Cost and Down Payment Assistance Programs City of Somerville Closing Cost and Down Payment Assistance Programs WHAT DO THESE PROGRAMS OFFER? The City of Somerville can provide assistance in purchasing a home through two different programs. You

More information

FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013

FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013 FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013 I. Applicant Eligibility a. The total household income can be no greater than 120% of area median, adjusted

More information

1030HARP DU REFI PLUS (6/8/12)

1030HARP DU REFI PLUS (6/8/12) 1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation

More information

FHA Streamline (Full Credit and Non-Credit Qualifying)

FHA Streamline (Full Credit and Non-Credit Qualifying) . This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

Kane County Foreclosure Redevelopment Program. Home Buyer Application

Kane County Foreclosure Redevelopment Program. Home Buyer Application Kane County Foreclosure Redevelopment Program Home Buyer Application To apply to purchase a home that was redeveloped under the Kane County Foreclosure Redevelopment Program Please follow these three easy

More information

2009-2010 Application Packet

2009-2010 Application Packet C i t y o f G i l r o y P l a n n i n g D i v i s i o n H o u s i n g & C o m m u n i t y D e v e l o p m e n t 7 3 5 1 R o s a n n a S t r e e t G i l r o y, C A 9 5 0 2 0 ( 4 0 8 ) 8 4 6-0 2 9 0 - P

More information

VA Refinance IRRRL. VA Refinance IRRRL

VA Refinance IRRRL. VA Refinance IRRRL This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply

More information

2010 NSP FIRST Mortgage Loan Program Summary Approved by THDA 05/07/2010

2010 NSP FIRST Mortgage Loan Program Summary Approved by THDA 05/07/2010 Description: Eligible Applicants: Maximum Household Interest Rate: Loan Term/ Type: Pre-Payment Penalty Subject to Recapture: Required Reserves: Down Payment Minimum Investment: Maximum Loan Amount: Homebuyer

More information

Mortgage Assistance Program Down Payment Assistance

Mortgage Assistance Program Down Payment Assistance Mortgage Assistance Program Down Payment Assistance DISCLOSURE NOTICE - APPLICATION PROCESS You are applying for financial assistance to purchase a home through the City of Livermore Mortgage Assistance

More information

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015 Topic Current FHA Guideline New FHA Guideline Assets Gift Funds as Reserves Manual Underwriting: Not allowed as reserves Manual underwriting: Not allowed as reserves TOTAL Scorecard: Not allowed as reserves

More information

Magnolia Bank VA Refinance Options

Magnolia Bank VA Refinance Options Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

Loss Mitigation Pre-Foreclosure Sale Request Instructions & Disclosures

Loss Mitigation Pre-Foreclosure Sale Request Instructions & Disclosures Loss Mitigation Pre-Foreclosure Sale Request Instructions & Disclosures Member Name: Loan Number: If you have received a valid, reasonable, offer to purchase your home prior to a foreclosure and you would

More information

Workforce Homebuyer. Down Payment Loan Program. Program Orientation Packet. Housing Trust Fund of Santa Barbara County

Workforce Homebuyer. Down Payment Loan Program. Program Orientation Packet. Housing Trust Fund of Santa Barbara County Housing Trust Fund of Santa Barbara County Workforce Homebuyer Down Payment Loan Program Program Orientation Packet 2013 Housing Trust Fund of Santa Barbara County P. O. Box 60909 Santa Barbara, CA 93160-0909

More information

City of Miami Department of Community Development Florida Homebuyer Opportunity Program

City of Miami Department of Community Development Florida Homebuyer Opportunity Program City of Miami Department of Community Development Florida Homebuyer Opportunity Program The City s Florida Homebuyer Opportunity Program (FLHOP) provides assistance of up to $8,000 to income eligible homebuyers.

More information

CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE

CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE January 02, 2015 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage Company,

More information

Lending Guide Investor Rehab Loan Program

Lending Guide Investor Rehab Loan Program Program Description The Rehab loan program is an asset-based financing option designed for borrowers who wish to acquire, rehabilitate, and sell residential real estate. This program is well suited for

More information

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit

More information

ANDP NSP SECOND MORTGAGE PROGRAM FORMS

ANDP NSP SECOND MORTGAGE PROGRAM FORMS ANDP NSP SECOND MORTGAGE PROGRAM FORMS NSP 1...Underwriting Check List NSP 2...ANDP NSP Loan Application NSP 2...Application Affidavit NSP 3...Affidavit of Non-Applicant Household Members NSP 4...Household

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY 1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are

More information

West Valley City Grants Department Rehabilitation Loan Program Policy & Information Packet

West Valley City Grants Department Rehabilitation Loan Program Policy & Information Packet West Valley City Grants Department Rehabilitation Loan Program Policy & Information Packet Current Revision: 9/09 1 CONTENTS REHABILITATION LOAN PROGRAM (RLP) POLICY: Section I Section II Section III Section

More information

Federal Home Loan Bank of Boston s Equity Builder Program Homebuyer Information

Federal Home Loan Bank of Boston s Equity Builder Program Homebuyer Information Federal Home Loan Bank of Boston s Equity Builder Program The Program: The Equity Builder Program is a down-payment and closing-cost assistance program offered to income-eligible homebuyers. Borrower s

More information

City of Modesto Community and Economic Development Department

City of Modesto Community and Economic Development Department For More Information Please Call: (209) 577-5211 City of Modesto Community and Economic Development Department HOMEBUYER S ASSISTANCE PROGRAM (HAP) TABLE OF CONTENTS Introduction 2 Terms and Conditions

More information

DU User s Guide for FHA Loans

DU User s Guide for FHA Loans DU User s Guide for FHA Loans 2003, 2005 Fannie Mae. All rights reserved. Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. FICO is a registered trademark of

More information

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET The fields in this document are filled in by Mortgage+Care Loan Origination Software. Please contact us at (800)481-2708 or www.mortcare.com for a list of mergeable documents. MORTGAGE LOAN DISCLOSURE

More information

HOUSING LOAN SUBORDINATION POLICY

HOUSING LOAN SUBORDINATION POLICY HOUSING LOAN SUBORDINATION POLICY Housing Loan Subordination Policy OBJECTIVE: To provide administrative guidance on processing requests for subordination of City/Agency loans PURPOSE: In consideration

More information

Chapter 19. Residential Real Estate Finance: Mortgage Choices, Pricing and Risks. Residential Financing: Loans

Chapter 19. Residential Real Estate Finance: Mortgage Choices, Pricing and Risks. Residential Financing: Loans Chapter 19 Residential Real Estate Finance: Mortgage Choices, Pricing and Risks 10/25/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Residential Financing: Loans Loans are classified

More information

Exhibit A. Unemployment Mortgage Assistance Program (UMAP)

Exhibit A. Unemployment Mortgage Assistance Program (UMAP) History Exhibit A In January 2010, US Treasury (Treasury) created the Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets (HFA Hardest-Hit Fund) and allocated funds under the

More information

PROGRAM GUIDELINES THE ONE MORTGAGE PROGRAM

PROGRAM GUIDELINES THE ONE MORTGAGE PROGRAM PROGRAM GUIDELINES THE ONE MORTGAGE PROGRAM The objective of this program is to provide down payment and closing cost assistance for those who are participating in the State approved One Program. The One

More information

Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix

Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix If you do not qualify for the Home Affordable Modification Program (HAMP) or other modification programs that we offer, you will be

More information

Pre-Purchase Counseling Application

Pre-Purchase Counseling Application Pre-Purchase Counseling Application Guidance on purchasing a home and qualifying for downpayment assistance Pre-purchase counseling helps prepare the first-time homebuyer for the home purchase process

More information

ISLIP IX BRENTWOOD WORKFORCE HOUSING PROGRAM

ISLIP IX BRENTWOOD WORKFORCE HOUSING PROGRAM ISLIP IX BRENTWOOD WORKFORCE HOUSING PROGRAM PROGRAM GUIDELINES Please Read Carefully I. Program Description The Long Island Housing Partnership, Inc. and its Affiliates (LIHP) and the Islip Town Community

More information

CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI)

CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) Program Overview: The 3% Interest Deferred Loan Program is a homeownership program

More information

HOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $

HOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $ HOME EQUITY LINES OF CREDIT CHECK LIST Date Name/Borrower Address Amount of Mortgage $ Application Income Verification Additional: A. Copy of Recorded Deed B. Copy of Survey C. Tax receipts- School, County,

More information

SUBORDINATION REQUIREMENTS

SUBORDINATION REQUIREMENTS SUBORDINATION REQUIREMENTS KEY ITEMS 1. Green Tree account must be current as of due date. Grace Periods do not apply. 2. All late payments, late fees, legal fees and miscellaneous fees must be paid. 3.

More information

Refinancing may be an option for you to consider if your loan is adjusting to an interest rate that's higher than the current market rates.

Refinancing may be an option for you to consider if your loan is adjusting to an interest rate that's higher than the current market rates. How does an adjustable rate mortgage (ARM) work? Like many homebuyers, you may have been attracted to the low initial interest rate of an adjustable-rate mortgage (ARM). While adjustable-rate mortgages

More information

E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES

E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES PRODUCT GUIDELINES 2/10/2015 504 FHA Streamlines Mortgage Eligibility Product Code Short Description Long Description Description FF15SL FHA 15 YR SL FF15SL

More information

Provo City Redevelopment Agency Home Purchase Plus Down-Payment Assistance (DPA) Program Guidelines

Provo City Redevelopment Agency Home Purchase Plus Down-Payment Assistance (DPA) Program Guidelines Provo City Redevelopment Agency Home Purchase Plus Down-Payment Assistance (DPA) Program Guidelines Effective 24-January-2014 THE PROVO CITY REDEVELOPMENT AGENCY RESERVES THE RIGHT TO CHANGE THIS PROGRAM

More information

City of Wichita s HOMEownership 80 Program First-Time Homebuyer Assistance

City of Wichita s HOMEownership 80 Program First-Time Homebuyer Assistance City of Wichita s HOMEownership 80 Program First-Time Homebuyer Assistance The City of Wichita offers a program that assists persons/families with low- to moderate-incomes in buying their first home. First-time

More information

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET WHEN TO USE THIS FORM NONTRADITIONAL LOAN PRODUCTS

More information

Making Home Affordable Program Request For Mortgage Assistance (RMA)

Making Home Affordable Program Request For Mortgage Assistance (RMA) Making Home Affordable Program Request For Mortgage Assistance (RMA) REQUEST FOR MORTGAGE ASSISTANCE (RMA) page 1 Loan I.D. Number Servicer Borrower s name BORROWER Co-borrower s name CO-BORROWER Social

More information

CITY OF SOUTH EL MONTE

CITY OF SOUTH EL MONTE CITY OF SOUTH EL MONTE FIRST TIME HOMEBUYER LOAN PROGRAM GUIDELINES (CalHome Program) Revised April 2013 City of South El Monte Housing Department 1415 North Santa Anita Avenue South El Monte, CA. 91733

More information

NORTH IOWA SINGLE-FAMILY NEW CONSTRUCTION APPLICATION FOR HOME BUYER ASSISTANCE

NORTH IOWA SINGLE-FAMILY NEW CONSTRUCTION APPLICATION FOR HOME BUYER ASSISTANCE NORTH IOWA SINGLE-FAMILY NEW CONSTRUCTION APPLICATION FOR HOME BUYER ASSISTANCE Applicant Name: Social Security Number: Spouse /Co-Householder Name: Social Security Number: Address/City/Zip: Telephone

More information

Definitions. In some cases a survey rather than an ILC is required.

Definitions. In some cases a survey rather than an ILC is required. Definitions 1. What is the closing? The closing is a formal meeting at which both the buyer and seller meet to sign all the final documentation required for the buyer's mortgage loan. Once the closing

More information

Also in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78%

Also in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78% FHA MORTGAGE INSURANCE PREMIMUM (MIP & UFMIP) FHA charges Two Mortgage Insurance fees on each loan; Up Front Mortgage Insurance Premium (UFMIP) typically financed in the loan and Annual mortgage Insurance

More information

Underwriting Guideline Matrix

Underwriting Guideline Matrix : Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage

More information

Section 2.04 - DU Refi Plus Loan Program

Section 2.04 - DU Refi Plus Loan Program Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 5 Existing Mortgage Eligibility Requirements...

More information

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount EXPRESS JUMBO FIXED RATE AND ARM PROGRAM MATRIX: PURCHASE AND RATE TERM REFINANCE 1 Occupancy Units FICO LTV/CLTV Loan Amount 80/80 $1,500,000 Primary Residence 1 720 75/75 $1,750,000 70/70 $2,000,000

More information

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 October 14, 2014 Last updated December 8, 2014 During the weekend of December 13, 2014, Fannie Mae will implement Desktop Underwriter

More information

The FHLBI may, in its discretion, allow applicants to follow the income guidelines of other funding sources where differences exist.

The FHLBI may, in its discretion, allow applicants to follow the income guidelines of other funding sources where differences exist. Attachment D Income Guidelines For all FHLBI Affordable Housing Program (AHP) projects (including competitive AHP and the Homeownership Set-aside Programs) sponsors and members are required to use the

More information

Homeowner Assistance Form

Homeowner Assistance Form Mortgage loan number: I/We want to: Keep the property Sell the property The property is my/our: Primary residence Second home Investment property The property is: Owner occupied Renter occupied Vacant

More information

NEW YORK PREVAILING INTEREST RATE COMMITMENT

NEW YORK PREVAILING INTEREST RATE COMMITMENT NEW YORK PREVAILING INTEREST RATE COMMITMENT THE USE OF THIS FORM IS OPTIONAL. If you use this form properly without alteration, you may assume that you are in compliance with New York State Department

More information

Home Buying Seminar. A presentation by The Summit Federal Credit Union

Home Buying Seminar. A presentation by The Summit Federal Credit Union Summit Branches are located in Rochester (7), Seneca Falls (1), Buffalo (3), Syracuse (5) and Cortland (2) Home Buying Seminar A presentation by The Summit Federal Credit Union What We Will Cover Today

More information

CDBG HOMEOWNERSHIP ASSISTANCE PROGRAM INFORMATION AND APPLICATION INSTRUCTIONS

CDBG HOMEOWNERSHIP ASSISTANCE PROGRAM INFORMATION AND APPLICATION INSTRUCTIONS PROGRAM DESCRIPTION CDBG HOMEOWNERSHIP ASSISTANCE PROGRAM INFORMATION AND APPLICATION INSTRUCTIONS The Homeownership Assistance Program ( Program ) is funded through the City of Boca Raton s Community

More information

VA Product Guidelines

VA Product Guidelines July 16, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 90 90 620

More information

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You

More information

NEW YORK INTEREST RATE LOCK COMMITMENT

NEW YORK INTEREST RATE LOCK COMMITMENT NEW YORK INTEREST RATE LOCK COMMITMENT THE USE OF THIS FORM IS OPTIONAL. If you use this form properly without alteration, you may assume that you are in compliance with New York State Banking Department

More information

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended.

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information