Supporting Neighborhood Stabilization Programs June 19, 2012

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1 U.S. Department of Housing and Urban Development FHA Mortgage Financing Supporting Neighborhood Stabilization Programs June 19, 2012 Community Planning and Development

2 Presenters Arlene Nunes, FHA John Laswick, HUD David Noguera, HUD Matthew Callahan, Enterprise Subcontractor Broker/Owner of Civic Center Home Loans & ReNew Real Estate Sales U.S. Department of Housing and Urban Development Community Planning and Development 2

3 Objective e To explore the use of FHA home financing in Neighborhood Stabilization Programs U.S. Department of Housing and Urban Development Community Planning and Development 3

4 Areas Covered: 1. FHA Home Financing Overview 2. Layering NSP Subsidies With FHA Loans 3. Special FHA Issues in NSP Programs 4. Helping NSP Buyers Become Mortgage-Ready U.S. Department of Housing and Urban Development Community Planning and Development 4

5 PART 1: FHA Overview FHA financing can be a good fit for home buyers in NSP programs. FHA insures mortgage loans made by approved lenders FHA originators include federally-chartered financial institutions (banks, credit unions), mortgage banks and brokers. FHA Mortgage Insurance helps recycle mortgage capital back to local markets. U.S. Department of Housing and Urban Development Community Planning and Development 5

6 FHA Overview FHA Supports the Success of Local NSP by: Serving more qualified buyers. Incorporating NSP and other home buying subsidies. Lowering the down payment requirement. Providing rehabilitation funds that can be incorporated with the initial acquisition financing. U.S. Department of Housing and Urban Development Community Planning and Development 6

7 FHA Overview The 203k mortgage may not exceed the lesser of the sales price and rehabilitation cost, or 110% of the after-improved value. FHA 203(k) loans may be used to purchase a home and finance its rehabilitation. Funds for rehabilitation are placed in an escrow account and repairs are completed after loan closing. FHA 203b loans may be used to purchase a home with a mortgage not to exceed 96.50% of the lesser of the sales price or the appraised value of the home. The property must meet FHA standards prior to loan closing. U.S. Department of Housing and Urban Development Community Planning and Development 7

8 FHA Overview Maximum FHA mortgage limits are establi blished based on metropolitan areas or nonmetropolitan. Maximum mortgage term is 30 years. FHA does not set interest rates or points. These are negotiable between the borrower and lender. Eligible properties include 1-4 four units. Condominiums must be located in FHAapproved projects. U.S. Department of Housing and Urban Development Community Planning and Development 8

9 FHA Overview FHA loans require an Upfront Mortgage Insurance Premium (UFMIP) equal to 1.75% of the loan amount. It is usually financed into the loan. FHA-insured loans are also subject to an Annual Mortgage Insurance Premium (MIP) for purchase loans with terms greater than 15 years and an LTV greater than 78%, the MIP is 1.25% of the loan amount. The MIP is paid monthly. U.S. Department of Housing and Urban Development Community Planning and Development 9

10 FHA Overview There are three key borrower underwriting questions: Does the borrower have sufficient documented income? Does the borrower have enough verified assets for the down payment and all other expenses necessary to close the loan? Does the borrower meet FHA s credit requirements and demonstrate both the willingness and ability to repay the loan? U.S. Department of Housing and Urban Development Community Planning and Development 10

11 FHA Overview The FHA-insured first mortgage, when combined with any second mortgage or other junior lien from a government agency or nonprofit agency considered an instrumentality of government, may not result in cash back to the borrower. The FHA-insured first mortgage cannot exceed the FHA statutory limit for the area where the property is located. The combined indebtedness of the mortgages may, however, exceed the FHA statutory limit. However, NSP limits the maximum CLTV to 100%. U.S. Department of Housing and Urban Development Community Planning and Development 11

12 FHA Overview Income Sources All income used to qualify for an FHA loan must be verified, stable and expected to continue. Undocumented or stated income sources can not be used to qualify for an FHA loan. Borrowers must have a documented two year employment history with explanations for gaps. Automated system - explanation required for gaps greater than 6 months Manual underwrite explanation needed for any gap U.S. Department of Housing and Urban Development Community Planning and Development 12

13 FHA Overview Income Sources Acceptable sources of income include: - Wages and salaries - Commissions - Business operations - Government benefits - Alimony and child support. Income must be documented through pay stubs, W-2s, tax returns or other means depending upon the source of income. U.S. Department of Housing and Urban Development Community Planning and Development 13

14 FHA Overview Income Sources Acceptable sources of income may also include direct payments from governments that subsidize the borrower. Mortgage Credit Certificates (MCC) offered through state and local housing finance agencies are a great way to boost the NSP borrower s home buying power. Section 8 Voucher payments. MCCs and Section 8 may be used as additions to gross income or to offset the monthly payment. U.S. Department of Housing and Urban Development Community Planning and Development 14

15 FHA Overview Income Sources Special considerations in NSP programs: FHA will consider income from non-occupying co-borrowers and co-signors. NSP participants who will own and occupy the home must meet the household income requirements, but the non-occupying cosignor income will be excluded from this eligibility calculation. Pre-purchase counseling should focus on helping NSP borrowers properly document their income. U.S. Department of Housing and Urban Development Community Planning and Development 15

16 FHA Overview Qualifying Ratios For manually underwritten loans: - Total monthly housing payment or front ratio may not exceed 31% of gross monthly income. - Total monthly installment payment or back ratio may not exceed 43% of gross monthly income. Higher ratios poss possible with documented ed compensating factors. U.S. Department of Housing and Urban Development Community Planning and Development 16

17 FHA Overview Qualifying Ratios Front and back end rati tios can be higher for automated, underwritten loans receiving an Approve or Accept scoring recommendation from FHA s TOTAL Scorecard. Compensating factors need not be cited for loans receiving i an Approve or Accept scoring i recommendation. U.S. Department of Housing and Urban Development Community Planning and Development 17

18 FHA Overview Down Payment Borrowers must make a minimum down payment equal to at least 3.5% of the lesser of the sales price or appraised value. NSP limits the maximum CLTV to 100% even if a higher CLTV would otherwise be permitted by FHA. An NSP program could assist a buyer with closing costs as a grant but not as a lien against the property that would cause the CLTV to exceed 100%. Other eligible sources such as gifts, seller credits, etc. can be used for this purpose to prevent the NSP buyer from being encumbered for more than the current market value of the property. U.S. Department of Housing and Urban Development Community Planning and Development 18.

19 FHA Overview Down Payment Acceptable sources for the down payment include, among other sources, - Earnest money deposit - Savings and checking accounts - Cash accumulated with private savings club - IRAs,401(k), Keogh and Thrift Savings - Stocks and Bonds - Gifts - Secondary financing (i ncluding NSP funds) U.S. Department of Housing and Urban Development Community Planning and Development 19

20 FHA Overview Down Payment Unacceptable sources for the down payment include contributions, either directly or indirectly, from a party with an interest in the transaction 2008 HERA Law Interested parties include sellers, real estate agents, brokers, and lenders. The NSP program sponsor may also be considered an interested party if they take on these roles. U.S. Department of Housing and Urban Development Community Planning and Development 20

21 FHA Overview Down Payment FHA does not sti tipulate a minimum contributi tion toward the home purchase price from the borrower s own funds. Many NSP programs and some FHA lenders do require a minimum borrower contribution toward the home purchase. NSP program administrators should clarify if a minimum borrower contribution will be required for their particular program. Also check for FHA lender overlays. U.S. Department of Housing and Urban Development Community Planning and Development 21

22 FHA Overview - Credit Minimum credit score for eli ligibilit ibility for an FHA loan is 500. Minimum credit score for an LTV over 90% is 580. Most FHA lenders require a credit score of 620 or more. FHA has special provisions for qualifying borrowers with non-traditional or insufficient credit (no credit score). U.S. Department of Housing and Urban Development Community Planning and Development 22

23 FHA Overview - Credit In certain situations FHA may require that the debts and obligations of a non-borrowing spouse be considered as the borrower s debts. Pre-purchase counseling in NSP programs should always include a review of the borrower s tri-merged mortgage credit report. U.S. Department of Housing and Urban Development Community Planning and Development 23

24 Recap of FHA-NSP Differences FHA No limit on CLTV for 203K loans No pre purchase counseling required Income of non occupying occupying coborrowers or co signors considered in qualifying. NSP Limits CLTV to cost to acquire property Pre purchase counseling requirement for purchasers of NSP properties Non occupying occupying co signors excluded from eligibility calculation. U.S. Department of Housing and Urban Development Community Planning and Development 24

25 PART 2: Layering NSP Subsidies LAYERED FINANCING Buyer s Contribution FHA First Mortgage + Mortgage Credit Certificate (If Available) NSP Second Mortgage Deferred Repayment Loan Closing Cost Assistance U.S. Department of Housing and Urban Development Community Planning and Development 25

26 Part 3: Special FHA Issues FHA Secondary financing requirements: The provider of the NSP assistance must be a governmental entity or an approved non-profit organization operating as an instrumentality of a local government agency. NSP subordinate financing must be approved by the lender who funds the first mortgage. FHA does not directly approve secondary financing programs for governments or non-profit instrumentalities of government. U.S. Department of Housing and Urban Development Community Planning and Development 26

27 Special FHA Issues FHA Secondary financing requirements (continued): Repayment must be deferred for at least five years. Deed restrictions and covenants may not survive foreclosure by a senior lien holder. Accrued interest charges may not cause long-term, negative amortization. Shared appreciation plans must be proportional to the amount of the NSP investment. U.S. Department of Housing and Urban Development Community Planning and Development 27

28 Special FHA Issues Cost-to-Acquire: to Except as noted below, the CLTV of all liens cannot exceed 100% of the cost to acquire the property. The cost to acquire the property is the sales price plus borrower-paid closing costs, discount points, repairs and rehabilitation expenses and prepaid expenses. For FHA, the cost to acquire may exceed the appraised value of the property when the source of the secondary financing is an approved government or non-profit assistance program. However, NSP limits the maximum CLTV to 100%. U.S. Department of Housing and Urban Development Community Planning and Development 28

29 Special FHA Issues Limiting the Amount of the NSP Subsidy NSP programs typically provide home buyer assistance up to a stated t program maximum. Lenders often request the maximum NSP assistance even the borrower could qualify with less. To avoid this problem, establish a minimum housing expense ratio (e.g. 30%) below which the NSP subsidy will be reduced. U.S. Department of Housing and Urban Development Community Planning and Development 29

30 Special FHA Issues Using 203K Loans in NSP Programs FHA 203K loans have not been widely used in NSP acquisition-rehabilitation strategies. One simple option: the NSP program first acquires the home, completes essential repairs and then facilitates acquisition of the home by a home buyer using a 203(k) loan to complete the balance of the required renovation and improvements. U.S. Department of Housing and Urban Development Community Planning and Development 30

31 Special FHA Issues FHA Appraisal Requirements FHA appraisals are valid for 120 days. FHA appraisals may be extended for: - 30 days by the lender s underwriter to permit closing; or - for 120 days through the completion by the appraiser of FNMA Form 1004d Except for 203k loans, the lender should not order appraisal until the NSP program administrator has confirmed that repairs and improvements have been completed. U.S. Department of Housing and Urban Development Community Planning and Development 31

32 Special FHA Issues FHA Appraisal Requirements (continued) The lender s underwriter bears the primary responsibility for determining the eligibility of a property for FHA insurance and for the quality of the appraisal report. Underwriter is allowed to communicate with the appraiser, to request clarifications and to discuss components of the appraisal that influence its quality. U.S. Department of Housing and Urban Development Community Planning and Development 32

33 Special FHA Issues Working with NSP Lease-Purchase Programs Some NSP programs are considering implementing lease-purchase initiatives iti as way to expand utilizing of the NSP program and to serve more eligible buyers. A government, or non-profit entity approved by HUD to act as a borrower, may use FHA loans to acquire the home, enter into a leasepurchase contract and then allow the leasepurchaser to assume the FHA loan when the purchase option is exercised. U.S. Department of Housing and Urban Development Community Planning and Development 33

34 Special FHA Issues Working with NSP Lease-Purchase Programs (continued) The government or non-profit remains responsible for the monthly payments on the FHA loan and must demonstrate the financial capacity to pay. In the event of a default, the government or non- profit is not eligible for FHA Loss Mitigation measures. See HUD Handbook Chapter 4.A.6 for more information. U.S. Department of Housing and Urban Development Community Planning and Development 34

35 Special FHA Issues FHA Lender Overlays Most FHA lenders impose underwriting and program overlays which exceed FHA s minimum requirements. NSP program administrators should encourage participation from a wide-range of lenders so as to increase the chances that NSP program participants can be approved for FHA financing. U.S. Department of Housing and Urban Development Community Planning and Development 35

36 Special FHA Issues Imposing Local NSP Program Overlays on FHA Borrowers NSP program administrators should carefully consider the benefit of imposing underwriting requirements that exceed FHA s minimum underwriting requirements. Imposing local NSP program underwriting variances may reduce lender interest or their ability to support the NSP program. U.S. Department of Housing and Urban Development Community Planning and Development 36

37 Special FHA Issues Lead Capture in NSP Programs Many NSP programs provide applicant leads to participating lenders, non-profit organizations and real estate agents. The referrals should be tracked and the lead recipients held accountable for how the leads are processed and evaluated. Reward lead recipients who convert referrals to NSP borrowers with more leads. U.S. Department of Housing and Urban Development Community Planning and Development 37

38 PART 4: Mortgage-Ready Buyers Documenting income and asset sources. Importance of the borrower s federal income tax return in the FHA loan approval process process. Understanding that the loan approval process is dynamic and ongoing. While FHA loans allow for some deferred student loan debt to be excluded, documentation confirming the deferral period is always required. U.S. Department of Housing and Urban Development Community Planning and Development 38

39 Part 4: Mortgage-Ready Buyers On manually underwritten loans, collection accounts and charged-off debts must be addressed by the borrower. There is no such requirement for loans with TOTAL Accept or Approve scoring recommendations. Disputed derogatory credit must be resolved (very hard and time consuming) NSP applicants should be cautioned to avoid filing frivolous credit disputes. Periods of unemployment will require additional documentation to demonstrate that the employment is now stable and durable U.S. Department of Housing and Urban Development Community Planning and Development 39

40 Mortgage-Ready Buyers Borrowers relying on gift funds should be counseled on the requirements for properly documenting gift funds before the gift funds are transferred to the borrower. Borrowers should be cautioned that any un- sourced deposit to their bank account may jeopardize their loan approval. Loan Approval is a dynamic and continuing process until the loan closes. U.S. Department of Housing and Urban Development Community Planning and Development 40

41 FHA Resources Federal Housing Administration (FHA): Temporary Exemption from Compliance with FHA's Regulation on Property Flipping Extension of Exemption: NSP Policy Alert: Guidance on FHA Mortgage Insurance for NSP Grantees: https://www.hudnsphelp.info/media/resources/nspfhamortgageinsurancegui hudnsphelp dance_ pdf U.S. Department of Housing and Urban Development Community Planning and Development 41

42 NSP Resource Exchange Links NSP Resource Exchange Search the Resource Library Search the FAQs View All Training Materials on the Learning Center Submit a Policy Question via Ask A Question Request Technical Assistance /Reques tta Connect with NSP Join the Listserv Visit the NSP Flickr Gallery Visit the NSP YouTube Channel U.S. Department of Housing and Urban Development Community Planning and Development 42

43 Give us your Feedback Answer a few short questions Please click on the link and give us your feedback: Your opinion is valuable!!! THANK YOU U.S. Department of Housing and Urban Development Community Planning and Development 43

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