Investor s Guide to HUD and FHA Mortgage Financing. By William Bronchick

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1 Investor s Guide to HUD and FHA Mortgage Financing By William Bronchick

2 The U.S. Department of Housing and Urban Development (HUD) was founded in 1965, with a mission is to increase homeownership, support community development, and expand access to affordable, non-discriminatory housing throughout the United States. The Federal Housing Administration (FHA) is an agency sponsored by HUD, owned by private saving institutions but for all practical purposes, operating as a part of HUD. Its main activity is to insure residential mortgage loans made by private lenders. The FHA also sets standards that affect underwriting and construction of homes. Neither HUD nor the FHA lends money directly. But both entities have a dominant influence on how money is borrowed and loaned. By setting standards for loan limits, down payment requirements, and borrower qualifications, they drive and influence the behavior of all lenders, whether federally insured or not. The terms of their lending programs pertain specifically to borrowers and lenders, but they have a substantial bearing as well on real estate investors (our intended readers), who need to know about financing options available to all concerned parties, including themselves and potential owner-occupant buyers. For the purposes of this booklet, HUD and FHA are synonymous and interchangeable. The biggest advantage of federally backed financing to a homebuyer is often the lower down payment requirement. Private lenders protected against default can lend as much as 96.5 percent of a home s price, requiring the buyer to bring only 3.5 percent of the cash needed to close the purchase. The rules on home-purchase financing are spelled out in Section 203(b) of the federal legislation that created HUD. An FHA-backed home-purchase loan, therefore, is commonly called a 203(b) loan. Another area of the law, Section 203(k), pertains to funding for renovation and repairs. Such loans are called 203(k) loans, defined under the FHA s Rehabilitation Loan Program. Both forms of funding are vitally important to investors who aim to profit through the knowledge of funding alternatives defined by the biggest single player in residential real estate financing the United States government. Loan Limits The upper limits on FHA loans vary widely from state to state and among counties within any state. For a single family home, the most common figure is $271,050, applicable to most counties in most states. It is also the lowest upper limit to be found anywhere in the United States. For certain counties in New York and California, the lendable limits are much higher, in excess of $700,000. On the island of Maui, in Hawaii, $790,000 is the upper limit for single-family homes.

3 The wide range in limits reflects differences in the cost of housing, and the cost of living in general, across the country. The loan cap figure is derived from the median cost of a home in any given metropolitan statistical area (MSA). A state by state and county-bycounty listing of loan limits is viewable online at To find the limit for a certain area, visit https://entp.hud.gov/idapp/html/hicostlook.cfm. Within any state, you can sort the resulting list by various criteria such as county name or MSA code number. Additional, ascending limits are set for the loans on duplex, triplex, and four-plex properties. In Colorado s Denver County, for example, the single family home limit is $406,250. The limits for two-, three-, and four-unit properties respectively are $520,050, $628,650, and $781,250. With those limits, FHA loans don t work for everyone, particularly higher-end buyers. Also there are no minimum credit standards for borrowers, those with disastrous credit probably won t qualify for loans. But all kinds of buyers do use FHA financing, including first-timers, repeat buyers, and existing homeowners who want to refinance. Mortgages in amounts higher than the FHA caps permit must be acquired through other lending sources working without FHA partnership. Conventional loans (those that conform to Fannie Mae or Freddie Mac guidelines and loan amounts) are also available without FHA involvement. Underwriting for these programs is stricter, in general requiring higher credit scores and larger down payments for approval. Down Payment Sources As mentioned, a major advantage of FHA mortgages is the low down payment requirement generally 3.5 percent of the purchase price of the home. In addition to the down payment, borrowers must have sufficient funds to cover borrower-paid closing costs such as pre-paid taxes, insurance, title, appraisal, underwriting, and processing fees. All sources of funds have to be properly documented and verified. Underwriters will seek to verify that there were no additional undocumented debts incurred by the borrower to obtain all or part of the required cash investment in the property. For buyers of foreclosure properties, the down payment requirement can be a little confusing. The property may have a significant amount of perceived equity. But the FHA defines that the minimum down payment as 3.5 percent of the lesser of the appraised value or the sales price. Acceptable sources of borrower funds include: Earnest Money Deposit Savings and Checking Accounts Cash saved at home

4 Private savings club Savings Bonds IRAs 401 (k) and Keogh Accounts Stocks and Bonds Thrift Savings Plans Gift Funds Sales Proceeds Sale of personal property Commissions from sale Trade Equity Rent Credit Sweat Equity Collateralized Loans Disaster Relief Grants and Loans Employer s Guarantee Plans Employer Assistance Plans Note that the down payment for an FHA mortgage can be 100 percent gift funds. This is one of the key benefits to the FHA program. Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower's bank or savings account, or in an escrow account, prior to underwriting approval. Proof of deposit is required. A gift fund can be considered as an acceptable source of down payment as long as there is no expected of implied terms of repayment to the donor by the borrower. As a general rule, the FHA is not concerned with how the donor obtained the Gift Funds, as long as the funds are not associated with the sales transaction. Gift funds can be given by a relative, a friend, an employer or labor union, a charitable organization, or a government agency or public entity with a home ownership program Closing Fees and Costs FHA rules impose limits on some of the fees that lenders may charge in making a mortgage. For example, the origination fee for processing the mortgage may not exceed 1 percent of the amount of the mortgage. Allowable fees for an FHA loan may include costs for the following types of services Mortgage origination Deposit verification Attorney services Home appraisal Title insurance and examination Document prep Survey of the property

5 Pulling credit reports: Additionally, there are several so-called prepaid fees to be paid by the borrower. Some of these items would be accrued interest, mortgage insurance premiums, and homeowners, hazard, and flood insurance. A seller may agree to pay the closing costs and prepaids for an FHA buyer. Up to 6 percent of the purchase price essentially all of the buyer s closing costs can be paid in this way, by the seller. This is sometimes handled by increasing the offer price by an equal amount, so that the seller nets the expected amount at sale. The FHA requires borrowers to secure mortgage insurance. Annual premiums are usually 1.75 percent of the mortgage amount. For a refinance loan, the rate is 1.50 percent. For borrowers refinancing delinquent non-fha adjustable rate mortgages, the upfront mortgage insurance premium is 3.00 percent of the base loan amount Refi with FHA The FHA Refinance program is designed to provide an FHA alternative to the commercial products currently being offered to homeowners with substantial equity in their homes. The purpose of these loans is to take out a new mortgage that provides cash left over after the old mortgage has been paid off. The FHA requirements demand that the applicant for a cash-out refinance loan has occupied the premises for at least twelve months, and that payments on the current mortgage have been on time for at least twelve months. A cash-out refinance loan cannot be more than the FHA conventional loan limit for the area of the house being refinanced. The other limit to the amount of a refinance loan may come from the lender. Many of them limit total indebtedness on a property to 80 percent of its current appraised value. That means your new mortgage, plus any other loans you have against the property, cannot total more than eighty percent of the home s worth. If there is a second mortgage on the property, it must remain subordinate to the new FHA loan. The homeowner will have to meet the lender s requirements for ability to pay on both mortgages; generally that means the loan applicant must meet the lender s cap on mortgage payments in relation to total monthly debt. All borrowers must meet certain credit requirements on these loans, and any co-signer on the cash out refinancing must be a resident of the property. These loans are limited to homes with a maximum of two living units FHA s so-called Streamline Refinances are designed to lower the monthly principal and interest payments on a current FHA mortgage and must involve no cash back to the borrower except for minor adjustments at closing not to exceed $500.

6 To refinance a home or a rental property, the borrower must provide these documents to the lender: Copy of Note & Deed from current loan. Copy of Property Tax Bill. Copy of Hazard (homeowners) Insurance Policy. Copy of Payment Coupon for current Mortgage. If property is multi-unit, need Rental Agreements.. Qualifying FHA loans are generally easier to qualify for than conventional financing. These are the basic qualification guidelines: Two Years of steady employment, preferably with same employer. Last two years income should be the same or increasing. Credit report should have no more than two 30-late marks, and a minimum credit score of 620 Bankruptcies must be at least two years old with perfect credit since discharge. Foreclosures must be at least three years old with perfect credit since. The new mortgage payment should be no more than 30 percent of gross income (before taxes). Borrowers must supply a good deal of documentation. Here s a partial list: The addresses of all residences over the past two years Social Security Number. The names of employers over the past two years Current gross monthly salary Names, addresses, and account numbers with balances on all checking and savings accounts Addresses and loan information of any other real estate owned Estimated value of furniture and personal property W2 tax forms for the past two years and current paycheck stubs Certificate of Eligibility and DD-214 (Veterans only) Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business. Students need to provide evidence of enrollment. With student loans, theyneed to provide verification information. Rehabbing with 203(k) Funds

7 Homeowners who plan to occupy the property may qualify for Rehabilitation Mortgage Insurance of funds through HUD s 203(k) program. The loan amounts can range from $5,000 to $35,000. Funds are available for one- to four-family dwelling that has been completed for at least one year. The process works like this: The homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with his/her real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on repairs required by the FHA or the lender. The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work to be done, including a cost estimate on each repair or improvement of the project. An appraisal determines the after-repaired value of the property. If the borrower qualifies for credit, the loan closes for an amount that will cover the purchase or refi, the remodeling costs, and the allowable closing costs. The amount of the loan will also include a contingency reserve of percent of total remodeling costs to cover any extra work not included in the original proposal. At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs. The mortgage payments and remodeling begin after the loan closes. If the property is not going to be occupied during renovation, the borrower can elect to have up to six mortgage payments (PITI) put fully into the cost of rehabilitation. But that arrangement can t exceed the length of time estimated to complete the rehab. Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10 percent of each draw is held back. The balance is paid after the lender determines there will be no liens on the property. Inspection and Appraisal Requirements Homebuyers with FHA financing are strongly encouraged by their lenders to obtain an independent and detailed inspection of the property. The actual cost of the home inspection fees, up to $300, may be included as closing costs in meeting the borrower's minimum investment. An appraisal is different from a home inspection. Appraisals are for lenders; home inspections are for buyers. An appraisal and property condition assessment is used to determine the market value and acceptability of the property for FHA mortgage insurance purposes. The value serves as a basis for determining the maximum FHA insurable mortgage loan. The appraisal is performed for the use and benefit of HUD, and the lender

8 involved in an FHA transaction. In addition to providing an estimate of value, the appraisal provides an examination of the property for any visible, obvious and/or apparent deficiencies that may affect the livability of that property in terms of basic needs, health and safety of the property's occupants. HUD and FHA make no warranty as to the value or condition of any FHA-appraised property. Buyers and borrowers must determine for themselves that the price of the property is reasonable and that its condition is acceptable. The U.S. Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the National Radon Information Line at SOS-Radon ( ). As with a home inspection, if a buyer decides to test for radon, they may do so before signing your contract. Or they may do so after signing the contract as long as your contract states the sale of the home depends on their satisfaction with the results of the radon test. Title Seasoning HUD and the FHA long ago adopted rules to prevent the rapid reselling of overvalued properties to unsuspecting buyers. Such illicit practices in the past were done often in collusion with appraisers willing to inflate property values for the seller s benefit. To slow down the process, the rules require the seller to have held the property for at least 90 days. This applies only when the buyer will use FHA financing not when conventional financing will be used. But clearly, a major portion of home-buying public relies on FHA loans, particularly for lower-end homes. Investors who want to flip properties and sell to FHA buyers have a few options. The obvious one is to wait 90 days from the date of purchase. A workaround is to market the property, find a buyer and sign a contract before the 90 days are up. The mortgage broker can do some preliminary work, then after 90 days, re-date the contract and submit it to underwriting. Another option is to sell to the potential owner-occupant on a lease option (which technically is not selling at all). After a year (or even 90 days) of occupancy, the seasoning requirement will have been met. You can then sell with a conventional contract. Another idea is to sell only to other investors. When wholesaling to cash buyers, title seasoning is not an issue.

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