FHA STREAMLINE GUIDELINES

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1 Table of Contents LTV MATRIX... 4 PROGRAM OVERVIEW... 4 APPRAISALS & AVM... 4 AVM or 2055 Exterior... 4 Streamline with an Appraisal (1004 full FHA Appraisal)... 5 ASSETS... 5 Sourcing of Deposits... 5 BORROWER(S)... 5 CREDIT... 5 Credit Report... 5 Credit Score Guidance... 5 Credit Score Requirements... 6 Payment History... 6 Payment Seasoning... 6 EMPLOYMENT VERIFICATION... 6 Employed (Wage Earner and Self Employed)... 6 Other Income Types Requiring Verification... 6 FORMS & DISCLOSURES... 7 Included Forms... 7 Forms Not Included... 7 LOAN AMOUNT... 7 Loan Amount Calculation... 7 Calculation # Calculation # Outstanding Principal Balance... 7 Primary Residence... 8 Second Home... 8 LOAN PROGRAM CODES... 8 Bay Equity FHA Guidelines Page 1 of 13

2 Standard Loan Amounts... 8 High Balance Loan Amounts... 8 LOAN TERMS... 8 Standard Loan Amounts... 8 High Balance Loan Amounts... 8 LTV & CALCULATIONS... 8 AVM or 2055 Exterior... 8 Full 1004 FHA Appraisal... 8 Max LTV/CLTV Calculation... 8 Finance Requirements... 8 MIP Table... 9 UFMIP for Refinance Transactions... 9 NET TANGIBLE BENEFIT TEST Payment Reduction Closing Cost Recapture PROPERTY ELIGIBILITY Eligible Properties Ineligible Properties QUALIFYING RATIOS Non-Credit Qualifying: Credit Qualifying: RESERVES SUBMISSION REQUIREMENTS OCCUPANCY Primary Residence Second Homes Investment Properties SEASONING SUBORDINATE FINANCING Bay Equity FHA Guidelines Page 2 of 13

3 UNDERWRITING Case Number Review Qualification Requirements Compensating Factors Bay Equity FHA Guidelines Page 3 of 13

4 LTV MATRIX Streamline Refinance with AVM or 2055 Exterior PRIMARY RESIDENCE 1 PROPERTY TYPE LTV CLTV 2 FICO UNDW OPTIONS 1-4 Unit (SFR, Condo, PUD) 115% 115% 640 MANUAL 1-4 Unit (SFR, Condo, PUD) 135% 135% 680 MANUAL SECOND HOME PROPERTY TYPE LTV CLTV 2 FICO UNDW OPTIONS 1 Unit (SFR, Condo, PUD) 100% 100% 640 MANUAL Streamline Refinance with Full 1004 APPRAISAL SECOND HOME PROPERTY TYPE LTV CLTV 2 FICO UNDW OPTIONS 1 unit (SFR, Condo, PUD) MANUAL 1 If the borrower s primary residence was used as an investment property in the last 12 months then max CLTV is 85% 2 Max CLTV is determined by the TOTAL loan amount + subordinate financing. See subordinate financing section for additional requirements. NOTE: The following guidelines are to be used in conjunction with guidelines outlined in HUD Handbook and subsequent applicable Mortgagee Letter. PROGRAM OVERVIEW The FHA Streamline refinance program is designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. Streamline refinances are subject to the following requirements: The credit report (three-bureau merge or mortgage-only) is only used to validate the credit score and mortgage rating on FHA non-credit qualifying Streamline transactions. Cash-back to the borrower is not allowed with the exception of minor adjustments at closing provided the mount does not exceed $500. An AVM or Exterior Appraisal is required Must meet net tangible benefit requirements in regards to payment reduction and closing costs recapture. Transactions that include a reduction in the mortgage term must be underwritten and closed as a rate- and-term refinance, unless a benefit to the borrower of 5% payment reduction is met. APPRAISALS & AVM AVM or 2055 Exterior CoreLogic GeoAVM Core, FHLMCE HVE, or Drive-by appraisal (2055E for SFRs/PUDs or 1075 for condos) GeoAVM Core Report Summary: Estimated Value HVE Report Valuation Results: Estimated Market Value If LTV/CLTV < 100%, the estimated market value can be used to calculate the LTV regardless of the Forecast Standard Deviation (FSD). If LTV/CLTV > 100%, for the estimated market value to be utilized the following conditions apply: o GeoAVM Core the FSD must be 20 or less o HVE score must be M or H o Note: The CoreLogic GeoCoreAVM or FHLMCE HVE must be no more than 90 days old on the date the note is signed The drive by appraisal can be used for any LTV/CLTV up to the program maximum Bay Equity FHA Guidelines Page 4 of 13

5 ***Note: if ordering a 2055 to support that the value is within 135% this appraisal is NOT to be logged into FHA Connection or included in the Insuring package to FHA. Streamline with an Appraisal (1004 full FHA Appraisal) An appraisal may only be ordered to establish value to meet the max CLTV requirement. An appraisal will not allow for an increase in the max loan amount. All standard FHA property requirements will apply if the appraisal is provided. Refer to the matrix on page 8 for max LTV/CLTV guidelines with an appraisal ASSETS If assets are needed to close, loans will require a 2 month statement showing the previous month s ending balance. If the previous month s balance is not shown, then obtain statement(s) for the most recent 3 months. A Verification of Deposit (VOD) is generally NOT acceptable as the only documentation for assets, but may be provided in addition to a bank statement. Discount points may not be included in the new Streamline mortgage. If the borrower has agreed to pay discount points, Bay Equity must verify the borrower has the assets to pay them along with any other financing costs that are not included in the new mortgage amount. Sourcing of Deposits If the borrower has payroll direct deposit then non-payroll deposits must be documented if they will be used for funds to close or exceed $1000. If the borrower does not have payroll direct deposits then the Underwriter must determine that the deposits are reasonable based on the line of work indicated by the borrower on the BORROWER(S) U.S. Citizens Permanent Resident Aliens Non-permanent Resident Aliens All borrowers must have a valid social security number Borrower(s) can only be removed under this program when: o A borrower from the previous note is deceased (must have supporting documentation) OR o The borrower(s) being removed do not occupy the subject property and the loan is credit qualified (must have supporting documentation) Borrower(s) may be added without requiring credit qualifying as long as the existing borrowers stay the same CREDIT Credit Report A mortgage only credit report is acceptable as long as it meets the follow requirements Credit scores are reflected The credit scores must include the factors Credit Score Guidance The following criteria may be used to determine each individual borrower s Credit Score using the middle/lower method. If there are three valid credit scores for a borrower, the middle score (numerical middle of the three scores) is used. If there are three valid scores for a borrower but two of the score are the same, the duplicate score is used If there are two valid scores for a borrower, the lower of the two scores is used. If there is one valid score for a borrower, that score is used. Bay Equity FHA Guidelines Page 5 of 13

6 Credit Score Requirements A minimum 640 credit score is required Available credit scores must be entered into FHA Connection. If more than one credit score is available, all available credit scores must be entered. Payment History The borrower must exhibit an acceptable payment history as described below: For mortgages with less than a 12-month payment history o Mortgages must have no 30 day lates during the life of the loan. AND o Evidence that the existing loan has no 30-day or greater mortgage lates for any other first mortgage associated with the property and borrower(s) in the most recent 12 months. For mortgages with a 12 month payment history or greater the borrower must have: o Had no 30-day late payment in the preceding 12 months AND o Made all mortgage payments within the month due for the 3 months prior to the date of the loan application The payoff of a loan that has been modified or has ever had greater than a 90 day late is NOT ALLOWED Payment Seasoning At the time of loan application, the borrower must have made at least 6 payments on the FHA mortgage being refinanced. ***Note: FHA requires that at least 210 days have passed since the loan closed (approximately 7 months), even if 6 payments have been made. FHA Connection will not allow a case number to be assigned until this requirement has been met. If the loan transaction is a streamline, the case number may NOT be ordered as a standard FHA refinances. EMPLOYMENT VERIFICATION *******Non-Credit Qualifying Streamline Refinances do not Require 4506T & Tax Transcripts ********* Employed (Wage Earner and Self Employed) Employment information must be completed on the application. NO INCOME SHOULD BE LISTED ON THE Bay Equity will perform a Verbal VOE and complete a signed and dated letter on letterhead verifying the borrower(s) was employed at the time of application. Other Income Types Requiring Verification Alimony/Separate Maintenance o Copy of divorce decree/settlement agreement or court payment record Annuity o Most current institutional statement Child Support o Copy of divorce decree/settlement agreement or court payment record Dividend/Interest Income o Document showing ownership of interest bearing account or copy of current statement showing interest income IRA/Keogh o Most current statement or letter from administrator Pension/Retirement o Most current statement or benefit award letter or most current W-2/1099 Rental Income o Copy of current lease Social Security Retirement/Survivor s Disability Income o Award letter or most current deposit statement Trust Income o Copy of trust agreement or trustee s statement VA Benefits Bay Equity FHA Guidelines Page 6 of 13

7 o Award letter or most current deposit statement FORMS & DISCLOSURES Included Forms Borrower s Credit Authorization (not applicable if 1003 is signed by borrowers and LO) SSN Authorization Form GFE and TIL (disclose all loan transaction fees, regardless of who is paying for them) Notice of Intent to Proceed Settlement Services Provider List SSPL (including applicable Affiliated Business Agreements) MLDS or Mortgage Broker Fee Agreement Servicing Disclosure Statement FHA Informed Consumers Choice FHA Notice to Homebuyer (assumption) FHA Energy Efficient Mortgage Disclosure FHA ARM Disclosure (if applicable) Forms Not Included FHA Amendatory Clause /RE Certification Right to Receive Appraisal Report FHA Important Notice to Homebuyer LOAN AMOUNT FHA mortgage limits for all areas are available at: Loan Amount Calculation Calculation #1 ***LESSER OF CALCULATION #1 OR #2 IS MAXIMUM BASE LOAN AMOUNT*** $ Outstanding Principal Balance on existing first lien (from demand) + $ 30 or 60 days interests (from demand) $ Total ( LESSER OF UNEARNED UFMIP (MIP Refund, from 4H Refinance Authorization - ) Form/FHA Connection, if applicable) OR THE NEW UPFRONT PREMIUM Maximum Mortgage BEFORE UFMIP 3 - B = $ New Base Loan Amount Calculation #2 $ Statutory Loan Limit for Subject County (information found on FHA Connection) NEW TOTAL LOAN AMT = MAX BASE + NEW MIP 3-B $ New Base Loan Amount + $ X NEW MIP % (see MIP chart for correct %) = $ New Base Loan Amount + MIP Outstanding Principal Balance MAY NOT include delinquent interest, late charges, escrow shortages or Mortgage Insurance Premium listed on pay off demand Bay Equity FHA Guidelines Page 7 of 13

8 Primary Residence The payoff amount of the refinanced mortgage may include up to 60 days of interest, which consists of interest due for the month prior to the closing of the refinancing mortgage plus the interest due for the month in which the closing occurs Second Home Can only be refinanced for the outstanding principal balance. Loans that exceed the outstanding principal balance must go through full credit qualification including a full appraisal LOAN PROGRAM CODES Standard Loan Amounts FHA15SR FHA20SR FHA25SR FHA30SR High Balance Loan Amounts FHA30HBSR LOAN TERMS The maximum term is the lesser of the following: 30 years OR 12 years beyond the remaining term of the existing loan Standard Loan Amounts 15 year Fixed 20 year Fixed 25 year Fixed 30 year Fixed High Balance Loan Amounts 30 year Fixed Only LTV & CALCULATIONS AVM or 2055 Exterior The LTV calculations based on an AVM or a 2055 exterior are a manual calculation only. They are not to be input into the system to reflect on the LT or to be included in the insuring package. Full 1004 FHA Appraisal If a full 1004 Appraisal is ordered then the max LTV/CLTV for a Streamline with an appraisal must be met per the LTV matrix below. Max LTV/CLTV Calculation Max LTV is determined by the TOTAL loan amount Max CLTV is determined by the TOTAL loan amount + subordinate financing. See subordinate financing section for additional requirement Finance Requirements The borrower may finance 100% of the MIP or pay the entire amount in cash. The amount of the premium depends upon the mortgage amount and the calendar year in which the loan closed. The upfront mortgage insurance premium (UFMIP) Bay Equity FHA Guidelines Page 8 of 13

9 may be financed in its entirety and/or the amount may be paid in cash or seller contributions. The UFMIP may not be partially financed. MIP Table LOAN AMOUNT < = $625,500 UP-FRONT MIP REQUIREMENTS: Endorsement Date Streamline Refinance endorsed ON OR BEFORE May 31, 2009 Streamline Refinance endorsed AFTER May 31, 2009 ANNUAL MIP REQUIREMENTS: Case# Assigned on or after June 13, 2013 Case# Assigned April 1, 2012 June 2, 2013 June 11, 2012 March 31, 2013 April 9, 2012 June 10, % 0.01% 1.00% 1.75% 1.75% 1.75% 1.75% 1.75% Endorsement Date Case# Assigned on or after June 13, 2013 Case# Assigned April 1, 2012 June 2, 2013 June 11, 2012 March 31, 2013 April 9, 2012 June 10, 2012 Streamline Refinance endorsed ON OR BEFORE May 31, % 0.55% 0.55% see above LOAN AMOUNT > $625,500 UP-FRONT MIP REQUIREMENTS: Endorsement Date Streamline Refinance endorsed ON OR BEFORE May 31, 2009 Streamline Refinance endorsed AFTER May 31, 2009 Case# Assigned on or after June 13, 2013 Case# Assigned April 1, 2012 June 2, 2013 June 11, 2012 March 31, 2013 April 9, 2012 June 10, % 0.01% 0.01% 1.75% 1.75% 1.75% 1.75% 1.75% ANNUAL MIP REQUIREMENTS: Endorsement Date Streamline Refinance endorsed ON OR BEFORE May 31, 2009 Case# Assigned on or after June 13, 2013 Case# Assigned April 1, 2012 June 2, 2013 June 11, 2012 March 31, 2013 April 9, 2012 June 10, % 0.55% 0.55% see above UFMIP for Refinance Transactions The UFMIP for all refinance transactions is based on the loan terms. The amount of unearned premium refunded, if applicable, depends on when the mortgage was closed. The following requirements are applicable to Regular and streamline refinances (except those Streamline refinances of mortgages closed before July 1, 1991): o Mortgages closed after July 1, 1991 but before January 1, 2001: The seven-year unearned premium refund schedule shown in Mortgagee Letter 94-1 remains in effect. o Mortgages closed on or after January 1, 2001, but endorsed before December 8, 2004, that are subsequently refinanced: The five-year refund schedule shown in Mortgage Letter applies. Bay Equity FHA Guidelines Page 9 of 13

10 o Mortgages endorsed on or after December 8, 2004, that are subsequently refinanced: The mortgage will not be eligible for a refund of the UFMIP except when the borrower refinances to another mortgage to be insured by FHA. The three-year refund schedule shown in Mortgagee Letter applies. Streamline Refinances of Mortgages: o Closed before July 1, 1991: These loans remain exempt from the annual premium and are charged an upfront premium of 1.50%. o Case numbers assigned between July 14, 2008 and September 30, 2008: Refer to HUD Mortgagee Letter NET TANGIBLE BENEFIT TEST Bay Equity must determine that there is a net tangible benefit as a result of the Streamline refinance transaction. Tangible Benefit is defined as: 1. Payment reduction AND 2. Closing cost recapture Payment Reduction Fixed Rate From/To Fixed Rate One-Year ARM Fixed-Period ARM Reduction of at least 5% of principal & interest (P&I) and mortgage insurance premium (MIP) One-Year ARM New interest rate no greater than 2 percentage points above the current interest rate of the ARM Fixed-Period ARM (During Fixed Period) Fixed-Period ARM (During Adjustable Period) Reduction of at least 5% of P&I and MIP New interest rate no greater than 2 percentage points above the current interest rate of the Fixed- Period ARM Closing Cost Recapture Net Tangible Benefit shall also require that closing costs be recaptured within 48 months of closing o Based on fees listed on HUD sections 800, 1100 and 1200 PROPERTY ELIGIBILITY Eligible Properties 1 unit SFR 2 4 Unit (PennyMac Allows) PUDs Attached / Detached Condos the printout from FHA Connection is NO LONGER required to verify the condo project is approved Ineligible Properties Manufactured Homes Modular Pre-Cut/Panelized Housing Refer to Bay Equity Guidelines for other ineligible property types Bay Equity FHA Guidelines Page 10 of 13

11 QUALIFYING RATIOS Non-Credit Qualifying: DTI Ratios are not calculated for Non-credit qualifying Streamlines Credit Qualifying: 31/43 o there is a 5% tolerance to the max DTI with compensating factors as required by FHA ~ refer to Compensating Factors section below) RESERVES Reserves are not required SUBMISSION REQUIREMENTS Initial 1003s & HUD ADDENDUM (92900A) Signed, dated, and completed in its entirety) An abbreviated version of the URLA is not allowable Lender Information to be completed Employment and income sources are includes Income is not listed on the 1003 All Boxes Marked Signed by all parties Max cash back to borrower is $500 New FHA CASE NUMBER with REFINANCE AUTHORIZATION (MIP Credit) Order Case number by ing request form to If current FHA loan is endorsed or before 5/31/09 borrower is eligible for reduced MI At least 210 days must have passed from the closing date of the mortgage being refinanced CAIVRS is not required Originator s CREDIT REPORT Mortgage Only with Scores: Minimum 680 requires for all Borrowers Mortgage rating Rated thru Current Month o Example: If closing in June, mortgage must be paid through May Current PAYOFF DEMAND (must have at submission to calculate loan amount) Must reflect last mortgage payment made by the borrower o If Borrower makes payment after the date of demand, NEW payoff required and Loan Amount to be Recalculated Must reflect interest through the end of the month you wish to close (NOT future dates) o Example: If closing in May. Interest only through May (Not June) Loan must close in the month it is Underwritten (No interest Credits) Copy of MORTGAGE STATEMENT/COUPON from Current Lender (To determine MI amount) Net tangible benefit of 5% must be met ESTIMATED HUD To verify that closing costs are recaptured within 48 months (based on fees listed on HUD sections 800, 1100 and 1200) LEGIBLE Copy PHOTO ID AND SOCIAL SECURITY CARD Copy of EXISTING FHA NOTE & DEED (to verify borrowers, old case #, property type and rate reduction or ARM) HAZARD INSURANCE DECLARATIONS PAGE BANK STATEMENTS Two months to support sufficient funds to close Non Payroll Deposits must be documented PRELIMINARY TITLE REPORT with Address Supplement and Plat Map Bay Equity FHA Guidelines Page 11 of 13

12 OCCUPANCY Occupancy is determined by the current use of the subject property, not the use at origination of the existing loan. Primary Residence A primary residence is property that will be occupied by the borrower the majority of the calendar year and meets the following criteria: At least one borrower must occupy the property and sign the Note and security instrument for the property to be considered owner-occupied. If the borrower s primary residence was previously an investment property then max LTV is 85% Second Homes Allowed Investment Properties Not Allowed SEASONING Loans with less than a 6 month payment history on the date of the FHA case number assignment are not eligible SUBORDINATE FINANCING For Streamline refinance transactions without an appraisal: the CLTV is based on the original appraised value of the property per the Refinance Authorization. An appraisal may be provided to support that the value is currently higher to meet the CLTV requirements. UNDERWRITING Case Number Review The Underwriter must ensure that at least 210 days have passed since the loan closed (approximately 7 months), even if 6 payments have been made. FHA Connection must reflect the loan transaction is a streamline, the case number may NOT be ordered as a standard FHA refinances. Qualification Requirements The borrower must be credit qualified if you are removing a borrower. o NOTE: when reducing the loan term a 5% tangible benefit is still required (so this will rarely qualify for a Streamline Streamline Refinances are manually underwritten Per Mortgagee letter TOTAL Scorecard is not to be used for any Streamline refinance. Compensating Factors Compensating Factor Housing Expense Payments (VOR) Accumulated Savings Previous Credit history Description The borrower has successfully demonstrated the ability to pay housing expenses greater than or equal to the proposed monthly housing expenses for the new mortgage over the past months. The borrower has demonstrated an ability to accumulate savings, and a conservative attitude toward using credit. A borrower s previous credit history shows that he/she has the ability to devote a greater portion of income to housing expenses. Bay Equity FHA Guidelines Page 12 of 13

13 Compensation or income Not Reflected in Effective Income Substantial Non-Taxable Income Potential for Increased Earnings The borrower receives documented compensation or Income that is not reflected in effective income, but directly affects his/her ability to pay the mortgage. This type of income includes food stamps, and similar public benefits. The borrower has substantial non-taxable income. NOTE: This applies if no adjustment was previously made when computing ratios. The borrower has a potential for increased earnings, as indicated by job training or education in his/her profession. Bay Equity FHA Guidelines Page 13 of 13

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