EFFECTIVE SEP 14, FHA Rule Changes.

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1 EFFECTIVE SEP 14, 2015 FHA Rule Changes

2 FHA Changes: Assets Any single deposit that exceeds 25% of the total monthly qualifying income on the loan. Additionally, any questionable deposits or deposit patterns may be considered a large deposit at the underwriter s discretion. Large deposits are defined as 1% of adjusted purchase price or appraised value. Questionable deposits must still be addressed. 2 If the client has a joint account with someone other than the co-client and is not named on the statement, a VOD must be ordered and clearly show that the client has full, authorized access to the funds. If the client is named on a bank statement with someone other than the co-client, no access letter is required and it may be assumed that the client has full access to the funds. For clients using joint bank statements; all non-borrower parties (even spouses) on the account must provide a written statement that the Borrower has full access to use of the funds. 3 If any repayment is required on employer assistance, the payment should be factored into the client s DTI ratio. A salary advance cannot be used for funds to close. If a client is receiving employer assistance, a salary advance cannot be considered as assets to close. PAGE 1

3 FHA Changes: Credit SEP Judgments, liens and IRS tax liens must be paid prior to or at close. If the judgment is paid prior to close, a satisfaction of judgment is required. If the judgment is being paid at Allow tax lien to remain open with repayment plan, 3 months payments and sub-agreement. Payments must be made when due (i.e. prepayment not allowed). Judgments, liens and IRS tax liens must be paid prior to or at close. If the judgment is Allow judgments to remain open with Payments must be made 5 paid prior to close, a satisfaction of judgment repayment plan and 3 month when due (i.e. prepayment is required. If the judgment is being paid at payments. not allowed). 6 An authorized user account can be excluded from the client s ratios without obtaining 12 months canceled checks to prove another party is responsible for the debt - Underwriter comments are required in AMP when a debt is excluded. Authorized user accounts must always be included in debt ratios. Any Authorized User account showing on a client s credit report must always be included in their debt ratio. 7 If a payment is deferred beyond 12 months of close, payment can be excluded with proper documentation. Deferred debt must be included in debt ratio. All deferred debt (including student loans) must always be included in the debt ratio. 8 For revolving and installment debt on the credit report, if there is no payment listed and no further documentation is provided to show the correct monthly payment, use the greater of 5% of the existing balance or $10 to calculate the monthly payment. For all revolving accounts and deferred installment loans, including student loans when no payment exists on the credit report, we will use the greater of $10 or 2% on student loans; greater of $10 or 5% on all other debt. 9 On installment loans, if there is no payment listed and no further documentation is provided to show the correct monthly payment, use the greater of 5% of the existing balance or $10 to calculate the monthly payment. When an installment loan in repayment, including student loans in repayment, shows no monthly payment on the credit report, a statement is required. 10 Re-established credit guides do not allow any new public records or collections within the last 24 months for bankruptcy, 36 months for foreclosure. On re-established credit, we will allow one collection account with a maximum of $500. Account must be dated more than 12 months prior to application. Applies to all FHA. PAGE 2

4 FHA Changes: Credit SEP When an account is paid by a business, there must be acceptable evidence that the debt was paid out of the business funds with 12 months of canceled checks. The business tax returns show a business-related expense to the debt. When an account is paid by a business, we must show the business related debt on the tax return. Now, we must also show that the debt was considered in the cash flow analysis of the borrower s business. 12 Accounts, excluding medical, $2,000 in aggregate will have a 5% payment of the totaled amount included in the DTI. If the client qualifies with the payment, then accounts do not need to be paid. If client does not qualify with the 5% payment, then the client must do either one of the following: - Provide proof of the lower payment from the creditor if the client is Cumulative outstanding collection account balances of $2,000 or greater verify borrower has made payment arrangements and hit the DTI, or, use 5% of the balance in the DTI. not considered collections anymore and will be excluded. This is in addition to medical, which is currently excluded. 13 Short sale not allowed within 3 years of the credit report date AND must meet re-established credit requirements. For a short sale client if they were current at the time of the short sale, we can finance before 3 years if the loan is manually downgraded with no mortgage or installment lates in the 12 months prior to short sale date AND 12 months prior to application date. 14 For 30 day charge accounts where no payment is showing OR the payment showing is the same as the balance, qualify the client by one of the following methods: - Qualify the client with the full balance as a payment; no asset statement or credit card account statement needed. - Qualify by excluding the pay in full balance; document assets from acceptable liquid accounts (I.e. checking, savings, mutual funds, etc.) in the amount of the balance. - Qualify with the actual monthly payment; obtain the credit card account statement to validate the monthly payment. If a credit card account statement is obtained and it shows both a Pay in Full balance AND a monthly revolving payment: - Client must qualify with the sum of those 2 payments as one debt. - If client is unable to qualify with the Pay In Full balance, liquid assets in the amount of the balance will need to be obtained in order to exclude the balance from the DTI. - The monthly revolving payment must ALWAYS be included in the client s DTI. 30 day accounts must now have 0x30 in the past 12 months AND must document they have funds to pay the account in full. PAGE 3

5 FHA Changes: Income A YTD profit and loss statement and balance sheet are required for all self-employed borrowers. Balance sheet is not required for schedule C self-employed clients. Self-employed borrowers no longer need to provide a balance sheet. 16 If the client has been with the current employer for less than 12 months, related training or experience may be substituted to satisfy the 12 month qualification requirement. Also, the underwriter must make comments on approval. If the borrower has more than 4 jobs in 12 months, we need to show required schooling or consistent increase in pay to qualify. No exception for union workers since Union is generally treated as one job since the jobs are secured by the union and the hourly rate is steady. 17 To verify VA disability, obtain ONE of the following: - Disability policy - Benefit statement - Award letter In addition to a copy of the VA Award Letter, a copy of VA Form (Verification of VA Benefits) is required to prove income. When qualifying a client receiving VA disability, we will always need VA form (Verification of VA Benefits) to prove income. 18 In order to use Capital Gains Income, a 3-year history and consistent earnings are required. The underwriter must develop an average of the income for the last 3 years to use in qualifying. If the income is declining, only the most recent previous year s income divided by 12 should be used to calculate the qualifying income. Any Capital Gain losses must be deducted from income. Capital Gain income is still used to qualify. 19 Projected Income is not allowed. Client must position prior to close. Future income no longer requires a payment. We are okay to close with an begins prior to close. 20 Non-taxable income may be grossed up by the tax rate used on last year s income tax. Non-taxable income may only be grossed up by 25% for the following reasons: - Client does NOT have to file a Federal Income Tax Return. - Client s tax rate was 25% for the previous year s income tax. - Client has zero taxable income after taxes are filed and adjustments are made. Non-taxable income gross-up rate is capped at 15% instead of 25%. The gross-up calculator is updated with this information. PAGE 4

6 FHA Changes: Income When qualifying a client receiving commission income, a 2-year history receiving commission in the same line of work is required. When qualifying a client receiving commission income, a 1-year history receiving commission with the same employer is required. 22 For clients serving in our military, a verification statement must clearly show the payment amount and future continuance. For clients serving in our military, the active duty expiration date on their LES must be at least 12 months out, OR we must have a LOX from the client stating their intention to re-enlist. 23 When a rental property is not listed on the Schedule E, we must obtain a 12 month lease agreement. The lesser of the estimated market rent or the lease agreement, minus the vacancy factor, must be used as the qualifying rental income. When a rental property is not listed on the Schedule E, we must obtain a 12 month lease agreement, verify 25% equity in the property, and date of acquisition. To show the date of acquisition, a client may provide the deed, Settlement Statement, or similar doc. 24 Long Term Disability must obtain ONE of the following: - Disability policy - Benefit statement - Award Letter We must obtain documentation from the private disability insurance provider showing the amount of the assistance with the expiration date of the benefits, if any, and the Federal tax return OR the most recent bank statement to evidence receipt of income. 25 Future Earnings: silent. Expected income from a family-owned business is not allowed. PAGE 5

7 FHA Changes: Miscellaneous The guides do not address Rocket version updates or history. Moving forward, when Rocket is updated, the older version is only good for 90 days. FHA will begin versioning GUS (the way FNMA does DU today). When a new version is released, the older version is only good for 90 days. 27 For Alimony, Child Support, or Maintenance Income obtain one of the following, including all pages and the payment terms: Divorce decree, Final separation agreement, Legal agreement, or Court decree. Approve only: Not all pages of divorce decree needed, only pages applicable to Client s situation. Refer/eligible still requires all pages of the decree. First page, last page, and award. 28 An FHA insured first mortgage cannot exceed the FHA statutory limit for the area where the property is located. The combined indebtedness, however, may exceed the FHA statutory limit. Maximum age of all docs is 120 days. If subordinate financing exists, the total of both mortgages may not exceed the national mortgage limit. Max age of all docs is 90 days. Max age of application, income, and asset documents at close is 90 days. 29 For a non-permanent resident alien, evidence of a valid, acceptable visa is required. For a non-permanent resident alien, an Employment Authorization Document (EAD) is required. 30 The spouse s release (certification and authorization) to order and receive a credit report must be obtained. For non-borrowing spouses (NBS), we must obtain an authorization and consent to verify their SSN with the SSA. We must verify that the NBS s SSN was matched with the SSA. 31 The max number of days of per diem interest that may be credited to the client at closing varies by transaction type as follows: - 7 days max; nance- 10 days max A maximum of 7 days per diem interest credit is allowed on all transactions (/). Interest credit may not be used to meet borrower s MRI. Per diem computed using factor of 1/365 of the annual rate. PAGE 6

8 FHA Changes: Property For an appraisal, the recertification of value must be dated within 120 days of close. Max age of appraisal is 240 days (update extends appraisal, instead of update good for 120). Appraisal still must be re-certified prior to original appraisal expiration. 33 Veteran must live in home full-time to consider a home their primary residence. Veterans on active duty are allowed to finance their home as a primary residence, provided we can document the home is occupied by the Veteran s spouse. A client is considered a veteran when he is enlisted and on active duty. We do need documentation that the home is occupied by family (i.e. cell, cable, phone, internet bills). 34 GURU Site Section does not touch on site considerations. There are a number of site considerations. These will be listed in GURU for clarity. PAGE 7

9 FHA Changes: A rent-free borrower does not need to prove he/she is living rent-free. When a client indicates they are Letter from homeowner is required if living rent free, a client is living rent free. letter from the homeowner is required to verify. 36 When a client is relocating, the new property cannot be within reasonable commuting distance. When a client is relocating, the new home must be at least 100 miles away from their current residence. 37 If a client is converting their current primary residence to an investment property, proposed rental income may only be used to qualify if the client meets all of the following requirements: - Relocating with a new employer or being transferred by current employer to an area not within reasonable and locally recognized commuting distance AND can provide proof that a security deposit was received and deposited into the client s account. - OR, a new appraisal completed by an FHA approved appraiser (1004, 2055, or 1075) verifies the client has 25% equity in their existing current primary residence. If a client is converting their primary residence to an investment property, it must be 100 miles away, they must have a security deposit, one year lease, AND 25% equity in the converted property. 38 Refer to the FHA Vacancy Factor table for the required factor based on the property s geographic location. There are no more HOC vacancy factors - 25% vacancy rate across the board. All rental properties follow a 25% vacancy rate. 39 If any amount of the EMD is applied towards the funds to close and the client does NOT have at least 2 times of the amount verified in the account, then the source and receipt of funds must be documented. Any EMD greater than 1% of the value of the home must be documented. 40 The EMD may be gifted from an acceptable source. Signed gift letter required certifying the funds were not obtained from an unacceptable source. Any gift funds used toward an EMD must be documented, even if it is less than 1% of the value of the home. PAGE 8

10 FHA Changes: Signed and dated Gift Letter including: Donor s name, address and phone number, Donor s relationship to the client, Dollar amount of the gift, Client Signature. Gifts of equity always require a gift letter. Agreement is not acceptable. Any gift of equity requires a gift letter. 42 The sum of all liens cannot exceed 100% of the cost of acquisition ( price + closing costs). On a transaction, a second lien from a HUD-approved nonprofit cannot cover a client s minimum required investment. 34 When using net proceeds from an arms-length sale, a copy of the executed HUD-1/settlement statement from the sale of the home signed by the buyer, seller, or their authorized agents that identifies the client as seller, settlement date, property sold, purchase price, new proceeds, and disposition of all liens. When using net proceeds from an arms-length sale, a copy of the executed HUD-1/settlement statement from the sale of the home signed by the buyer, seller, or their authorized agents that identifies the client as seller, settlement date, property sold, purchase price, new proceeds, and disposition of all liens. The mortgagee must also verify and document that the transaction was arms-length, and that the Borrower is entitled to the net sales proceeds. PAGE 9

11 FHA Changes: Refer 2015 Topic Old Guideline New Guideline Credit 44 Max 0x30 mortgage payment history in the last 12 months from application date. Max 2x30 on installment or revolving accounts in the prior 12 months. On a refer eligible loan, the maximum lates allowed on housing and installment are 0x30 in last 12 months and 2x30 in last 24 months. Credit 45 Max 2x30 on installment/revolving accounts in the last 12 months from application date. On a refer eligible loan, the maximum lates allowed on revolving debts are 1x90 OR 3x60 in the last 12 months. Income 46 On a client s pay history, we need the most recent pay stub(s) with a minimum of 30 days YTD earnings. On refer eligible loans, we must have 30 consecutive days pay stubs. 28 days for weekly and bi-weekly clients. Income 47 Analyzing the stability of rental income is dependent on situation. When analyzing the stability of rental income on refer eligible loans, the client must have a lease and 24-month rental history. History is proven with lease agreement and tax returns. Income 48 On refer loans, a 12 month alimony/child support history must be documented. < 12 months receipt may be acceptable if the payer s ability and willingness to make timely payments is adequately documented. On refer, the required income history for alimony/child support is going from 12 to 3 months. On refer eligible loans, a 3 month alimony/child support history must be documented. PAGE 10

12 FHA Changes: Max CLTV on SL with appraisal is 125%. Max CLTV on SL with appraisal is 97.75%. 50 On a Streamline transaction without an appraisal, the maximum CLTV is 125%. There is no maximum CLTV on Streamline without an appraisal. 51 On Streamline transactions, we do not need to prove occupancy. On all Streamline transactions, the client must prove occupancy with utility bills or employment documentation. 52 On a Streamline transaction, a minimum of 6 months of consecutive mortgage payments must have been made. If the loan being paid history, max 1x30 in the most recent 12 months. Max 0x30 in most recent 3 months. On Streamline transactions, the maximum lates allowed are 1x30 in the past 12 months. 53 A net tangible benefit as a result of the streamline is required as follows: - Fixed rate loan or 3/5/7/10 ARM during initial period a minimum immediate 5% reduction in principal, interest, and MIP is required. - 1 Yr ARM or 3/5/7/10 Yr ARM during the adjustable period the new fixed Net tangible benefit is calculated based on a reduction in the total rate (see addendum I). 54 FHA SL: A reduction in the mortgage term is permitted as long as the 5% reduction in principal, interest, and MIP is met as well. Net tangible benefit on SL is calculated based on a reduction in the total rate for same or greater term. For term reduction, rate cannot increase, and payment cannot increase more than $ All funds to close must be fully documented on a Streamline transaction. On Streamline transactions, we do not need to document funds to close as long as they are less than the client s new P&I payment. PAGE 11

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