FHA Financing - All You Need to Know 2 Hour Continuing Education Course

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1 FHA Financing - All You Need to Know 2 Hour Continuing Education Course Presentation by: Ashley Brint Patrick Axford Date: August 22, Regions Bank. Member FDIC. Regions is a registered service mark of Regions Asset Company and is used under license. Topics of Discussion Introduction to FHA Borrower Eligibility Homebuyer Loan Process Loan Limitations Property Eligibility Borrower Qualification Helpful Resources Questions Regions Mortgage - FHA Financing 1

2 Introduction to FHA Lending The Mortgage World HAS Changed Regions Mortgage - FHA Financing 2

3 Historical Information FHA was created by Congress in 1934 Provides Mortgage Insurance Currently no cost to taxpayers FHA Lending is Exploding Now represents >30% of home loans Geared for: First time buyers Borrowers with little to no money Buyers with less than perfect credit No income restrictions & no minimum loan limits. Regions Mortgage - FHA Financing 3

4 FHA Loan Programs Single Family Home - Standard FHA 203(b) loan. 203K - FHA major home improvement, rehab loan. Cash-Out Refinance Loans - Up to 85% of properties value cash-out refinance. HUD Homes - Properties for Sale and Financed by FHA FHA adjustable rate mortgages (ARM) - Standard FHA ARM, Adjustable Rate Mortgage FHA Buydown Loans - FHA 1/1 or 2/1 buy down loan. Reverse Mortgages - HUD reverse mortgage for seniors over 62 FHA Guidelines Eligible Borrowers Regions Mortgage - FHA Financing 4

5 Who is Eligible? Individuals Only Permanent Resident Aliens permitted. Non-Permanent Resident Aliens permitted with proper ID. (Be able to prove who you are) Borrower(s) must have a valid SSN. There is no maximum age limit requirement, but the minimum age is 18. Occupancy Primary Residence Only Occupying Co-Borrowers: The co-borrower will be qualified the same as the primary borrower. The co-borrower cannot be a person who is a third party to the purchase transaction: seller, realtor, builder, or appraiser. Non-occupant Co-Borrowers: Maximum financing is permitted when borrowers are related by blood, marriage or law. Maximum LTV 75% is required when the non occupant co borrower is not related or a parent is selling to a child and is a non occupant co-borrower. Regions Mortgage - FHA Financing 5

6 Maximum FHA Insured Properties A borrower cannot own more than one HUDinsured property unless: Relocation Increase in family size Splitting jointly-owned property Non-occupying co-borrower Criteria for Quoting Rates: Loan Size LTV CLTV Credit Score Credit History Escrow Preference Closing Date Loan Type Property Type Occupancy Type Residency Available Assets Asset Seasoning Co-borrowers Debt Ratio Housing Ratio Improvements Needed Employment Type Documentation Available Relocation Seller Contributions Cash-out Regions Mortgage - FHA Financing 6

7 Homebuyer Loan Process What is a Pre-Qualification & Pre-Approval Pre-Qualification: Credit report only - Non Verified information from the borrower. Pre-Approval: Credit approval - income & asset documents are verified & reviewed by underwriter. Average Closing Turn Time 30 days without down payment assistance program. Regions Mortgage - FHA Financing 7

8 Required Documents for Pre-Approval Pay stubs (1 month) Tax returns & W-2 forms (2 years) Two most recent bank statements Copy of valid driver s license Two year history of residence for all borrowers Name, address and telephone number of all landlords (past 2 years) Employer s name and address (last 2 years) Pension and/or Social Security Awards Letter (if retired or receiving other non-earned income) FHA Homebuyer Loan Process Who Does What??? Mortgage Loan Originator Assists you in completing the loan application Discusses qualifying, monthly payments and cash needed for closing Explains various loan programs available and quotes interest rates Communicates documentation requirements Answers any questions you may have throughout the process Attends closing whenever possible Processor Communicates with you on items necessary for your loan closing Pre-underwrites and prepares loan for approval Works with all parties involved with the loan process Regions Mortgage - FHA Financing 8

9 FHA Homebuyer Loan Process Who Does What??? Continued Underwriter Renders final decision on your loan Works directly with Loan Originator and Processor to approve your loan Closer Sets or verifies closing date after loan has been approved Assembles package for your closing day Sends package to the title company FHA Loan Limitations Regions Mortgage - FHA Financing 9

10 Maximum Mortgage Amount Max Loan Amount = $271, % required down payment Down payment can come from gift of family member (funds not required to come from borrower) Down Payment Assistance allowed Seller contributions up to 6% towards closing & pre-paids costs Gift Funds Who May Provide a Gift Family member Borrower s employer or labor union Charitable organization Non-profit agency that has a program providing home ownership assistance to low- and moderate-income families, or first-time homebuyers. Who May Not Provide a Gift The donor may not be a person or entity with an interest in the sale of the property, such as seller, realtor or builder. Regions Mortgage - FHA Financing 10

11 Mortgage Insurance Requirements What is Mortgage Insurance: Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA loans have two tiers of mortgage insurance (annual & up-front). Upfront MIP - can be added to closing costs, or borrowers can finance it by adding it to the loan amount. Annual MIP - is paid monthly. Mortgage Insurance Requirements Borrower Paid Upfront & Annual Mortgage Insurance Premium (Rates effective on or after April 9, 2012) (30 Years) 95% > 95% (15 Years) 90% > 90% Annual Premium 1.20% 1.25%.35%.60% Upfront Premium 1.75% 1.75% Regions Mortgage - FHA Financing 11

12 How does an FHA loan compare to a Conventional loan with mortgage insurance? Payment Comparison 30 YR FRM/$100,000 Loan Amount/95% LTV Conventional FRM FHA FRM Estimated Rate 4.00% 4.00% Est. Up Front Mortgage Insurance NA $1, Est. Monthly Mortgage Insurance $79.35 $ Estimated P&I $ $ Est. Monthly Principal Payment with MI $ $ Property Eligibility Regions Mortgage - FHA Financing 12

13 Eligibility Properties Property Types: Single Family Detached & Attached 2-4 Unit Properties Modular Homes HUD-Approved Warrantable Condominiums & PUDs Leaseholds (with restrictions) New Construction FHA Appraisal Requirements FHA approved appraiser. Property must be secure, safe & structurally sound. Case number required. Appraisal can be no older than 120 days at closing for existing properties and 180 days for new construction. Regions Mortgage - FHA Financing 13

14 Your Listing As Seen by You.. How you see your new listing. Your Listing As Seen by the homebuyer. How the homebuyer sees your new listing. Regions Mortgage - FHA Financing 14

15 Your Listing As Seen by the lender.. How the lender sees your new listing. Your Listing As Seen by the appraiser.. How the appraiser sees your new listing. Regions Mortgage - FHA Financing 15

16 Your Listing As Seen by the Tax Assessor!! How the tax assessor sees your new listing. Sales Contract Guidelines Required Forms: Amendatory Clause FHA Real Estate Certification Omit allowances from Sales Contract. Allowances would include moving expenses, decorating allowance, personal property, etc. Could cause additional cash out of pocket Dollar-for-dollar reduction in the sales price means the borrower must qualify with more liquid assets Regions Mortgage - FHA Financing 16

17 FHA Amendatory Clause FHA Real Estate Certification Regions Mortgage - FHA Financing 17

18 Borrower Qualification Credit Guidelines Minimum Credit Score 580 Three repository merged credit report or (RMCR) with at least two FICO scores Non Traditional Credit is acceptable if borrower has no credit score A credit report is required for a non-borrowing spouse if community property state Credit documents expire 90 days from loan approval. Regions Mortgage - FHA Financing 18

19 Credit Guidelines Borrowers in active Chapter 13 allowed one year of the pay-out period under the bankruptcy has elapsed the borrower's payment performance has been satisfactory the borrower has received written permission from bankruptcy trustee. 2 years from discharge date for Chapter 7 3 years from short sale or foreclosure Court-ordered judgments must be paid off in full. Credit Scoring Credit is grouped into five categories. The percentages are based on the importance of the these five categories. 10% 15% 10% 30% 35% 35% Payment History 30% Amounts Owed 15% Length of Credit History 10% New Credit 10% Types of Credit Used Regions Mortgage - FHA Financing 19

20 Credit Tips Keep balances low on credit cards. Pay off debt rather than moving it around. Don t close unused credit cards as a shortterm strategy to raise your score. Don t open a number of new credit cards just to increase your available credit. If you have been managing credit for a short time, don t open several new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you don t have a lot of other credit information. Checking Your Credit Score Under federal law, you have the right to obtain a free copy of your credit report from each of the consumer reporting agencies (Equifax, Experian and Trans Union) once a year. To order your free credit report: By telephone: (877) On the web: Credit Bureau Phone # s: Equifax (800) or www. Equifax.com Experian (888) or Trans Union (800) or Regions Mortgage - FHA Financing 20

21 Credit Solutions Solutions for Low Score: Equifax CreditXpert Assists borrowers in maximizing credit scores Analyzes credit and cash available Issues customized feedback Provides approximate credit score increase Credit Debt Monitoring Requires ALL lenders to monitor a borrower s credit report for inquiries & new tradelines from time of application to the loan closing. Regions Mortgage - FHA Financing 21

22 Employment History Employment History - FHA does not require a minimum length of employment. However, the lender must verify the borrower's employment for the most recent two full years, and the borrower must: explain any gaps in employment that span one or more months, and indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts or discharge papers. Income Guidelines Self Employed - 25% or greater ownership interest in a business. Must have at least two years of employment in the line of work in which he/she is self employed. Projected Income for a New Job - scheduled to start a new job within 60 days of loan closing. Overtime, Commission or Bonus Income - An average of the most recent 2 years (per W-2 s) and current YTD gross income must be averaged. The income amount to be used must be the lesser of current YTD or the 2-year average. Part Time Income From a 2nd Job - A 2nd job may be used for income if the Borrower shows a 2-year (or more) history of holding down the extra job. An average over the 2 years plus YTD gross must be used to qualify. VA or Social Security Income - The government agency providing the income must provide written verification of the payment. Proof of a 3-year continuance must be documented. Regions Mortgage - FHA Financing 22

23 How much can you afford? Front end ratio = can t exceed 31% Total debt ratio = can t exceed 43% Debt payments include: Minimum payments on credit cards Car payments Student loans Installment loans Debt payment do not include: Utilities Insurance Child care Rent (if not renting anymore) Qualifying Debt to Income Ratio The front end maximum ratio to qualify is 31%. Total amount of new house payment: Total Gross Monthly Income Divide total house payment by gross monthly income: $750 $ 2,850 $750/$2,850 Debt to income ratio: 26.32% The back end maximum ratio to qualify is 43%. Total amount of new $750 house payment: Total amount of monthly recurring debt: Total amount of monthly debt: Borrower's gross monthly income Divide total monthly debt by gross monthly income: $400 $1,150 $2,850 $1,150/$2,850 Debt to income ratio: 40.35% Regions Mortgage - FHA Financing 23

24 Helpful Resources U.S. Department of Housing and Urban Development (HUD) or HUD Hotline HUD s Office of RESPA or HUD Housing Counselors Buying a HUD Home FHA Resource Center CALL FHA ( ) HUD Approved Housing Counseling Agencies in Shreveport-Bossier City, LA Agency Name MONEY MANAGEMENT INTERNATIONAL 8575 Business Park Dr Shreveport, Louisiana VOLUNTEERS OF AMERICA 520 Olive St. Ste. B-200 Shreveport, Louisiana Contact Info. Phone: Website: Phone: Website: CADDO COMMUNITY ACTION AGENCY 4055 Saint Vincent Ave Shreveport, Louisiana Phone: LEGAL SERVICES OF NORTH LA 720 Travis Street Shreveport, Louisiana Phone: Regions Mortgage - FHA Financing 24

25 Questions?? If you would like additional information, please call one of our Mortgage Loan Officers: Ashley Brint Patrick Axford Denice Prothro Cathy Galjour Colin Webb Notes Page Regions Mortgage - FHA Financing 25

26 Notes Page Regions Mortgage - FHA Financing 26

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