Table of Contents. Selling Supplement. Introduction

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1 Introduction Table of Contents Section 1 Introduction Utah Housing Corporation Overview Definitions Announcements, Notices, and Amendments... 6 Section 2 Lender Participation Evaluating Creditworthiness General Information Participating Lenders Security Requirements... 8 Section 3 Lender Restricted Access to UHC Website Lender Security Policy Lender Authorized Administrator Authorized Administrator Responsibilities... 9 Section 4 UHC Forms Section 5 General Loan Requirements Borrower Eligibility Construction to Permanent Loan Purchase Price, Income, and Loan Limits Occupancy Loan Payments and Terms Loan Assumptions Cash to Borrower Acreage Restrictions Mortgage Insurance and Guaranty FHA Mortgage Insurance Conventional Mortgage Insurance VA Guaranteed

2 Introduction 5.10 Attorneys-in-Fact and Power of Attorney Section 6 UHC Loan Programs UHC Loan Programs FirstHome Loan (FHA or VA) HomeAgain Loan (FHA or VA) Score Loan (FHA or VA) NoMI (Fannie Mae) Reserved for Future Programs Second Loan, Down Payment Assistance Streamline Refinance Subordination of Second Loan Section 7 Underwriting Borrowers Income Analysis Qualifying Income (HomeAgain, Score, NoMI) Household Income (FirstHome) Ratios Housing and Debt Ratio Credit Underwriting Credit Score Foreclosure, Short Sale, Deed-in-Lieu, Bankruptcy Automated Underwriting Systems Section 8 Property Eligibility Residence Definition and Use Acreage Limits Rental Prohibited Mobile Homes Manufactured Homes Cabins and Log Homes New Construction FHA Streamline 203(k)

3 Introduction (k) Escrow Repair Requirements Condominiums and Attached Planned Unit Developments (PUD) Condominium and Attached PUD Database Fidelity Bond Project Title Insurance Appraisal Standards Appraisal and Residence Repair Requirements Acceptable Appraisers Minimum Property Standards and Conditions Escrow Funds for Repairs Environmental Hazards Residential Water Facilities Culinary Water Sewage Disposal Facilities Water Rights and Water Stock Mechanical and Electrical Insurance Title Insurance Homeowners Insurance Condominium and Applicable PUD Homeowners Insurance Maximum Insurance Deductible Flood Insurance Standard Mortgagee Clause Assigns Section 9 Mortgage Purchase Agreement (Interest Rate Lock) Mandatory and Best Efforts Delivery Current Interest Rates MPA Requests Final Mortgage Delivery Date Enter an MPA Request Online Documentation Required for Manufactured Homes

4 Introduction MPA Modification MPA Delivery Date Extension MPA Cancellation Requests and Non-Delivery Fee Cancellations and Non-Delivery Requesting Another MPA for the Same Applicant Duplicate Social Security Numbers Section 10 Permitted Fees and Charges FirstHome Itemization of Origination Charge Permitted Fees First Loan Permitted Fees Second Loan Section 11 Closing a UHC Loan Closing and MPA Consistency Loan Terms Loan Closing Documents Attorneys-in-Fact and Power of Attorney Co-Signer Mortgage Closing Documents Closing Documents Manufactured Homes Escrow Officers and UHC Subordinate Loan Closings Participating Title Companies Section 12 Funding the Second Loan Lender Funds the Second Loan Section 13 Loan Delivery to UHC Final Mortgage Delivery Dates, Extensions, Expirations, and Fees Lender Reaffirmations Lender Restricted Electronic Delivery Uploading Files Submission Package Document Delivery

5 Introduction Endorsement by Authorized Signers Recorded Deed of Trust Section 14 Pre-Purchase Package Reviews and Fees Mortgage Insurance or Guaranty Certificate Right to Reject Section 15 Mortgage Purchase UHC Purchase and Disbursement of Loans Purchase First Loan Purchase Disbursement Second Loan Purchase Disbursement Section 16 Mortgage Electronic Registration System (MERS) Section 17 Post-Purchase Incomplete Loans (Post-Purchase) HUD Mortgage Record Change Procedures Post-Purchase Documents Section 18 Regulatory Compliance Ability to Repay and Qualified Mortgage Rules (ATR and QM) Higher Priced Mortgage Loans (HPML) Appraiser Independence Mandatory Reporting Selection of Appraisers Section 19 Appendix A: UHC Fee Schedule Section 20 Definitions

6 Introduction Section 1 Introduction 1.1 Utah Housing Corporation Overview Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which Mortgage Loans at reasonable interest rates could be made to help provide affordable housing for Low and Moderate Income Persons. UHC provides Mortgage money to qualifying First-time and repeat Home Buyers as well as resources to developers building or renovating affordable apartment projects. In addition, UHC assumes several roles ranging from Lender to developer in creating solutions for difficult housing problems. UHC does not receive any funding from the State of Utah. It is totally self-supporting and each year raises hundreds of millions of dollars to fund its Home Buyer Mortgage and multifamily programs, and other programs. UHC forms partnerships with private sector banking and lending institutions, developers, real estate agents, and others to bring the maximum amount of expertise together in administering these extremely complex and sophisticated programs. UHC is committed to developing and strengthening all of its programs so it can be most responsive to those seeking affordable housing opportunities and, at the same time, being fiscally vigilant and responsible to continue to be one of the most successful state housing finance agencies in the nation. 1.2 Definitions As used in this Selling Supplement, unless a capitalized term is defined herein or has its meaning set forth in the Definitions section, its meaning will be that indicated by the context. 1.3 Announcements, Notices, and Amendments Lender shall at all times ensure that each of its employees or agents acting on its behalf with respect to Loans has access to the most current edition of the Participation Documents as amended. UHC will communicate any and all changes to the Participation Documents to the Lender s Designated Contact and Lender will be bound by any changes in the Participation Documents distributed to the Designated Contact address or posted on UHC s website, as may be updated from time to time. 6

7 Lender Participation Section 2 Lender Participation 2.1 Evaluating Creditworthiness UHC relies on the Lender to perform credit underwriting of each Loan as if the Lender were going to hold each Loan in its own portfolio and assume all risk associated with it. UHC may perform an analysis of the credit quality of the Borrower, but relies on the underwriting performed by Lender to ensure compliance with the specific policies of the Agency as well as sound underwriting practices. Loans not compliant with Agency requirements may be subject to Lender repurchase of the Loan. Lender must evaluate each Borrower's creditworthiness on a case-by-case basis. All standards for determining effective income must be applied to each Borrower in the same manner. Lender must determine that the Borrower evidences sufficient willingness and financial ability to justify and benefit from a Loan in the amount and on the terms stated. All information must be supported by written documentation maintained in the Loan file. 2.2 General Information The general policy of UHC with regard to the Origination and Closing of its Loans is that it is a Lender's responsibility to act in the most timely, efficient, and responsible manner to protect the interests of UHC as mortgagee and to afford proper service and fair treatment to the Borrower. UHC requires Lender to have well-trained personnel in adequately equipped Mortgage lending facilities to provide proper and professional Mortgage lending. 2.3 Participating Lenders UHC Loans can be generated in one of two ways: Loans are generally originated by Participating Lenders, subsequently sold to UHC on a servicing released or premium priced basis and then serviced by UHC. Participating Lenders may sell Loans to UHC that are the result of Lender entering into an agreement or relationship with another Lender or broker ( third-party originators ). Third-Party Originators (TPO) may take Loan Applications, or may originate and process Loans for sale by Lender to UHC provided that all requirements in the Participation Documents are fully met. However, 7

8 Lender Participation the Mortgage Purchase Agreement (MPA) must be requested by the approved Participating Lender and will be issued to the Participating Lender. TPO Loans must be closed in the name of the approved Participating Lender; underwritten, closed, and shipped to UHC by Participating Lender; serviced by UHC; and with a program approved for TPO Origination. TPO Loans are not eligible for the FHA Streamline Refinance or Fannie Mae Loan Program. 2.4 Security Requirements In accordance with the Participation Documents, the Lender is responsible for safeguarding passwords or other UHC-issued security information and shall only disclose UHC web security information to authorized persons who are employees of the Lender. The Lender may not send Nonpublic Personal Information to UHC via unless it is encrypted using a system acceptable to UHC. 8

9 Lender Restricted Access to UHC Website Section 3 Lender Restricted Access to UHC Website 3.1 Lender Security Policy UHC will initially send written instructions to Lender regarding the User ID and Password of each Lender. Instructions are included about how the required password should be changed periodically by a Lender Authorized Administrator as necessary Lender Authorized Administrator The utilization of an Authorized Administrator enhances the security of access to a Lender s Borrower information by requiring a password for each Lender-user of the Lender-restricted web page. The Lender must complete the UHC Mortgage Lender s Certification of Authorized Administrator. The Lender s UHC Authorized Signer must sign the form and return to UHC in order to access the Lender Login web page. UHC will set up the initial Lender Administrator (Admin). Once set up, the Admin can authorize users and additional Admins access to view Loan conditions, documents, and request Mortgage Purchase Agreements. Lender shall be responsible for safeguarding passwords and all other UHC-issued security information and shall only disclose such information to authorized persons Authorized Administrator Responsibilities The Authorized Administrator is empowered to add Lender-users and to set their permissions, and to authorize additional administrators (i.e., managers for each branch office). The Authorized Administrator should allow access only to the part of the Lender-restricted web page that is necessary for an employee to complete their job. The Lender-restricted web page provides different levels of access and views for the different processes of a UHC Loan, such as: Administrative Lock a Rate (MPA) and Locks in Progress Loans in Progress (Approved for Purchase, Pre-Purchase and Post-Purchase Conditions) Lock & In Progress Purchase Detail Report 9

10 Lender Restricted Access to UHC Website View All It is imperative that the Authorized Administrator delete users and any other Authorized Administrators who leave the company so they do not continue to have access to the Lender s Borrower information. 10

11 UHC Forms Section 4 UHC Forms UHC makes available specific forms the Lender must use in the case of the Origination, Closing, and sale to UHC of Loans. Copies of these forms may be downloaded by the Lender from the UHC website at in the Lender s section. A list of forms is located on the UHC Lender web page with the most current revision dates. UHC forms are amended from time to time. Lender must use the applicable form with the most current revision date when processing and Closing a UHC Loan. Lenders who have requested placement on UHC s notification will be notified of any revisions to the forms. The revised forms should be forwarded to Lender s document preparation company for inclusion in their document preparation for UHC Loans. Lenders may download UHC forms using Acrobat Reader from UHC Lender web page (Forms). Lender may generate reproductions and replicas of UHC forms, but the reproductions and replicas must be in the same format and contain, without deviation and in order, all language contained and information to be reported in such UHC forms. 11

12 General Loan Requirements Section 5 General Loan Requirements UHC has multiple Loan Programs that are described later in this document; however, the following general requirements apply. 5.1 Borrower Eligibility Borrower cannot have any outstanding UHC Loans at the time the new Loan is closed. Any previous UHC Loans must be paid off. For a NoMI Loan, the Borrower cannot own any other Property at time of Closing. The Lender must obtain legal verification of Social Security numbers for all Borrowers. Acceptable forms of verification may include Social Security card, W-2, or Military ID card showing the SSN, or Rapid Reporting SSN Verification. 5.2 Construction to Permanent Loan A UHC Loan may be used for a construction-period Loan or similar temporary initial financing having a term of 24 months or less as long as the Borrower has not occupied the Property prior to UHC financing. 5.3 Purchase Price, Income, and Loan Limits The cost to acquire the Property may not exceed the UHC Purchase Price Limits as shown on UHC s website and in the Participation Documents. Borrower s income may not exceed the UHC Income Limits as shown on UHC s website and in the Participation Documents. There is no minimum Loan Amount for a UHC Loan. 5.4 Occupancy UHC Loans must be secured by an owner-occupied Single Family Residence, as defined in the Participation Documents. 12

13 General Loan Requirements Borrower must occupy the Residence as Borrower s Principal Residence within 60 days of Closing and shall maintain the Residence as Borrower s Principal Residence and as a Single Family Residence throughout the term of the Loan. UHC will not purchase a Loan where a Borrower has intention to rent the Property, even if only temporarily. The Borrower may not use more than 15% of the total area of the Residence in a trade or business, or use the Residence as an investment Property or as a recreational home, and cannot rent the Residence or any part thereof. 5.5 Loan Payments and Terms The Combined Loan to Value (CLTV or HLTV) may not exceed 105%. UHC will rely on the final automated findings and/or the Underwriter signed FHA Form LT for calculation of the CLTV. Each Note shall have a 30-year (360-month) amortization, a level monthly payment due on the first day of the month. Each Loan delivered to UHC shall not contain any provisions that prohibit or impose charges for early payment of principal in whole or in part. Each Loan delivered to UHC shall contain a provision for a late payment charge in an amount not to exceed that allowed by the applicable Agency. In no case shall late charge provisions exceed 5% of the amount of the full payment. 5.6 Loan Assumptions Loans for FirstHome, HomeAgain, Score, Streamline Refinance, and UHC Second Loan may be assumed subject to the purchaser(s) meeting applicable UHC and FHA or VA requirements; written permission by UHC; and payment of any required fees. Conventional Loans and UHC Second Loans where the UHC First Loan has been paid off are not assumable. 5.7 Cash to Borrower 13

14 General Loan Requirements No cash proceeds of a Loan may be disbursed to the Borrower or to any other person for the benefit of the Borrower. No cash proceeds of a Loan may be disbursed to the Borrower for any reimbursement or value of land owned by the Borrower before Closing and secured by the Loan. Reimbursement of Earnest Money deposit, excess cash deposits, or cash down payment paid by the Borrower before Closing does not constitute cash proceeds and is permitted. 5.8 Acreage Restrictions For the FirstHome Loan, acreage is limited to one acre. Acreage may exceed one acre for all Properties where the appraiser has identified the Property as being in a highly rural area as defined by the Consumer Financial Protection Bureau (CFPB) as underserved counties. Properties in highly rural areas may not exceed five acres. Exception requests for a Property more than one acre but less than one and one-quarter acres may be submitted to UHC for review. Written approval from UHC must be obtained in advance of Closing. Exceptions may be granted depending on, but not limited to, land-to-value ratio, distance, and adjustment of comparables provided by the appraiser. For all other UHC Loans, Properties must comply with all FHA, VA, or Fannie Mae requirements, including land-to-value ratio and net and gross adjustments. UHC does not limit the size and area of the Property, but rather relies on underwriting to be compliant with FHA, VA, or Fannie Mae requirements. 5.9 Mortgage Insurance and Guaranty The cost of the Mortgage Insurance or the Guaranty varies depending on the Loan Program and the size of the down payment, and protects the Lender and UHC against Default by the Borrower. Lenders will be required to repurchase any Loan where Mortgage Insurance or a Guaranty has been revoked FHA Mortgage Insurance Upfront and Monthly FHA Mortgage Insurance is required for all FHA Loans, and a Mortgage Insurance Certificate (MIC) is required. Loans sold to UHC must be covered by a valid and enforceable FHA MIC. Lenders will be required to repurchase any Loan where an MIC has been revoked by FHA. When submitting a Loan to FHA for insurance all Loans which include a concurrent UHC Second Mortgage must be submitted to FHA with the down payment assistance coming from a governmental Agency and must include the following: 14

15 General Loan Requirements UHC EIN Number ; and UHC Mortgagee code is After receiving notification from UHC that it has purchased one or more of the Lender s Loans, the Lender must electronically complete the FHA Notice of Transfer for each Mortgage Loan Conventional Mortgage Insurance Mortgage Insurance (MI) may be required for certain UHC Conventional programs, the MI must be issued by a MI Company approved by UHC and a copy of the MI certificate must be included in the Loan submission package. MI companies offer several options for insurance, such as Lender paid, upfront, monthly, and refundable. A Borrower may choose the MI coverage that is best for them as long as it meets UHC program requirements. The MI must also meet UHC and Conventional coverage requirements for the Loan Program and be sufficient to protect UHC s interest VA Guaranteed A VA Funding fee is required for some VA Loans. When a VA Home Loan Guaranty is required, a valid and enforceable VA Guaranty is required for Loans sold to UHC Attorneys-in-Fact and Power of Attorney An attorney-in-fact may execute the Note, Deed of Trust, and any Rider to Deed of Trust on behalf of the Borrower, but only if a power of attorney gives the attorney-in-fact that power by specific or broad language. The Power of Attorney must include the specific Property. The Borrower s Power of Attorney cannot certify Household Income or sign the UHC Borrower Affidavit form for a FirstHome Loan. Refer also to Closing a UHC Loan. 15

16 UHC Loan Programs Section 6 UHC Loan Programs 6.1 UHC Loan Programs UHC Loan Programs allow a Home Buyer, with the help of a Participating Lender, to purchase a home with a Second Loan for Borrowers in need of down payment and Closing cost assistance. UHC Streamline Refi program allows Borrowers with a current UHC Loan to Refinance and Subordinate their existing Second Loan. UHC Loans are subject to certain limitations of the Borrower s total annual income, the size of the family, and the Purchase Price of the subject Property. For FirstHome Loans, there are further restrictions based on the county in which the Property is located. The UHC Loan Program Eligibility Matrix located on the UHC Lender web page provides a quick reference for UHC s Loan Program requirements FirstHome Loan (FHA or VA) FirstHome is a Loan insured by FHA or guaranteed by VA. This program is for a First-time Home Buyer purchasing a Single Family Residence in Utah with a minimum credit score of 660. This program may include a Second Loan in an amount of up to 6% of the First Loan Amount. Any Loan made under the FirstHome Loan program must comply with all FHA or VA requirements, as applicable. Refer to General Loan Requirements and Credit Underwriting sections of this document for requirements that apply to all UHC Loan Programs. FirstHome Loan sets the Gross Income Limit based on total Household Income, at time of Application, projected forward 12 months Maximum Household Income The Current Annual Household Income of a Borrower may not exceed the Income Limits for the area in which the Property financed by a Loan is located, as established and amended by UHC from time to time and referenced in the Participation Documents for the 12-month period beginning on either of the following: The date of Application if Closing occurs within four months of the date of Application The date of Closing if Closing occurs more than four months after the date of Application 16

17 UHC Loan Programs Income for all persons 18 and over expected to use the Residence as their Principal Residence during the Current Year must be included in Annual Household income calculations Qualifying Borrower Certification of Income In addition to completing and signing the initial and final Application the Borrower must complete and sign the UHC Qualifying Borrower Certification of Income form. By executing the form, the Borrower certifies that all sources of Household Income have been disclosed Credit At least one credit score is required for the primary Borrower and any non-occupant Co-Signers. Refer to Credit Underwriting for additional requirements. Credit Scores are not required for occupant Co-Borrower. The Co-Borrower s credit must meet FHA manual underwriting requirements for Alternative Credit. A tri-merged credit report must be provided and the report must show that the occupant Co-Borrower has insufficient credit to generate a credit score Affidavits of Borrower and Seller The Lender must deliver to UHC an affidavit, executed by the Borrower, in the form required by UHC. The Borrower must execute this affidavit, and not another person signing under the authority of a Power of Attorney. This affidavit is designated as the UHC Borrower and Residence Seller Affidavit form and may be amended from time to time by UHC. The affidavit shall be dated and delivered to Lender as of Closing, and shall be delivered to UHC before the purchase of the Loan by UHC Recapture Notice A FirstHome Loan may be funded with proceeds of tax-exempt bonds. The Internal Revenue Code of 1986, as amended, requires that under certain circumstances the Borrower s Federal income tax liability may be increased for the year in which the Property is sold. Refer to the UHC Recapture Notice form. Borrowers who are required to pay the IRS Recapture Tax may be eligible for reimbursement by UHC. Refer to UHC Loan Application Disclosure form. The Lender shall deliver to UHC a UHC Recapture Notice, executed by each Borrower of the Residence. This notice shall be dated and delivered to the Lender as of Closing and shall be delivered to UHC before the purchase of the Loan by UHC Rider to Deed of Trust 17

18 UHC Loan Programs Lender shall ensure that each FirstHome Loan contains provisions which authorize the Lender to accelerate the Loan if at any time events occur which may violate Section 143 of the Internal Revenue Code. Such provisions shall be contained in a form required by UHC and designated as a Utah Housing Rider to Deed of Trust ( Addendum ), which may be amended from time to time by UHC. Such Addendum shall be dated and executed by Borrower as of Closing and shall be attached to and recorded as part of the First Loan Deed of Trust by the office of the recorder of the county in which the Residence is located and shall be delivered to UHC Three Year Prior Home Ownership Restriction The Borrower cannot have had an ownership interest in any Principal Residence at any time during the three-year period preceding the date the related Loan delivered to UHC was executed (Settlement). This does not apply, however, under the following circumstances: Borrower is a Veteran as defined by the Veterans Administration. Borrower qualifies as a Single Parent Non-Occupant Co-Signer Non-Occupant Co-Signers are allowable for FirstHome Loans only and must comply with FHA nonoccupant Co-Borrower requirements. Co-Signer requirements are as follows: Co-Signer cannot take title to the subject Property or sign the Deed of Trust. The debt ratio cannot exceed 41% of Co-Signer s gross monthly income, excluding the Borrower s income, including the Loan payment for which they will co-sign and all other Co- Signer s debts and co-signed Loans, regardless of who pays them. The Co-Signer is neither the spouse of the Borrower nor an occupant of the Residence. The Lender underwrites the Loan in a manner that assures that the Co-Signer has sufficient financial strength to meet his or her own financial obligations (must have a middle credit score of at least 660 as outlined in this Selling Supplement); and make the Borrower s monthly UHC Loan payment, at full Note rate, and any other co-signed Loan payments, together with all other required payments on the Co-Signer s own indebtedness. 18

19 UHC Loan Programs Acreage Limit Refer to Acreage Restrictions for FirstHome acreage limitations HomeAgain Loan (FHA or VA) HomeAgain is a Loan insured by FHA or guaranteed by VA. This program is for Home Buyers purchasing a Single Family Residence in Utah who previously owned a home as well as for First-time Home Buyers who do not qualify for the FirstHome program and have a minimum credit score of 660 or higher. This program may include a Second Loan in an amount of up to 6% of the First Loan Amount. Any Loan made under the HomeAgain Loan program must comply with all FHA or VA requirements, as applicable. Refer to General Loan Requirements and Credit Underwriting sections of this document for requirements that apply to all UHC Loan Programs. HomeAgain Loans set the Income Limit based on Annual Qualifying Income of Borrower Maximum Qualifying Income of Borrowers The Loan Qualifying Income, calculated annually, cannot exceed the Income Limits as referenced on the UHC website. Refer to the Income Analysis section. The higher income as listed on the Automated Findings, Fannie Mae Form 1008, FHA Form LT, or VA Form , calculated annually will be used in determining Income Limit eligibility Credit At least one credit score is required for the primary Borrower. Credit Scores are not required for occupant Co-Borrowers; the Co-Borrowers credit must meet FHA manual underwriting requirements for Alternative Credit. A tri-merged credit report must be provided and the report must show that the occupant Co-Borrower has insufficient credit to generate a credit score No Prior Home Ownership Restrictions There are no restrictions to prior home ownership. HomeAgain is not limited to First-time Home Buyers and the Borrower may own another Residence as allowed by FHA. Home buyers with an unpaid UHC Loan at Closing are ineligible Non-Occupant Co-Borrowers and Co-Signers Non-Occupant Co-Borrowers and Co-Signers are ineligible for this Program. 19

20 UHC Loan Programs Score Loan (FHA or VA) The Score program is a Loan insured by FHA or guaranteed by VA. This program is for Home Buyers purchasing a Single Family Residence in Utah who previously owned a home, as well as for First-time Home Buyers who do not qualify for the FirstHome or HomeAgain programs and have a credit score of 620 or higher. This program may include a Second Loan in an amount of up to 4% of the First Loan Amount. Any Loan made under the Score Loan program must comply with all FHA or VA requirements, as applicable. Refer to General Loan Requirements and Credit Underwriting sections of this document for requirements that apply to all UHC Loan Programs. Score Loans set the Income Limit based on Annual Qualifying Income of Borrower Credit At least one credit score is required for all Borrowers included on the Loan Documents. Alternative credit is not acceptable for this Loan Program. A Borrower who does not have the type of credit that is traditionally reported to a credit repository is not eligible for UHC financing. Refer to Credit Underwriting for credit score requirements Maximum Qualifying Income of Borrowers The Loan Qualifying Income, calculated annually, cannot exceed the Income Limits as referenced on the UHC website. The higher income as listed on the Automated Findings, Fannie Mae Form 1008, FHA Form LT, or VA Form , calculated annually will be used in determining Income Limit eligibility Debt-to-Income Ratio For a Score Loan the Debt-to-Income ratio on the Automated Findings and the approved LT or VA Form cannot exceed 45% No Prior Home Ownership Restrictions There are no restrictions to prior home ownership. Score is not limited to First-time Home Buyers. Home Buyers with an unpaid UHC Loan at Closing are ineligible Multiple Property Restrictions 20

21 UHC Loan Programs The Borrower cannot own any other Property at time of Closing. A Borrower selling a home concurrently with the Closing of a UHC Loan must provide a copy of the Closing Disclosure (HUD-1 Settlement Statement) and the recorded transfer deed to verify owned Property was sold, title transferred and, if applicable, all Mortgages were paid off Non-Occupant Co-Borrowers and Co-Signers Non-Occupant Co-Borrowers and Co-Signers are ineligible for this program Homebuyer Education Homebuyer Education by a UHC approved educator is required for the Borrower prior to Closing. A copy of the Homebuyer Education Completion Certificate dated prior to Closing must be submitted to UHC prior to UHC purchasing the Loan. Refer to UHC website for a list of UHC Approved Homebuyer Educators NoMI (Fannie Mae) The NoMI program is a Conventional Loan without Mortgage Insurance (MI). This program is for Home Buyers purchasing a Single Family Residence in Utah who previously owned a home as well as for First-time Home Buyers who have a credit score of 700 or higher. This program may include a Second Loan in an amount of up to 4% of the First Loan Amount. Refer to General Loan Requirements and Credit Underwriting sections of this document for requirements that apply to all UHC Loan Programs. Following are requirements specific to the NoMI Loan Program. NoMI Loans set the Income Limit based on Annual Qualifying Income of Borrower. The Lender must follow Fannie Mae requirements as applicable regarding income analysis and verification of income Maximum Qualifying Income of Borrowers The Loan Qualifying Income, calculated annually, cannot exceed the Income Limits as referenced in the Participation Agreement. Income used to qualify the Borrower for the Loan is the higher of the income listed on the Desktop Underwriter (DU ) Findings or signed Fannie Mae Loan Transmittal (Fannie Mae Form 1008), as calculated annually Credit 21

22 UHC Loan Programs At least one credit score is required for all Borrowers included on the Loan Documents. Alternative credit is not acceptable for NoMI Loans. Refer to Credit Underwriting for credit score requirements. A Borrower who does not have the type of credit that is traditionally reported to a credit repository is not eligible for UHC financing for NoMI Loans Desktop Underwriter (DU), Early Check TM, and Collateral Underwriter TM (CU TM ) The Loan must receive a DU recommendation of Approve/Eligible under the Fannie Mae HFA Preferred Risk Share/Community Seconds program. A manual underwrite is not acceptable. The use of Loan Prospector (LP) is not permitted. DU findings and data must be accurate and verified prior to Closing. Lender must ensure that it has completed Fannie Mae Early Check and the Early Check Report does not contain any fatal errors. Lender must provide a copy of Fannie Mae s Collateral Underwriter (CU). The messages and warnings in the Submission Summary Report (SSR) are intended to alert users to potential issues and do not need to be cleared, but Lenders are responsible for determining whether further action is required. The CU Risk Score of 4 or 5 identifies the Property with possible Property eligibility or policy compliance violations and must be addressed by the Underwriter prior to Closing No Prior Home Ownership Restrictions There are no restrictions to prior home ownership. Home buyers with an unpaid UHC Loan at Closing are ineligible Multiple Property Restrictions The Borrower cannot own any other Property at time of Closing. Borrower selling a home concurrently with the Closing of a UHC Loan must provide a copy of the Closing Disclosure (HUD-1 Settlement Statement) and the recorded transfer deed to verify owned Property was sold, title transferred, and, if applicable, all Mortgages were paid off Non-Occupant Co-Borrowers, and Co-Signers Non-Occupant Co-Borrowers and Co-Signers are ineligible for this program Maximum Loan to Value For NoMI Loans, the maximum LTV is 97% and the maximum CLTV is 105%. 22

23 UHC Loan Programs Purchase Price The Purchase Price cannot exceed the amount listed on the UHC Lender web page Higher Priced Mortgage Loans (HPMLs) Higher Priced Mortgage Loans (HPML) are not eligible for the NoMI Loan Program Homebuyer Education Homebuyer Education by a UHC approved educator is required for the Borrower (may just be one of the Borrowers) prior to Closing. A copy of the Homebuyer Education Completion Certificate dated prior to Closing must be submitted to UHC prior to UHC purchasing the Loan. Refer to UHC website for a list of Approved Homebuyer Educators Condominium A Residence located in a Condominium project is not eligible for NoMI Loans Planned Unit Development (PUD) Attached and Detached The NoMI Loan Program may be used to finance a PUD unit identified as a Fannie Mae Type E (established PUD project where the developer has turned over voting control of the HOA to the unit purchasers) or Type F (new PUD project where the developer has not turned over voting control to the HOA to the unit purchasers). The PUD unit and PUD project must comply in all respects with Fannie Mae and UHC requirements. In instances where Fannie Mae determines the Loan does not meet program requirements the Lender may be required to repurchase the Loan. To be eligible, the following requirements for an attached PUD must be met: The Homeowners Association (HOA) managing agent or attorney of the association must complete and sign UHC Attached PUD HOA Questionnaire form. Answers to all questions on the form must be Yes or the Property is ineligible for UHC financing. Fannie Mae requirements for a new PUD project must include severability of interest/separation of insureds in its terms. Fannie Mae requires a specific endorsement to preclude the insurer s denial of a unit owner s claim because of negligent acts of the HOA or of other unit owners. HOA Policies that do not include this specific endorsement are not eligible for a UHC Loan Reserved for Future Programs 23

24 UHC Loan Programs Second Loan, Down Payment Assistance The Second Loan is a Loan to assist Borrowers with down payment and/or Closing costs and is permitted when Closed concurrently with a UHC First Loan that meets all the requirements as outlined in the Participation Documents. UHC Second Loans must be in second lien position and may not be subordinate to any other liens or riders. For each Second Loan funded and/or purchased by UHC without the associated First Loan, the Lender will be charged a fee of 6% of the associated First Loan. The fee will be netted from a future purchase. Any Second Loan made in conjunction with a NoMI Loan must comply with Fannie Mae s Community Second requirements. Refer to the Funding the Second Loan section for details on obtaining the funds for Closing and required documents and fees Maximum Loan Amounts The maximum Second Loan Amount for FirstHome or HomeAgain is limited to 6% of the Loan Amount listed on the First Note. The maximum Second Loan Amount for Score and NoMI is limited to 4% of the Loan Amount listed on the first Note Terms and Conditions Repair Escrows cannot be financed in the Second Loan, including $100 Down FHA Loans and HUD owned homes. The escrows can be financed in the First Loan if it complies with FHA requirements. Second Loans do not require their own policy of title insurance, but should be shown in Schedule B as a second lien on the title insurance policy. The Second Loan must be repaid and is secured by a UHC Subordinate Deed of Trust. It has a UHC Subordinate Note with a 30-year term and an interest rate as specified on the MPA. Subordinate Notes become due and payable upon Default of either the Mortgage Loan Notes; upon an unauthorized transfer of the Residence; or if Borrower fails to occupy the Residence. 24

25 UHC Loan Programs UHC will subordinate its Second Loan to a new UHC FHA Streamline Refinance. UHC will not subordinate its Second Loan to any other lien. Any Loan made under the Streamline Refinance Program must comply with FHA or VA requirements. Refer to the UHC Refi Delivery Checklist form for all required documents Foreclosure and Short Sales A Borrower who has had a loss on a previous foreclosure, pre-foreclosure short sale or bankruptcy on a Utah Housing Second Loan is not eligible for another UHC Second Loan. Borrowers who have had a foreclosure or pre-foreclosure short sale that did not include a UHC Loan must wait a minimum of three years before they are eligible for UHC s Second Loan. Borrowers who have had a bankruptcy that did not include a UHC Loan must wait a minimum of two years before they are eligible for UHC s down payment assistance. At least three years must have elapsed since the date the foreclosure, deed-in-lieu, or pre-foreclosure short sale was completed to qualify for a UHC Second Loan. A Borrower who has had a previous foreclosure, deed-in-lieu, or pre-foreclosure short sale on a UHC Second Loan is not eligible for another UHC Second Loan Bankruptcy Two years must have elapsed since the discharge of Chapter 7 Bankruptcy, or the pay-out period for Chapter 13 Bankruptcy. For any Bankruptcy where a judge has approved a bankruptcy cram down (a Mortgage divided in secured or unsecured lien position) or discharged a lien on a UHC Loan, the Borrower is not eligible for another UHC Second Loan. A Borrower who has had a previous bankruptcy that reduced the balance of a UHC Second Loan is not eligible for another UHC Second Loan Streamline Refinance The Streamline Refinance Loan (UHC Refi) product is exclusively for existing UHC customers whose UHC FHA Loan closed on or after June 1, The Loan is a 30-year, fixed rate, no cost refinance and premium priced in order to compensate the Lender for costs associated with Closing the Loan. The UHC Refi Loan must meet all FHA requirements for a no credit qualify, streamline refinance without appraisal. UHC will authorize the subordination of the Borrower s current UHC Second Loan when combined with an eligible UHC Refi. 25

26 UHC Loan Programs Streamline Loans do not have Income Limits Eligibility The Loan must meet the following requirements: The Loan must be originated, underwritten, and Closed by a UHC-approved Participating Lender. The Loan must involve no cash from the Borrower, except for minor adjustments at Closing (not to exceed $100). UHC will net from the purchase and apply the excess as a principal reduction to the First Loan. The following are exceptions to the $100 maximum Borrower contribution: o o o o The difference between the initial escrow deposit for the Refi Loan and the unused escrow balance Processing fee for the Subordination request (refer to the UHC Fee Schedule) Interest listed on the Closing Disclosure (HUD-1 Settlement Statement line 901), not to exceed $150 Any current or Past Due UHC Loan payment Credit Reports and Credit Scores A credit report, with credit scores is required for Loans originally Closed as a UHC Score Loan: The interest rate for the Borrower of an original Score Loan whose credit score has increased to 660 or higher (refer to Credit Underwriting ) will be eligible for the interest rate posted on UHC's website. The interest rate for the Borrower of an original Score Loan whose credit score is still below 660 will be reserved at an interest rate 0.5% higher than the posted rate Unused Escrow Credit UHC will allow a credit for the Unused Escrow Balance, as reflected on the UHC payoff according to FHA requirements to offset the cost of setting up a new escrow account. Lender must provide a Borrower signed copy of the UHC Streamline Application Disclosure form authorizing UHC to apply the Unused Escrow Balance to the unpaid balance of the underlying Loan. Sufficient escrow must be collected at Closing to pay for the hazard and Property taxes at renewal Subordination of Second Loan UHC will authorize the subordination of the Borrower s current UHC Second Loan when combined with an eligible UHC Refi. 26

27 UHC Loan Programs The UHC Second Loan cannot be subordinated to any debt other than the new UHC Refi First Loan, i.e., UHC's Second Loan cannot be put in a third lien position. UHC will not purchase a UHC Refi Loan where the UHC First Loan has not been paid off in its entirety and the UHC Second Loan was not accurately subordinated. Subordination Agreements are only authorized in conjunction with a UHC Refi. Lender will be charged a penalty of 6% of the original UHC First Loan in instances where the UHC Refi is not purchased by UHC and a Subordination Agreement was recorded. The penalty will either be invoiced to the Lender or netted from a future purchase, at UHC s discretion. The Title Company must complete and mail to UHC a prepared UHC Title Subordination Request form along with all required documents listed on the UHC Subordination Request Checklist form. UHC will charge a Subordination processing fee (refer to the UHC Fee Schedule, Appendix A) and a check, payable to Utah Housing, must be included in the Subordination Request submission package. Instructions and forms for the Subordination Request are posted on UHC s Title and Lender web page. 27

28 Underwriting Borrowers Section 7 Underwriting Borrowers The Definitions section includes specific definitions and exclusions related to the terms described in the Participating Documents. 7.1 Income Analysis Specific Income Limits and calculation of the Limits apply for each of the UHC Loan Programs as noted in UHC Loan Program Overview. A Loan Program may calculate Income Limits based on total gross Annual Household Income or Annual Qualifying Income. This section explains the difference between the two calculations Qualifying Income (HomeAgain, Score, NoMI) Monthly income used to qualify a Borrower for the Loan must be listed on the Automated Findings, FHA Loan Underwriting and Transmittal Summary, VA Loan Analysis, or Uniform Underwriting and Transmittal Summary and must be calculated annually. The document indicating the highest income must be used in calculating the Qualifying Income. Income used to qualify cannot be partial income (i.e., if using overtime to qualify, the Qualifying Income must include a two year average, not just the amount needed to stay within UHC s Qualifying Income Limits.) Household Income (FirstHome) Current Annual Household Income includes the income of all persons 18 and over who will occupy the Residence. For Current Annual Household Income limits refer to the UHC web page, Income and Purchase Price Limits. Current gross Annual Household Income is calculated at time of Application (or Closing in cases where Application was taken 120 days or more prior to Closing) and projected forward 12 months.) Current gross Annual Household Income is calculated for the 12-month period beginning the date of Application, if Closing occurs within four months of the date of Application; or the date of Closing, if the Closing occurs more than 120 days after the date of Application. To be eligible for a FirstHome Loan all Borrowers on the Loan whose income is being used to qualify must have received at least one full month s paystub(s). 28

29 Underwriting Borrowers Current gross Household Income is calculated as follows: For paystubs that show at three months or more year-to-date income: o Calculate the average monthly income from the current paystub and multiply by 12. For paystubs that show less than a three month year-to-date income: o o Obtain all the current paystubs. Add all the income listed on the paystubs then divide by the number of weeks represented on the paystubs and multiply by 52 and add to all other Household Income. In some instances the year-to-date paystub may include income earned from December of the previous year; the additional weeks may be included in the average Gross Income calculations. The source(s) of income documents indicating the highest Gross Income must be used in calculating the Current Annual Household Income. Lender shall document compliance with the FirstHome Loan Program requirements by obtaining verification of all Current Household Income (refer to Gross Income in the Definitions section, and the UHC Qualifying Borrower Certification of Income form.) Income Exclusion In general, if a source of income is not specifically excluded in the definition of Gross Income contained in the Definitions section of this Selling Supplement the income must be included in the calculation of Current Annual Household Income. Business expenses and depreciation may be deducted from Current Annual Household Income calculations in instances when an itemized and signed business expense report (if applicable) dated at the time of the Application is provided and verification of at least one full year of expense history is listed on the Borrowers signed most Current Year tax return and/or IRS Validated Tax Return Verification of Household Income Lender shall document compliance with FirstHome requirements by obtaining verification of all Current Household Income to include, but not limited to, the documents listed below and dated within 30 days of Application or Closing if Closing occurs more than 120 days after Application: Completed and signed UHC Qualifying Borrower Income Certification form. Verification of current employment, with one of the following: o A standard Verification of Employment form for Household members 18 and older (verification required even if income is not being used for qualification) 29

30 Underwriting Borrowers o A Verbal Verification of Employment signed by the Lender which includes the employment start date and meets FHA and/or VA requirements for alternative documentation Verification of previous employment for employers during the current 12-month period which includes employment start and ending dates. A verbal verification and/or documents meeting FHA or VA requirements for alternative documentation for previous employment are acceptable. Copy of paycheck stubs covering at least one full month income Paycheck stub for each current employer dated within two weeks of initial Application or within four weeks of Closing if the Loan is closed more than 120 days after initial Application. Handwritten paystubs or paystubs that do not include reduction for taxes require the following additional documentation: o o Copies of all paystubs for the past three months Verification Qualifying Borrower is salaried Copies of most current W-2s for all Household members 18 and older, as applicable. Income for Household members 18 or older does not have to be included in Current Household Income if documentation is provided to show they are a full time student. Most Current Year signed Federal tax return and/or IRS validated tax return. Verification of other income such as seasonal employment, Social Security, child support, alimony, interest earnings, capital gains, income (aid) to families with dependent children, selfemployment, etc. Copy of the initial Loan Application (Fannie Mae form 1003) with all sections completed, including the following: o o o o o Section III, Borrower Information, including marital status and ages of dependents Section VII, Declaration (owned a principal Residence in the past three years) At least two years employment and Residence history sections Form 1003 signed and dated by Borrower Loan Originator and Loan Origination Company NMLS numbers All other documents as required by FHA or VA Other Household Income Verification Other Household income verification is as follows: 30

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