Section 1: Loan Characteristics

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1 Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed the required lender contracts with New Hampshire Housing. Section 1: Loan Characteristics Product Requirements: Loan must comply with the product fact sheet in effect when the reservation is made. Loan Term: 30 years fixed rate. Purchase and Refinance: Open to first-time homebuyers and current homeowners. Refinance must be fully documented; no streamline refinance permitted. Payments: Mortgage payments are due on the first of each month. Penalties: Prepayment penalties are not permitted. Non-Assumable: Loans are non-assumable. Escrow Requirements: Real estate taxes, hazard insurance, flood insurance (if applicable), and monthly mortgage insurance per insurer. Type of Ownership: Fee Simple - first lien on property. Mortgage Insurance Requirements: All loans must be insured by FHA, RD or VA. Income Limits: Loans shall only be made to borrowers that meet New Hampshire Housing s income limits, which are posted on the website. The income limits are based on: 1. The borrower s income (not household income unless all household members are borrowers); and 2. The posted income limits, using the appropriate family size. 1

2 Section 2: Property Requirements Occupancy: Owner Occupied. Borrowers must occupy the housing as a principal residence within 60 days from date of closing. Eligible Properties: All housing must be permanently affixed to land; stilts, piers, jacks or cement blocks on piers are not considered permanent foundations. (Or as outlined under housing type) All dwelling units must have at least 1 bedroom evidenced on the appraisal. Private Road: Any property that is situated on a private road will need to comply with mortgage insurer requirements. Single Family Home: A residence containing one dwelling unit occupied as a principal residence by the mortgagor. 2-4 Family: One of the units must be owner-occupied. Any reserve requirements set on multi-families are set by the mortgage insurer. 3-4 family must meet all requirements set forth by the mortgage insurer. If combining with FHA you can use 85% of the rental which also needs to be added to income and cannot exceed our limits. All two to four dwelling units must consist of a single unit structure on the mortgaged premises. Borrowers must take homebuyer and landlord education. Condominiums: Must be approved by FHA, VA, RD as well as New Hampshire Housing. Lenders must check with New Hampshire Housing for availability when application is taken. All units must have separate utilities. New Hampshire Housing will finance a maximum of 33% of the completed units or 50 units; whichever is lower, in new projects. New Hampshire Housing will finance a maximum of 50% of the completed units or 50 units; whichever is lower, in existing projects. 25% of units planned or approved must be complete prior to the purchase of any units by New Hampshire Housing. New Hampshire Housing will finance in a new project with no more than 30% investor concentration. Maximum of 40% investor in a seasoned project. New Hampshire Housing, in its sole discretion, may allow a higher investor ratio in a seasoned project. Association budget should not have in excess of 5% in delinquencies. If association fee delinquencies exceed 5%, the association must submit evidence of forbearance on each of the delinquent unit owners, together with the forbearance agreement and history of payments for each unit owner. 2

3 Condex Approval: New Hampshire Housing will finance one of the two units in a condex. These units must have separate utilities. If there is a shared well and/or septic system, borrower must have a septic inspection as well as a water test. The Lender must submit the following documents: 1. Arbitration Agreement 2. Declarations and Bylaws (if applicable) 3. Certification of Insurances, with closing package 4. Appraisal information as required by New Hampshire Housing 5. Must be able to be insured (FHA/VA/RD) 6. Septic report 7. Water test report Planned Unit Development (PUD): Prior to purchase of any mortgage loan, secured in part by Common Elements, the financial institution shall certify to New Hampshire Housing that: 1. The written agreement for the common elements is acceptable to the financial institution. 2. The PUD plan, or other property description, has been approved for mortgage insurance or guarantor. 3. All common elements are insured under an all-risk hazard insurance policy, a liability insurance policy, and if applicable a flood insurance policy. New Hampshire Housing shall be covered as the mortgagee of the dwelling securing the mortgage loan. 4. In a new PUD, for every New Hampshire Housing financed loan, there should be an equal number of homes financed by other lenders. Manufactured Housing: Manufactured after June 15, 1976, in accordance with the National Manufactured Housing Construction and Safety Standards Act. Lender must obtain an appraisal report that confirms the existence of a HUD structural certification label and a HUD data plate on the Manufactured Housing. The Housing must have a permanent support system that meets all applicable State and local laws. All manufactured housing must meet current FHA, VA or RD requirements. Section 3: Underwriting Income: Gross income is calculated on the borrower(s) only. Assets: Liquid assets include cash, savings accounts, stocks, bonds, gift funds, and trust funds. Does not include pension funds, i.e., IRA's. There is no asset limitation. Ratio: 50% total debt ratio. RD, FHA and VA loans: Borrower(s) combining must qualify under both program rules. Be careful please use the stricter of the two requirements. 3

4 Maximum loan-to-value: Is determined by the mortgage insurer used. Current insurers are FHA, VA, and RD. RD and FHA insurance premiums may be financed with the mortgage loan. Warning: Approval by government agencies does not guarantee approval and purchase by New Hampshire Housing. Child Care Expenses: Included as per insurer s requirements. Borrowers: Every person with an ownership interest in the property must be a borrower on the loan. Therefore, each owner must execute the mortgage note and the mortgage. Co-Signer: Non-borrower cosigners are not permitted. Credit Standards: Minimum credit score is 620. Collections - $250 per item to a max of $1,000. Medical are allowed up to $1,000 or as per insurer. A minimum of at least one active tradeline with sufficient alternative credit. Credit reports must be dated no more than 120 days from date of application to closing (180 days for new construction). If the document exceeds 120 (180 construction) days an updated soft copy of the borrower(s) credit report must be submitted. We will accept alternative credit, per insurer guidelines, for no credit not to offset derogatory credit. Credit reports should verify the Applicant s current employment, income and debts listed on the application. The report should list all undisclosed debts in addition to any actions discovered by a search of the public records. If an Applicant has declared bankruptcy, a satisfactory explanation must be furnished. The applicant must have re-established credit for a period of two years since the bankruptcy discharge, with no history of late payments. FORECLOSURE: see HFA: (g). Debt: Revolving debt: o Must be used at the greater of $20 or 5% of the unpaid balance to qualify, or minimum payment per statement. Installment debt: o Any loans with 10 or more payments must be included. o Student loans must be in deferment for at least 12 months in order to not be included in the debt or as per mortgage insurer. Written verification will be needed. Child Support & Alimony: o Support payments are considered as a debt obligation of the applicant. Such payments are not deducted from the applicant s gross monthly income prior to calculating the payment and debt obligations. 4

5 Downpayment: Minimum borrower contribution for every New Hampshire Housing loan, regardless of program, is 1% of own funds, not a gift or borrowed. The only current exception to this policy is a zero percent VA loan. This amount must be verified as having been saved by the borrower(s). Large deposits into a savings account require verification of source of funds. We require a copy of deposit check and evidence it has cleared account prior to closing. Minimum downpayment requirements vary per mortgage insurer. Gift Funds: When using gift funds of land or money, a gift letter and evidence of receipt is required, copy of the cancelled check and/ or proof of deposit. Seller Contribution: We will accept whatever is the insurer s policy. Rent / Lease Option to purchase: The portion of a rental payment that exceeds the market rent can be applied to the downpayment if there is a valid rental/purchase agreement in effect. The original term of the lease must have been at least 12 months. Secondary Financing: Is allowed on a case-by-case basis. The terms and conditions of the secondary financing must have prior written approval by New Hampshire Housing and prove to be beneficial to the borrower. Employment: Must be verified on all borrowers for the prior two-year period with any unemployed periods satisfactorily explained. We will require paystubs for the most recent 30 day period, and they must include year to date earnings. If a borrower has terminated a position in the prior two years it must be verified. Termination of employment prior to 60 days of application must be explained in writing. Borrower(s) Self-Employed: o Two full years (at least 2 tax filings) will be eligible. P&L will be required. o This also applies for people who are self-employed on a part time basis. Income from second jobs: will be utilized with verification as long as there has been at least a two (2) year history. Income from Overtime, Commissions, or Self-Employment: will be used to qualify the borrower by averaging over a two-year period. Child Support & Alimony: can be used provided such payments will continue for at least three (3) years. Section 4: Loan Process: Reservations, Rates, Loan Delivery and Lender Compensation Reservations: Will only be accepted through New Hampshire Housing s Lender Loan Reservation System (Lender Online). A reservation cannot be entered until: a) the loan application and the purchase and sales agreement have been signed; and b) the Lender has received an underwriting approval that complies with the Home Flex MLPA Addendum. 5

6 Interest Rate: The interest rates will be made available daily by 10:00 am. Rate changes will be published on our website at and Note for RD loans: lenders are responsible to confirm that the New Hampshire Housing rate complies with the RD rate limit in Section of the RD Regulations. Rate Lock: Once a reservation is made via Lender Online, the rate is locked for 60 calendar days subject to the Lending Institution delivering the loan to New Hampshire Housing as required below. The rate lock is only good for 60 days. Lenders may request an extension, and such extensions will be subject to the reduced loan acquisition fee. New Hampshire Housing may deny granting an extension and may refuse to accept loans that are not delivered within 60 days unless an extension was granted. Loan Delivery: The Lending Institution shall deliver the closed loan in compliance with all New Hampshire Housing delivery requirements: a) within 60 calendar days of the reservation date; and b) no later than 7 calendar days after the closing with the borrower (New Hampshire Housing may refuse to purchase any loan submitted more than 7 calendar days after the closing date.). All mortgage loans submitted must have the endorsement on the back of the Note in accordance with the MLPA as follows: Payable without recourse to the order of the New Hampshire Housing Finance Authority, except as provided in the Mortgage Loan Purchase Agreement between the endorser of this note and said Authority The lender shall submit: a) all documents on the New Hampshire Housing stacking list; and b) all other documents in the loan file, even if not requested on the stacking list. Loan Acquisition Fees: New Hampshire Housing shall pay the lender the following fee based on the loan s Delivery Date. ( Delivery Date, shall mean the date New Hampshire Housing receives a closed loan with a fully complete loan file.) Calendar Days from Loan Reservation Loan Acquisition Fee Paid to Lender (as a % of Loan to Receipt of Ready-to-Purchase Loan Amount) No acquisition fee paid; acquisition subject to New Hampshire Housing agreement and potential penalty; rate lock expired. Notes: In counting calendar days, the day of the reservation and day of delivery are counted as days. Example: If a reservation is made on April 1, the loan must be delivered within 60 calendar days, which would mean delivered to New Hampshire Housing by May 30. If the delivery deadline is a weekend or holiday, the lender has until the following business day to deliver the loan. A ready-to-purchase loan means a loan delivered in the format specified in New Hampshire Housing s rules and including all documents as detailed in the Stacking List. Loan files that are 6

7 delivered to New Hampshire Housing that are not ready-to-be-purchased loans, shall earn the acquisition fee based on when the file becomes complete. New Hampshire Housing, in its sole discretion, may elect to purchase or not purchase a loan delivered more than 120 days after reservation. Such loans have an expired rate lock. New Hampshire Housing reserves the right to charge the lender a penalty of up to 1% of the mortgage amount. Closing Costs and Lender Fees: Limited to the following: All actual out of pocket expenses usual and customary to loan closing. The maximum fee allowed for Box 1 of the Good Faith Estimate is $900.00, which covers processing, underwriting, document preparation and tax service fee. FHA Commitment Fee, whatever FHA permits. Flood insurance life of loan certification is required on all loans. Prior Approval: On occasion before closing, a lender might want a loan file reviewed for specific reasons to ensure the loan meets New Hampshire Housing standards. This loan may be submitted with a cover letter advising of the specific problem to be reviewed and stating the New Hampshire Housing staff who authorized submitting the file for prior approval. 7

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