The SAPPHIRE. Program Training. Offered through FIRST MORTGAGE CORPORATION
|
|
- Avice Boyd
- 8 years ago
- Views:
Transcription
1 The SAPPHIRE Program Training Offered through FIRST MORTGAGE CORPORATION Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers or other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 3/17/2015
2 Agenda Introductions Sapphire Program Program Overview Eligibility Highlights Income Calculation Underwriting Guidelines Maximum Allowable Fees Process Flow Reservation and Locking
3 INTRODUCTION State Restrictions Market Challenges & Access Solution
4 Purpose of the Program Purpose of the Program oprovide financing to families and individuals who can afford a mortgage loan but do not have the resources for the down payment and closing costs. What we provide ofirst Mortgage Corporation offers affordable financing designed to increase homeownership opportunities to low-to-moderate income individuals and families in 1. CALIFORNIA 2. ARIZONA 3. NEVADA 4. TEXAS 5. UTAH
5 NAME CHANGE Former name: CHF PLATINUM New Name effective June 1, 2014: SAPPHIRE
6 What the Sapphire Program Offers Program Overview 1 st Mortgage Loans: o FHA and VA available products o Available throughout the States of CA, AZ, NV, TX, UT o Interest Rate available at the Reservation Portal at o The published rate is subject to change at any time Grant: o May not exceed 3% or 5% of total 1 st lien loan amount (including upfront MIP or VAFF) o Proceeds can be used for: Down Payment Closing Costs Prepaid Items Earnest money MIP o Not a 2 nd lien; does not need to be calculated into the DTI/CLTV o There must be no cash back to the borrower from the Grant Fund proceeds
7 ELIGIBILITY GUIDELINES Income Eligibility Borrower Eligibility Property Eligibility
8 Eligibility - Income Topic Guidelines Income Limit 115% of HUD AMI PROGRAM Income Limit Link USE THE LINK under TRAININGS from any one of our FMC websites!!!
9 2014 SAPPHIRE Income Limits
10 Borrower Qualifying Topic Borrower Qualifying Income Guidelines Qualify Borrower based on Qualifying (Repayment) Income (not Household Income) Only the income used for Qualifying is considered in order to meet the Program Income Limits. Eg., DU Income Income you input in DU to see if borrower qualifies for loan UW Income Income used by UW to calculated Debt to Income Ratios to qualify borrower for loan NOTE: Underwriting will NOT ignore any income documented in the file that the borrower receives on a consistent basis, and meets FHA s effective income guidelines for qualifying (eg., 2+ yr. history and likely to continue). Eg., Retirement Income, Overtime Income, Bonus Income, etc. If you use income to qualify the borrower for repayment (DTI), UW will use it towards the program qualifying income limit to determine eligibility for the program.
11 Sample Qualifying Income Sample: Husband, Wife, 2 kids, Grandma will be moving into home (5 ppl) Who has earned income? Husband & Wife both work 2+ yr history Son works PT 6 month history Grandma gets SSI 2+ yr history Who s going on the loan? Husband Wife Son Who s income do we use to qualify borrower for the Program? Qualifying Income (ACCESS) USE ONLY INCOME from: Husband Wife Do not use income from: Son: because he doesn t have 2 year required to be effective income Grandma: because she s not going on the loan
12 Eligibility - Borrower Borrower must meet the following requirements: Be a US Citizen, permanent resident alien, or qualified alien (Eligible Veteran for VA financing) Occupy the residence as their primary residence Non-occupant co-borrowers/co-signers NOT allowed Borrower qualifying income cannot exceed NHF Income limits for the county in which the property is located 115% Area Median Income (AMI) Minimum Credit Score of 620 Meet all required agency Guidelines (FHA HUD 4155 / VA Handbook, plus FMC overlays)
13 Eligibility - Properties Properties Allowed: Single Family Units FHA Approved Condominiums Planned Unit Developments (PUDS) 2-Unit properties Ineligible Properties: 3-4 Unit properties Manufactured housing Investment properties Rental Homes Co-ops Recreational, vacation, or 2 nd homes
14 SAPPHIRE PROGRAM Eligible 1 st Mortgage Program Down Payment & Closing Cost Assistance
15 SAPPHIRE Program Topic Program Description State Restriction Program Types Available throughout the STATES OF CALIFORNIA, NEVADA, ARIZONA, TEXAS AND UTAH ONLY! FHA 30 Year Fixed VA 30 Year Fixed Max LTV FHA % VA 100% Max CLTV Follow FHA and/or VA guidelines Maximum Loan Amount Loan Purpose Occupancy Down Payment Assistance FHA: The lesser of $417,000 (not including MIP) or FHA allowable limit VA: The lesser of $417,000 (including VAFF) or VA allowable limit Purchase Owner Occupied GRANT: 3% or 5% available CAN be used to fulfill the borrower s equity contribution required on FHA 1 st Mortgage, closing costs, pre-paids, VA allowable fees per VA guidelines
16 ADDITIONAL GUIDELINES General Underwriting Guidelines Pricing, Costs and Fees
17 Underwriting Guidelines Topic Underwriting Method Guidelines Allowable underwriting method: Fannie Mae Desktop Underwrite (DU) allowed Must be risk scored by FHA Scorecard Approve/Eligible recommendation Manual UW allowed FMC Overlays apply **Unless specifically specified, follow standard FHA guidelines PLUS First Mortgage FHA overlays** Minimum Credit Scores Max Debt Ratio Reserves Mortgage Ins. 620 Non-Traditional Tradelines NOT allowed DU Approved loans Follow DU approval to max 50% DTI Manual UW loans Follow investor guidelines plus FMC overlays NONE required Follow agency guidelines Follow standard FHA MIP
18 Underwriting Guidelines Topic Homebuyer Education Guidelines NOT required Non-Occupant Coborrowers/Co-signers NOT ALLOWED Gift Letter Gift Letter is required, per HUD insuring requirements Tax Transcripts Follow FMC s standard 4506-T policy Property Flips Allowed Follow HUD guidelines PLUS FMC overlays
19 UW Guidelines cont d Topic Seller Contributions Guidelines Allowed up to 6% Gift Funds Allowed from family members Follow 4155 Prepayment Penalty Assumability No Prepayment Penalty Not allowed *** All other requirements Follow FHA guidelines PLUS FMC overlays***
20 FMC -FHA Overlays
21 SAPPHIRE Program INTEREST RATES & FEES SAPPHIRE Interest Rates SAPPHIRE Allowable Fees
22 Maximum Allowable Fees Topic Interest Rates Guidelines Available on the Reservation Portal, OR the FMC Rate Sheets Max Origination Fee Discount Fees Contact your FMC Support Team for fees and compensation NONE allowed Rebate Pricing None available PAR pricing only Allowable Fees Must be reasonable and customary and fully disclosed to the borrower in accordance with all agencies, federal, state and local laws - Refer to ML for HUD exception to itemizing fees Contact your FMC Support Team for allowable fees Program Code FHA: F30FMP VA: V30FMP
23 PROCESS FLOW & REGISTRATION Process Flow Registration Process
24 Loan Process Borrower must meet the following requirements: 1. Loan Officer pre-qualifies borrower for Sapphire loan and NHF income limit. 2. FMC Branch submits the fully processed file to Underwriting for loan approval 3. FMC underwrites the loan 4. Upon loan approval, the Branch is notified to reserve funds and lock loan 5. FMC close/pre-fund 1 st mortgage loan 6. FMC includes the grant on our lenders instructions and we over wire the amount when we fund our loan which means, we no longer wait an additional 24 hours to fund a Sapphire loan.
25 NHF s EIN # NHF s EIN #: We are required to reflect NHF s EIN on HUD s FHA Loan Underwriting and Transmittal Summary in conjunction with secondary financing assistance, grants or gifts to the borrower when the borrower is receiving an FHA First Mortgage.
26 NHF Reservation Portal Borrower must meet the following requirements: Reservations will be handled at the FMC Branch level using the Reservation Portal on the NHF website The Reservation Portal can be accessed Monday through Friday between 9:00 AM and 4:00 PM PST. In order to access the Reservation Portal, a User ID must be used. One user ID and Passcode will be assigned to each branch by the Vendor Support team at FMC. All prior user ID s have been de-activated. The Reservation Portal will identify whether a loan registration initially qualifies based on Income and Credit Score Limits information provided, and provide an electronic confirmation (Commitment Confirmation) of the registration which must be provided in the loan file.
27 NHF Reservation Portal
28 NHF Reservation Portal Modifications to a reservation will require approval from the Administrator/Manager (NHF). You may cancel the loan registration via the Reservation Portal, which will provide electronic confirmation of cancellation. NHF charges a cancellation fee of $400 for each cancelled loan. This fee if applied will be passed on to the Branch (Broker for Wholesale transactions). If you cancel a loan, you may re-register the loan only after 30 calendar days from cancellation date via the Reservation Portal. You automatically reserve funds for Down Payment Assistance at the time of loan registration via the Reservation Portal. An extension to a reservation will require approval from the Administrator and will be subject to market conditions. A minimum fee of 0.375% of the loan amount will be applied to extensions. Fees may be higher depending on market conditions.
29 Lock Period Reservation Period: 30 days FMC requires reservations to be done at time of Docs (after loan approval) Cancellations may require a $400 fee Cancellations require a waiting period of 30 days before rereserving Lock Period: 30 days A copy of the reservation confirmation must be forwarded to the Doc Department with the Doc Order Request
30 Program Additional Documents The following forms are required in all Sapphire loan files: 1. NHF Funding Commitment Confirmation 2. NHF Gift Letter NHF has implemented a new Grant/Gift Letter that now requires the borrower(s) signature. This new letter is printed out with your reservation once funds are reserved and must be signed by the borrower(s) before they request the grant. Grant amount must be rounded to the highest dollar. Make sure the loan approval and the LT reflects the exact loan amount rounded to the highest dollar to avoid delays in docs/funding.
31 Program Additional Documents
32 FMC Support WEB SITE FMC WEBSITES: Rate Sheets Training Materials Guidelines Forms Marketing Tools Calculators TRAININGS First Mortgage offers FREE Weekly ONLINE Trainings See the FMC website for the March 2015 Training schedule Trainings for March 2015: 3/3 FMC Product Overview Presentation 3/5 ACCESS/FIRSTDOWN Program 3/10 FHA Streamline Training 3/12 NEW: FK Program Training 3/17 Sapphire Program Training 3/19 TENTATIVE NEW Training?? SUPPORT Retail: Loan Help Wholesale/Correspondent: Your FMC Account Executive For help with your: Scenarios Pricing / Fees Guidelines Loan Submissions Trainings
33 THANK YOU FOR YOUR BUSINESS! On behalf of First Mortgage, thank you for joining today s training and we hope the information provided will help you build your business! The main purpose of First Mortgage Corporation s (FMC) training documents is to assist real estate and mortgage professionals in developing entry-level competence with loan programs. While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training documents, FMC makes no warranties as to the accuracy of the information contained within these materials. Furthermore, everyuserofthismaterialusesitunderstandingthatheorshemuststillconducthisorherownoriginallegalresearch,analysis and drafting. In addition, every user must refer to the relevant legislation, case law, administrative guidelines, rules and other primary sources. FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this training material. While the information contained in FMC s training material addresses guidelines and issues surrounding mortgage programs, these materials do not constitute legal advice. All non-legal professionals are urged to seek legal advice from a lawyer.
FHA MIP TRAINING (Mortgage Insurance Premium)
FHA MIP TRAINING (Mortgage Insurance Premium) Offered by FIRST MORTGAGE CORPORATION APRIL 10, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark
More informationHARP DU REFI PLUS Training
HARP DU REFI PLUS Training Offered by FIRST MORTGAGE CORPORATION JUNE 14, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This
More informationSection 2.08 - Jumbo Solution Second Mortgage
- In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...
More informationditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY
1. PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible
More informationEXPAND HOMEOWNERSHIP PROGRAM
EXPAND HOMEOWNERSHIP PROGRAM Administrator Guidelines Published: March 12, 2015 Revised March 13, 2015 Updates are shown on Page 4! FANO EXPAND HOMEOWNERSHIP PROGRAM - Administrator Guidelines Page 2 Time
More informationCalSTRS Home Loan Program Special Programs
Great Rates. Great Programs. Great Service. CalSTRS Home Loan Program Special Programs Built On Knowledge, Commitment, and Trust Since 1988 REV: 9-07-11 About CalSTRS! CalSTRS History Loan Officer Certification
More informationMAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX
RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit
More informationNon-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines.
PRODUCT CHEAT SHEET-CA FHA $729,750 max loan amount in Orange County. If doing a loan in another county you can check max loan amount on the following link: https://entp.hud.gov/idapp/html/hicostlook.cfm
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance Government Loans Freddie Mac HFA Advantage Loans Loan Products
More informationFMC Product and Credit Guidance for Wholesale Divisions
FMC Product and Credit Guidance for Divisions Ineligible Product Programs and Properties FMC does not accept Loan Prospector AUS for Conventional, FHA or VA loans The Negative Equity FHA (MHA) loan program
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance Government Loans Loan Products FHA, VA, USDA HFA Advantage Freddie
More informationCHAPTER 9 PRODUCT MATRIX
Contents CHAPTER 9 PRODUCT MATRIX Conventional Conforming Loans 2 Secondary Market Arms... 4 HARP (Fannie DU Refi Plus & Freddie Open Access)... 5 Rural Housing 5 VA Programs. 5 Jumbo Programs 5 My Community
More informationWelcome to TSAHC Lender Training
Welcome to TSAHC Lender Training About Us TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the housing needs of low income Texans and other underserved populations. We fulfill our mission
More informationDU for Government Loans Release Notes July 2012 Release
DU for Government Loans Release Notes July 2012 Release May 15, 2012 Updated June 26, 2012 During the weekend of July 21, 2012, Desktop Underwriter (DU ) for government loans will be updated with the following
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance Government Loans Loan Products FHA, VA, USDA HFA Advantage Freddie
More informationCompany LOGO. Wholesale Division April 2008
Company LOGO FIRST MORTGAGE CORPORATION Pricing Training Wholesale Division April 2008 Agenda 1. Introduction 3. How to Read the FMC Rate Sheet 2. Important Reminders 6. Capital Markets Team First Mortgage
More informationNOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended.
This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply
More informationWholesale Rate Sheet. Essex News. Important Information Freddie Mac Weekly Primary Mortgage Market Survey Source: Freddie Mac As of April 9, 2015
Thursday, April 09, 2015 Wholesale Rate Sheet 1100 Town and Country Road, Suite 100 Orange, California 92868 Rate Lock Desk Closes At 3:00 PM PST Essex News Program Updates 3.66% 2.93% 2.83% 2.46% 0.6
More informationConforming DU Refi Plus (HARP 2)
Conforming DU Refi Plus (HARP 2) Investor 04 Retail Only SNMC will accept loan submissions for the Home Affordable Refinance Program - HARP 2. These loan submissions will be subject to the current FNMA
More informationConventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing
1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate mortgage 15 and 30 year terms Fully amortizing Conventional Jumbo five year/one year adjustable rate mortgage 30 year term Fully amortizing Conventional
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program Invitation to Participate
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program Invitation to Participate Southeast Texas Housing Finance Corporation (SETH) is pleased to extend an invitation to its
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program Invitation to Participate
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program Invitation to Participate Southeast Texas Housing Finance Corporation (SETH) is pleased to extend an invitation to its
More informationE MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES
E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES PRODUCT GUIDELINES 2/10/2015 504 FHA Streamlines Mortgage Eligibility Product Code Short Description Long Description Description FF15SL FHA 15 YR SL FF15SL
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program Invitation to Participate
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program Invitation to Participate Southeast Texas Housing Finance Corporation (SETH) is pleased to extend an invitation to its
More informationFHA HIGH BALANCE FIXED PROGRAM HIGHLIGHTS
Product Summary These guidelines represent underwriting requirements for FHA fixed rate and ARM mortgages with increased loan size limits with a minimum floor of greater than $417,000. These guidelines
More informationNext Home Government Program Term Sheet Effective December 1, 2015
Next Home Government Program Term Sheet Effective December 1, 2015 This Program Term Sheet ( Program Term Sheet as referenced in the Master Origination and Sale Agreement, HFA Guidelines as expressed in
More informationVA Quick Reference Guides
Finance Type Occupancy Product Codes Purchase, Cash-Out and Rate & Term Refinance, Interest Rate Reduction Refinance Loan (IRRRL) Owner Occupied only, Second Homes not allowed, Investment properties not
More informationEFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT
Appraisals Attached PUDs Automated Findings Condominiums Credit History VA: Form 2055 Appraisal dated prior to the Note Date required on IRRRLs if current VA loan is not serviced by BB&T. FHA: Property
More informationUnderwriting Guideline Matrix
NewLeaf HomeReady Fixed Program / Product Codes: HomeReady 30 Year Fixed (W161) HomeReady 30 Year Fixed LPMI (W162) Subject to Change Without Notice Valid as of 08/01/2016 Copyright 2016 Skyline Financial
More informationVA FIXED RATE PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category Entitlement These guidelines represent underwriting requirements for VA fixed rate mortgages. Also review the VA Lender s Handbook for any guidelines not specifically
More informationPortfolio High Balance Fixed
Minimum Credit Score: 620 Minimum Loan 1 unit: $417,001 2 unit: $533,851 AUS: DU Approve Eligible Maximum LTV: 90% Amount*: 3 unit: $645,301 4 unit: $801,951 Primary Residence 3 Purpose Units LTV CLTV
More informationVA Refinance Cash Out
VA Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected
More informationA Simplified Overview of FHA Loan Origination
Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility
More information1-866-667-6724 Where homeownership education takes flight!
100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation
More information1-866-667-6724 Where homeownership education takes flight!
100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation
More informationUPDATED Home Loan Options for CalPERS Members Homeownership Education Workbook and Notes
UPDATED Home Loan Options for CalPERS Members Homeownership Education Workbook and Notes Slide 1 UPDATED Home Loan Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled
More informationWHOLESALE FHA 580 619 PRODUCT PROFILE
Maximum LTV/CLTV & Minimum Credit Score Requirements LTV CLTV MIN CREDIT 2 INVESTOR CODES PURCHASE 96.50% 96.50% 580 I-12, I-15 1 NO CASH-OUT REFINANCE 97.75% 97.75% 580 I-12, I-15 1 CASH-OUT REFINANCE
More informationConventional Fixed Rate Conforming Product Guidelines
Loan Parameters Loan Purpose Allowed Minimum Credit Score Maximum LTV/CLTV Owner Occupied & Second Home Maximum LTV/CLTV Non-Owner Occupants Max. Loan Amount Subordinate Financing Maximum Ratios Max. No.
More informationE MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES
E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES 4/30/2014 Mortgage Eligibility Product Code Short Description Long Description Description VF30HB 30 YR VA HB VF30HB - 30 YR VA HIGH BALANCE
More informationPRODUCT MATRIX 11/1/2011
PRODUCT MATRIX 11/1/2011 For Information on any of our products, please contact: For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at
More informationFHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG
NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio 1-2 560 (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) 1-4 580
More informationE MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES
E MORTGAGE MANAGEMENT, LLC 70 VA FIXED PRODUCT GUIDELINES 2/24/205 Mortgage Eligibility Product Code Short Description Long Description Description VF5 VA 5 YR VF5 - VA FIXED 5 YEAR VF20 VA 20 YR VF20
More informationUnderwriting Guideline Matrix
Program / Product Codes: NewLeaf Wholesale VA Lender ID Number: SKYLINE FINANCIAL CORPORATION 1690780000 Subject to Change Without Notice Valid as of: 11/06/2015 Copyright 2015 Skyline Financial Corp.
More informationSoutheast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12!
Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12! WHAT YOU RE GOING TO LOVE ABOUT THIS PROGRAM? NEW! THIS ISN T A BOND PROGRAM THIS PROGRAM
More informationProduct Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years. Property Type Lowest Maximum (Floor)
FHA Guidelines Product Description FHA Fixed Rate 15 and 30 Year Terms Fully Amortizing Product Codes Maximum s Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years
More informationE MORTGAGE MANAGEMENT, LLC 704 VA
E MORTGAGE MANAGEMENT, LLC 704 VA IRRRLs PRODUCT GUIDELINES 1/26/2015 Mortgage Eligibility Product Code Short Long Description Description Description VF15IRL VA 15 YR IRRRL VF15IRL - VA 15 YR IRRRL VF30IRL
More informationFHA 30, 15 Year Fixed Refinance Products 203b, 234c F30; F15; F30HPML Loan Amount and LTV Limitations
Units Length of Ownership 1 1-4 Units FHA 30, 15 Year Fixed Refinance Products 203b, 234c F30; F15; F30HPML Loan Amount and LTV Limitations < 1 year prior to application and the loan is not an existing
More informationE MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES
E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES 2/24/2015 Mortgage Eligibility Product Code Short Description Long Description Description VF31 VA 3 YR ARM VF31 - VA 3-1 ARM VF51 VA 5 YR ARM
More informationMultiple (5-10) Financed Properties Retail and Wholesale
Multiple (5-10) Financed Properties Retail and Wholesale Revisions Date Revisions 2/3/15 Updated Sections: Overview, Subject Property is Second Home or Investment Property, Delayed Financing Exception,
More informationditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15
1. PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions DESCRIPTION Fixed Rate 5 to 30 year term in annual increments Fully amortizing
More informationContents. VA Credit Overlays
Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...
More informationPage 1 of 9 Table of Contents
Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY
More informationPURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount
EXPRESS JUMBO FIXED RATE AND ARM PROGRAM MATRIX: PURCHASE AND RATE TERM REFINANCE 1 Occupancy Units FICO LTV/CLTV Loan Amount 80/80 $1,500,000 Primary Residence 1 720 75/75 $1,750,000 70/70 $2,000,000
More informationFHA LOAN PROGRAM Conforming and High Balance Loan Amounts
FHA PRODUCT MATRIX Purchase Rate and Term Cash Out Units LTV/CLTV Fico* Units LTV/CLTV Fico Units LTV/CLTV Fico 1 4 96.5/105 620 1 4 97.75/97.75 620 1 4 85/85 620 FYIs: Complete HUD guidelines can be referenced
More informationAn Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes
An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes Slide 1 An Introduction to CalSTRS, CalPERS & CHDAP Homebuyer Programs We will begin in a moment Homeownership
More informationHome Affordable Refinance Program (HARP) Training
3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage
More informationVA Refinance IRRRL. VA Refinance IRRRL
This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply
More informationComparison of SONYMA Mortgages vs. FHA
Levels of loan approval FHA self insures Lenders Direct Endorsement Underwriters approve loans 3* Levels of loan approval Lender PMI/Pool Insurer *Pre Closing SONYMA compliance review will be eliminated
More informationSection 2.04 - DU Refi Plus Loan Program
Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 5 Existing Mortgage Eligibility Requirements...
More informationTexas Home Equity Program Guide Fixed Rate
Fixed Rate Wholesale Lending July 20, 2015 Table of Contents Texas Home Equity Program Guide... 1 Fixed Rate... 1 Program Overview... 2 Employee Loan Policy... 2 Credit Philosophy... 2 Ability to Repay
More informationHome Equity Conversion Mortgage Basics
Home Equity Conversion Mortgage Basics Kelly Zitlow NMLS#164330 Vice President, CMPS 480.398.4908 kzitlow@ccmclending.com www.kellyzitlow.com Cherry Creek Mortgage Co., Inc. NMLS#3001 AZ BK#0904024 17015
More informationLending Guide. Section 400 Loan Submission & Standards
General Brokers have the option to submit loans to Rushmore Home Loans, a division of Rushmore Loan Management Services LLC (Rushmore) for underwriting via e-mail, Rushmore s IQ2 System, or courier/mail
More informationMultiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents
Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property
More information13 DOWNPAYMENT PROGRAMS
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can
More informationditech BUSINESS LENDING FHA STREAMLINE REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15
NON- 1. PRODUCT DESCRIPTION 2. ELIGIBLE PROGRAMS 3. CURRENT FIRST MORTGAGE ELIGIBILITY FHA Fixed Rate and ARM Mortgages for Streamline Refinance Transactions Fixed Rate 5 to 30 year term in annual increments
More informationDr. Debra Sherrill Central Piedmont Community College
Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options
More informationCalifornia Home Finance Authority (CHF)
Presentation for Real Estate Professionals California Home Finance Authority (CHF) 1215 K Street, Suite 1650, Sacramento, CA 95814 www.chfloan.org (855) 740-8422 Often first point of contact for a new
More informationFHA Streamline (Full Credit and Non-Credit Qualifying)
. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply
More informationFHA STREAMLINE REFINANCE PRODUCT PROFILE
Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015
More informationMagnolia Bank VA Refinance Options
Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional loans listed below may
More informationPRODUCT MATRIX 7/25/2012
PRODUCT MATRIX 7/25/2012 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing, registration and closing
More informationCFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE
CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE January 02, 2015 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage Company,
More informationFHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement
Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination
More informationNOTE: This matrix includes overlays, which may be more restrictive than VA requirements. A thorough reading of this matrix is recommended.
VA Refinance IRRRL This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected
More information506 Loan Terms The Loan amount is $14,000.00 and will be a second mortgage lien closed with a DCA-approved Lender s first mortgage.
Chapter 5 Georgia Dream NSP Purchase Program 501 Georgia Dream NSP Purchase Program The Georgia Dream NSP Purchase Program is funded with proceeds from an allocation of federal funds from the Housing and
More informationRevolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined.
Assets Section 2.04 DU Refi Plus Loan Program DU Refi Plus STM to STM Transactions Asset Documentation Requirements Assets must be documented in accordance with DU Refi Plus eligible DU Findings report.
More informationCorporate. Overview. Rate Locks. Wholesale Rate Lock Policy
Corporate Lock Desk Wholesale Rate Lock Policy Overview The Lock Desk Department will issue the daily rate sheets via e-mail as well as upload to www.famwholesale.com site every morning M-F. Sometimes
More informationDU User s Guide for FHA Loans
DU User s Guide for FHA Loans 2003, 2005 Fannie Mae. All rights reserved. Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. FICO is a registered trademark of
More informationSONYMA FHA Plus Correspondent Term Sheet
Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee
More informationVA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country
VA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country Jaime A Garcia 626.768.0700 NMLS 290316 DRE 01148553 Desktop Underwriter is a registered trademark of Fannie
More informationUnderwriting Guideline Matrix
: Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage
More information1030HARP DU REFI PLUS (6/8/12)
1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation
More informationOffice of Homeownership Staff All numbers begin in 404 prefix unless stated otherwise
Training Manual for Originators and Underwriters Georgia Department of Community Affairs Seller Guide Office of Homeownership Staff All numbers begin in 404 prefix unless stated otherwise Phil Cottone,
More informationWelcome to the TSAHC Lender Training
Welcome to the TSAHC Lender Training About Us TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the housing needs of low income Texans and other underserved populations. We fulfill our
More informationFNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed
These guidelines cover the new Temporary Increase in conforming loan limits for high-cost areas authorized by the American Recovery and Reinvestment Act (ARRA). Specifically, the ARRA permits loans originated
More informationOklahoma Housing Finance Agency. Lee Ann Smith Director, Single Family Programs September 16, 2015
1 Oklahoma Housing Finance Agency Lee Ann Smith Director, Single Family Programs September 16, 2015 2 OHFA Description OHFA Advantage program provides first mortgage financing and down payment assistance
More informationditech BUSINESS LENDING FREDDIE MAC ELIGIBLE FIXED RATE TEXAS HOME EQUITY PRODUCT
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage Servicing retained 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are permitted Qualified
More informationTools Required? The Georgia Dream Program? Introduces the. 30 year first mortgage loans @ low fixed rates
Introduces the The Georgia Dream Program? 30 year first mortgage loans @ low fixed rates Down payment assistance loans $5,000 -$20,000 @No monthly payments @No interest Home buyer education & counseling
More informationMORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
More informationConventional Financing
Chapter 6 Conventional Financing 1 Chapter Objectives Identify the characteristics of a conventional loan. Define amortization. Identify different types of conventional loans. Discuss the use of private
More informationVA PROGRAMS PRODUCT MATRIX
OCCUPANCY LTV UNITS CLTV STANDARD PORTFOLIO Purchase O/O 100% 1-4 100% 620 Cash Out O/O 100% 1-4 100% 620 O/O IRRRL 1,2 2 nd Home 3 130% 1-4 130% 4 620 N/O/O Conforming Balance: 580 FICO High Balance:
More informationDesktop Originator/Desktop Underwriter Release Notes DU Version 9.2
Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 October 14, 2014 Last updated December 8, 2014 During the weekend of December 13, 2014, Fannie Mae will implement Desktop Underwriter
More informationVHDA. Homeownership Program Guidelines for Realtors & Lenders. Updated 04/04
VHDA Homeownership Program Guidelines for Realtors & Lenders Updated 04/04 2 Benefits of a VHDA Loan: Creative financing programs Reduced interest rates Lower monthly payments More house for less money
More informationFREQUENTLY ASKED QUESTIONS Updated April 3, 2009
FREQUENTLY ASKED QUESTIONS Updated April 3, 2009 Making Home Affordable: How Genworth Mortgage Insurance Supports the Home Affordable Refinance Program Created to support a recovery in the housing market,
More informationPORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
More informationThink FHA: Session 1
Think FHA: Session 1 Thank you for joining the Webinar! We will begin at 1:00 pm. Your phone will be muted, as there are hundreds of Members on the call. Don t forget to turn on your computer speakers
More informationStandard Eligibility Matrix. DU Refi Plus Matrix. Refi Plus Matrix. Desktop Underwriter Version 9.3 (P. 2 3) (P. 4) (P.
PROGRAMS: Standard Eligibility Matrix Desktop Underwriter Version 9.3 (P. 2 3) DU Refi Plus Matrix (P. 4) Refi Plus Matrix (P. 5) COMMERCE HOME MORTGAGE WHOLESALE / 2030 MAIN STREET, SUITE 500 / IRVINE,
More information96.50% Refinance Cash-Out 620 75% 75% Purchase 620 96.50% 96.50% 45% Refinance, No Cash- 620 97.75% 97.75% 45%
GNMA Portfolio Program Summary Product Types Eligible Programs 30-year Fixed FHA loans 203(b) 1-4 family, 234(c) Condominiums, Standard Balance Loan Purpose Minimum FICO Maximum LTV Maximum CLTV Purchase
More informationAVAILABLE DOWN PAYMENT ASSISTANCE PROGRAMS IN CLARK COUNTY
WISH Program with Housing For Nevada (HFN) To be eligible for WISH funds, the homebuyer must meet the following criteria: Homebuyer must successfully complete 8 hour Homebuyer education class and one on-one-counseling
More information