FHA Streamline 203(k) Guide. Effective as of April 2, 2015 Primary Capital Mortgage
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1 FHA Streamline 203(k) Guide Effective as of April 2, 2015 Primary Capital Mortgage
2 Contents 1. Overview Documentation Allowable Age of Credit Documents Allowable Age of Federal Income Tax Returns Power of Attorney Electronic Signatures Amortization Types Fully Amortizing Fixed-Rate Mortgages Ineligible Mortgage Types Other Loan Attributes and Related Policies Mortgage Loan Limits and LTV s Minimum Loan Amount Minimum Credit Score Escrow Accounts Subordinate Financing Mortgage Insurance Geographic Restrictions FHA Case Number Requirements Interest Credits Identity of Interest Transactions Loan Purpose (k) Streamline Financing General Guidelines Maximum Loan Amount/LTV Documentation & Disclosure Requirements Contractor Requirements Property Eligibility Improvement Expenses and Eligibility Escrow Holdback & Disbursement Procedures
3 1. Overview Primary Capital Mortgage, LLC (PCM) follows FHA Guidelines with the exception of certain overlays listed below and in the posted PCM Overlay Matrix found on When not specifically stated herein, or where conflicts exist between this guide and the FHA handbook, the FHA guidelines will prevail. All loans originated will be in compliance with all federal, state, and local laws including, but not limited to, the Fair Housing Act, the Equal Credit Opportunity Act, and the USA PATRIOT Act. Additionally, all loans must be QM Safe Harbor and ATR compliant. PCM applies prudent underwriting to all loan applications per the content set forth in this guide. PCM reserves the right to apply additional underwriting criteria depending on the overall risk of the loan file in order to support the borrower s ability to repay the mortgage loan. Guidelines subject to change without notice. 2. Documentation 2.1 Allowable Age of Credit Documents Credit Documents (credit report / employment / income / assets) must be no more than 120 days old on the date the note is signed. PCM reserves the right to request updated documentation on files with documents nearing expiration. Title commitments must have an effective date within 90 days of the note date unless gap coverage is present, which will extend the commitment an additional 30 days. 2.2 Allowable Age of Federal Income Tax Returns For certain sources of income, a borrower s federal income tax returns (personal, and if applicable, business returns) will be required. The most recent year s tax return is defined as the last return scheduled to have been filed with the IRS. For example: If Today s Date is Then the Most Recent Year s Tax Return would be. February 15, April 15, December 15,
4 For loans closing on or after the current year tax filing deadline, evidence of filed returns or Application for Extension (IRS Form 4868) will be required. Documentation to support payment of all tax liabilities must be provided (either paid in full or by IRS approved payment arrangement). A Balance Sheet and Profit and Loss Statement will be required on all self-employed borrowers when more than a calendar quarter has elapsed from the date of the last tax filing period. If necessary to support qualifying income, these statements must be audited by a certified tax preparer or accountant. 2.3 Power of Attorney Use of a Power of Attorney is not allowed in conjunction with 203(k) financing 2.4 Electronic Signatures Use of Electronic Signatures, in compliance with HUD Mortgagee Letter , is an allowed for signing the sales contract (if applicable) and initial application disclosures, with the exception of the 4506-T. This form requires an actual signature unless one of the following E-Sign Vendors is utilized: o IDS o DocuSign o DocMagic o Wolters Klumer o Silani o EsignSystems o elynx 3. Amortization Types 3.1 Fully Amortizing Fixed-Rate Mortgages 30 year terms only 3.2 Ineligible Mortgage Types Interest Only ARMs Convertible ARMS Growing-Equity Mortgages (GEM) 3
5 Loans with Negative Amortization Loans with pre-payment penalties Graduated-Payment Mortgages (GPM) Temporary Interest Rate Buydowns Loans with balloon payments High balance mortgages (>417,000) 4. Other Loan Attributes and Related Policies 4.1 Mortgage Loan Limits and LTV s The maximum insurable loan amount is the lesser of the published statutory loan limits for the area, or the LTV as outlined in section of this guide. Current FHA statutory loan limits can be found online at o Loans in excess of $417,000 (total) are not allowed 4.2 Minimum Loan Amount N/A 4.3 Minimum Credit Score Minimum 620 credit score required for all borrowers Borrowers with no credit score are not allowed 4. 4 Escrow Accounts Escrow accounts for taxes and insurance are required on all transactions regardless of LTV 4.5 Subordinate Financing Subordinate financing is not allowed in conjunction with the 203(k) streamline program 4
6 4.6 Mortgage Insurance FHA will charge an upfront premium on all purchase and regular refinance transactions in the amount of 1.75% o Premium is collected regardless of LTV, score or property type o Premium in effect for case numbers assigned on or after April 9, 2012 o o The upfront premium (UFMIP) cannot be partially financed Certain streamline refinances may qualify for a reduced upfront premium as defined below FHA will charge annual premiums based on the case number order date, the initial LTV and the length of the mortgage according to the following schedule: LTV Annual for Loans > 15 years LTV Annual for Loans 15 Years > > o Factors in effect for case numbers assigned on or after January 26, 2015 o Regardless of the amortization term, annual MI premiums will be terminated according to the following guides: Mortgages involving an original principal obligation (before UFMIP) 90%, the annual MIP will be assessed until the end of the mortgage term, or for the first 11 years of the term, whichever occurs first, OR Mortgages involving an original principal obligation (before UFMIP) > 90%, the annual MIP will be assessed until the end of the mortgage term. 4.7 Geographic Restrictions Properties located in a Coastal Barrier Resource System (CBRA) are NOT ELIGIBLE 4.8 FHA Case Number Requirements A newly assigned case number will be required on all transactions, including HUD REO purchases All case number requests must be placed through PCM s valuation department unless transferred by another lender o Case number requests must include certification of an active loan application and accepted, fully executed sales contract as of the date of the case number request. Orders cannot be accepted until this certification can be made. Case numbers will automatically be cancelled by FHA after six months of inactivity. Activity consists of only the following pre-closing actions: 5
7 o Case number assignment, OR o Appraisal logging Case transfers, updates to the borrower name(s), and/or property address do not constitute activity to prevent cancellation. Clear borrower validation must be obtained for all borrowers Case numbers reflecting a prior credit reject will be subject to additional underwriting requirements, including but not limited to: o Documentation from the previous lender to show the reason for the denial, o Documentation from the borrower not previously available to the previous lender to support an approval at the time of the new application, o Documentation to support a change in the borrower s credit status from the date of the previous lender s denial, AND/OR o Additional explanation and/or documentation deemed necessary by PCM underwriting staff When there has not been a change in a borrower s status or new documentation made available that can be used to support an approval, PCM will be unable to proceed with the loan request for FHA financing. 4.9 Interest Credits Interest credits, up to a maximum of 7 days, will be allowed provided there is a documented, unforeseen circumstance and if the interest credit is in the best interest of the borrower Acceptable circumstances include, but are not limited to: o Lock or contract expiration (where extension is not possible) o Program discontinued o Unable to delay closing due to borrower work conflict Files must be documented accordingly Refinances that are delayed will require verification that all mortgage payments due have been properly posted in the month due (e.g., if 3 day right of rescission date falls on or after October 1, verification September s payment has been made and posted in September will be required) 4.10 Identity of Interest Transactions Not Eligible on 203(k) Streamline transactions 6
8 5. Loan Purpose (k) Streamline Financing The FHA 203(k) Streamline loan program allows borrowers to finance the purchase or refinance of a home plus the cost of renovation through a single mortgage. Minor repairs and renovations up to a maximum of $35,000 (to include a contingency reserve) are allowed when supported by an appraisal subject to the stated repairs/renovations. Other than the below stated guides, the credit file will be underwritten according to the standard FHA guidelines in the current HUD handbooks Product is available on a 30 year term only; PCM loan code FHA203(k) Streamline o Purchase and renovate/rehabilitate an existing structure that has been complete for at least one year, OR o Renovate/rehabilitate an existing structure that has been owned/completed for at least one year and refinance the existing outstanding mortgage liens Properties owned free and clear are eligible, however, cash out in addition to the financed cost of repairs is not acceptable General Guidelines The 203(k) Streamline program is intended to enable homebuyers or homeowners to perform uncomplicated rehabilitation/improvements and cosmetic repairs for which plans, consultants, engineers and/or architects are not required. There is no minimum cost threshold for eligibility. Renovations/repairs exceeding a total of $35,000 and/or those requiring plans and specifications, engineers, etc. are ineligible under the Streamlined 203(k) program. Repair/Renovations must begin within a minimum of 30 days after closing and must be completed within six months. FHA anticipates that, in most cases, the borrower should be able to occupy the subject property after loan closing. The FHA ADP code should be noted as 203(k)/702 on all documents, including the case number order request Properties located in a Coastal Barrier Resource System (CBRS) are ineligible Identity of interest transactions are not allowed when utilizing the 203(k) Streamlined loan program. In addition, FHA prohibits the borrower from having any conflict of interest with any other party to the transaction, including the realtor, lender, contractor, consultant or appraiser. Mortgage insurance is collected according to the schedule in Section 4.6 of this guide POAs will not be allowed in conjunction with 203(k) financing Appraisals must be performed by a FHA roster appraiser (General Certified or Certified Residential ONLY) and must provide an As Completed value that is based on the estimated value of the home after the completion of all renovation and repair work 7
9 o All appraisals must be ordered through PCM s valuation department to ensure only qualified appraisers are selected and to comply with FHA appraiser independence guides o The appraisal request must include a complete contractors bid or work write up, in order to determine the scope of work and estimated value based on completion The contractor bid/work write up must be approved by PCM Underwriting prior to placing the appraisal order Loans must be submitted to the PCM closing department a minimum of 48 hours prior to the scheduled closing date Maximum Loan Amount/LTV The required down payment on all purchase transactions is 3.5% The maximum insurable loan amount is the lesser of the published statutory loan limits for the area, or the LTV as outlined below. Current FHA statutory loan limits can be found online at o Loans exceeding $417,000 are ineligible HUD Form 92700, 203(k) Maximum Mortgage Worksheet will be used to calculate the maximum mortgage amount. The loan to value is based on the lesser of: o The sales price or As Is value* plus borrower paid repairs less sales concessions (inducement to purchase, not typical seller contributions), OR o 110% of the As Completed appraised value (100% if property is a condo) *The As Is value will be determined by the DE Underwriter. In most cases the current loan balance on a refinance or sales price on a purchase will be used. A current tax valuation may also be acceptable. A separate As Is appraisal may be required when the underwriter is unable to determine a reasonable As Is value. Purchase: Maximum LTV is 96.5% Rate/Term Refinance: Maximum LTV is 97.75% Documentation & Disclosure Requirements A copy of all the necessary forms, checklists and disclosures may be found on A detailed list of all desired renovations and repairs must be provided to include a minimum of 2 contractor estimates per item/repair and evidence of acceptable contractor licensing (See Contractor Requirements for full details). A 3rd bid may be required at the discretion of PCM Underwriting. The use of PCM s Contractor Bid/Estimate Checklist is highly suggested to ensure that all requirements for approval have been met. Regardless of method used, once the final repair/renovation list has been submitted, changes cannot be made without prior approval from PCM. Vendor estimates are required for those items not requiring actual repair/rehab work to be performed (e.g. purchase of appliances). It is not necessary to obtain two different vendor estimates for appliances when using a major retailer. 8
10 When repairs and/or renovations require the work of a contractor, the homeowner and contractor(s) must sign the Homeowner/Contractor Agreement and Homeowner/Contractor Agreement Addendum prior to closing. A borrower may act as their own contractor provided there is sufficient evidence in the file that the borrower has the time, skills and tools necessary to perform the work. See the Self-Help section of these guides for additional guidelines relating to borrower performed repairs. The borrower(s) must sign the following disclosures/agreements prior to closing: o FHA 203(k) Rehabilitation Agreement o Identity of Interest Certification o HUD Form (k) Borrower Acknowledgment The borrower will also be required to sign the FHA 203(k) Rehab Rider at closing Contractor Requirements When renovations/repairs require the use of a contractor, ALL of the following items must be provided for review and approval: o Copy of current license/credentials/bond, if required by the state or county. License/bond must be valid through the estimated date of completion of the project. o Confirmation the contractor is be able to pull their own permits (when required for the work being performed) o Copy of current liability insurance policy o Resume or evidence of work history to include a minimum of 3 references o A fully completed W-9 form for invoice payment= PCM reserves the right to reject the use of a certain contractor if they are determined to be unacceptable The Contractor Approval Checklist found on is recommended to prevent delays in processing and loan approval Self-help arrangements (projects where the borrower will be performing some or all of the work items) are strongly discouraged by PCM, and will only be allowed in those instances where the borrower s ability to perform the work in a timely, competent and workmanlike manner is documented. The self-help option is not allowed for any project that requires a permit, unless the borrower is a licensed contractor working in the specific field necessary for the repair. The following are required for approval of all self-help arrangements: o The borrower must sign a Self-Help Agreement and fully understand that construction must be completed within 6 months of loan closing (or a shorter period as determined by PCM) o The borrower must agree to provide receipts for all materials purchased (required for direct reimbursement to borrower) o Documentation to support the borrower s experience/expertise to complete the work items (including proper licensing, if applicable) o Bids from licensed contractors must be provided as back-up o Documented cash reserves (based on back up contractor bids, to be held in PCM Escrow account) sufficient to fund the cost of the rehab should the work not be completed by the borrower Borrowers will NOT be reimbursed for their labor 9
11 5.1.5 Property Eligibility Eligible properties include: o Single family attached and detached home o 2-4 Unit owner occupied o Modular homes, additional appraisal conditions may apply o Log homes, additional appraisal conditions may apply o HUD REO o Foreclosures other than HUD owned o FHA approved Condos o Properties located in a PUD Ineligible properties include: o Condotels o Manufactured homes o Working farms o Dome homes o Co-ops o Commercial property o Mixed-use properties o New construction/existing less than one year o Homes that have been completely demolished to the foundation o Homes that have never been completed Properties must be appraised Properties must comply with all HUD requirements for seller seasoning except those permitted under the current FHA flipping prohibition guides Condominiums must comply with the following additional requirements: o Condos must have current FHA approval. A copy of the HUD approval must be in the file at the time of submission and will be required in order to place a case number/appraisal request. The current list of FHA HRAP/DELRAP approved condos may be found at o Renovations and repairs are only allowed to the interior of the condominium unit o No more than 25% of the units in a condominium project may be undergoing renovations at the same time. Each building may have no more than 4 structures. 203(k) financing can be used in conjunction with a HUD REO purchase o The contract should be amended to note the borrower has elected to utilize the 203(k) program for financing o Repairs initially noted in the HUD sales contract/m&m appraisal must first be made and funded from the 203(k) proceeds prior to allocating any funds to borrower preferred repairs o A new appraisal will be required to verify the as completed value to determine the final loan amount o Properties marketed by HUD as uninsurable may be financed using the 203(k) program. Property conditions that result in the uninsurable state of the property must be repaired prior to any borrower preference items. 10
12 5.1.6 Improvement Expenses and Eligibility A maximum of $35,000 may be set aside for renovations, repairs, permits, and other eligible loan expenses. Fees to cover contingency reserves (10%), permits, licensing, title update fees and inspections (home inspection & compliance inspections) must first be set aside prior to the costs for any repairs. Expenses that are eligible for inclusion in the total cost of renovation/repair/rehabilitation are: o Materials o Labor o Construction profit (noted on each work item) o Permits o Home inspection fees o Licenses o Completion/Final inspection fees (1 per draw) o Title update fees (1 per draw) Examples of eligible improvements are listed below, however, this is not an all-inclusive list and other repairs/renovations may be acceptable: o Purchase and installation of appliances, including free-standing ranges, refrigerators, dishwashers, microwaves, washers and dryers, (to include removal/replacement of cabinetry to fit appliances) o Repair/replacement of roofs, gutters and downspouts o Repair/replacement of flooring o Lead-based paint stabilization or abatement of lead-based paint hazards o Mold remediation o Accessibility improvements for persons with disabilities o Replacement of windows and/or doors o Replacement of exterior siding o Repair/replacement/upgrade of an existing HVAC system o Repair/replacement of plumbing and electrical systems o Interior and exterior painting o Minor remodeling that does not involve structural repairs or removing of load bearing walls (e.g.: replacement of kitchen and bath cabinetry and counters, fixtures, etc.) o Weatherization, including storm doors and windows, insulation, weather stripping, etc. o Repair/replacement/addition of exterior decks, patios, and/or porches o Basement finishing and remodeling which does not involve structural repairs o Basement waterproofing o Septic system and/or well repair or replacement o Pool repairs up to a maximum of $1,500 for health and safety correction items only Repairs required to meet FHA Minimum Property Standards must be completed prior to the start of personal preference renovations/rehabilitation The following items/scenarios are not eligible under any circumstance: o Major renovations or remodeling, such as the relocation of a load bearing wall, o New construction, o Repair of structural damage, o Repairs/Renovations requiring detailed drawings or architectural exhibits, o Landscaping or similar site improvements (including driveways and sidewalks), 11
13 o Additions that result in extra living units (also known as accessory dwelling units, in-law suites, etc., o Installation and repair of luxury items such as (this list is not all-inclusive): o Swimming pools (except as noted above) o Hot-tubs o Tennis courts o Gazebos o Barbeque pits o Any repair or improvement requiring a work schedule longer than 6 months, o Repairs/Renovations that require more than 2 payments per specialized contractor, o Repairs or renovations that require the homeowner to be displaced from the property for more than 30 days during the time frame for which the work is being performed. PCM will require the borrower to establish a contingency reserve account to cover the cost of expense overages. o 10% of the total cost of repairs will be set aside for properties with the utilities on at the time of inspection and appraisal. o 20% of the total cost of repairs will be required for properties where utilities have been turned off for winterization at the time of inspection and appraisal. o The contingency requirement is included in the maximum repair/renovation limit of $35,000 (i.e. this would result in a maximum total for repairs of $31, % contingency reserve $ $250 title update and final inspection fees = $34,900) o Excess funds remaining after final escrow disbursement will be applied to principal o If all health and safety concerns have been met, and there are excess funds remaining in the contingency fund, the borrower may provide a change order request to PCM to re-allocate those funds to additional repairs These change order requests must be prepared in the same fashion as original bid requests and must be presented to PCM for approval PRIOR to the start of any additional work being performed Escrow Holdback & Disbursement Procedures The loan will be fully funded and disbursed at closing, with escrow funds being placed in an interest bearing escrow account with PCM When necessary to begin work/purchase materials, a draw will be disbursed to the contractor at closing in an amount not to exceed 50% of the total cost of the repairs on line B1 of the Maximum Mortgage Worksheet o If there are multiple contractors requiring upfront payment, 50% of the cost for each contractor will be released o Disbursement checks will be made payable solely to the contractor o The balance of escrow funds will ONLY be disbursed upon completion of ALL work Upon completion of repairs/renovations and prior to any disbursements, the borrower must provide written acknowledgement that all repairs/renovations have been completed to their satisfaction o A copy of this certification may be found on Repairs/renovation costs totaling less than $15,000 (aggregate) will require final contractor invoices for payment/disbursement of escrow funds 12
14 Repair/renovation costs that exceed $15,000 (aggregate) will require inspection from a FHA Fee Inspector (to be ordered through PCM Valuation department) along with final contractor invoices Remaining disbursement procedures: o After the borrower s loan is set up in the servicing system, PCM will send out a Welcome to PCM package that will explain how the final disbursement works and will provide them with pertinent contact information o Final invoices from the contractor and/or vendors must be submitted in order to disburse remaining funds If the invoice shows that payment has been made in full, the invoice should be accompanied with documentation to show the borrower s direct payment of the invoice The borrower may be reimbursed directly for pre-paid invoices (with proper documentation) If the invoice shows a balance due, funds will be disbursed solely to the contractor o For borrowers doing work themselves with an approved Self-Help Arrangement, a final materials receipt confirming the borrower s out-of-pocket expenses will be required to disburse funds directly to the borrower o Remaining proceeds, including interest earned on the borrower s escrow funds, will be applied to the borrower s principal balance 13
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