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Handouts for FHA Loan Origination webinar

Handouts for FHA Loan Origination webinar

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  • FAIRWAY Wholesale Lending A Division of Fairway Independent Mortgage Corporation FHA Loan OriginationFHA Loan Origination203(b) and 234 (c) Program 1
  • Why choose an FHA loan? Many homebuyers today either do not have sufficient cash-to-close or they do not meet the qualifying guidelines for conventional financing. FHA is more lenient and forgiving when a borrower has credit issues. They also allow the borrower to have more acceptable sources of down payment and monthly income, as well as higher qualifying ratios. HUD was created to help low-moderate income families. It has evolved today for: First-time home buyers Borrowers with minimum established credit Families who have had some credit problems but have overcome their problems and are now credit-worthyFairways FHA sponsorship requirements No audited financial statements required for 2010 and beyond!II Self prepared financial statements acceptable!II Only a $25,000 minimum net worth required or state requirement, whichever is greaterII Sole Proprietors and Partnerships and LLCs with one owner/member Home office allowediii A four (4) hour "FHA Loan Origination" training course is required for broker/partners with little or no FHA lending experience 2
  • DefinitionsLender =Broker4155.1 Discusses the types of transactions and properties eligible for mortgage insurance, and FHAs requirements for determining the borrowers ability and willingness to repay the debt. These underwriting guidelines apply to mortgages insured under Sections 203(b) and 234(c) of the National Housing Act, and are generally applicable to other single-family mortgage insurance programs.Mortgage References, Inc (MRI Quick Reference Guide) This publication is designed to provide, only, a "user friendly" reference for the everyday questions and issues that arise in the work of originating, processing, and underwriting one to four-family FHA-insured mortgagesDefinitionsDirect Endorsement (DE) Direct Endorsement (DE) is the mechanism that enables HUD-Federal Housing Administration (FHA)-approved lenders to consider single-family mortgage applications without first submitting paperwork to HUD. The purpose of the DE program is to simplify and expedite the process by which lenders can obtain mortgage insurance endorsements from HUD. Under FHAs Direct Endorsement (DE) program, approved Lenders may underwrite and close mortgage loans without prior FHA review or approval. The *Iender assumes responsibility for the obligation of the mortgage loan without prior HUD review. This includes all aspects of the mortgage loan application, the property analysis and borrower underwriting. *Note: This assumes that the lender is a DE lender with unconditional approval 3
  • Definitions Technology Open To Approved Lenders (TOTAL) Mortgage Scorecard FHAs TOTAL Mortgage Scorecard evaluates the overall creditworthiness of the applicants based on a number of credit variables and, when combined with the functionalities of the Automated Underwriting Systems (AUS), indicates a recommended level of underwriting and documentation to determine a loans eligibility for insurance by FHA. Taken together, TOTAL and AUS either conclude that the borrowers credit and capacity for repayment of the mortgage are acceptable or will refer the loan application to a Direct Endorsement (DE) underwriter for further consideration and review. It is FHAs policy that no borrower be denied a FHA-insured mortgage solely on the basis of a risk assessment generated by the TOTAL mortgage scorecard.Eligible Borrowers Borrower(s) meeting minimum age per state requirements Non-occupant co-borrower(s) CJ Limited to one unit property only CJ Non-occupant co-borrower(s) may NOT be allowed on a Cash-Out refinance CJ "Kiddie Condos" are also eligible (owned by parents)II Non-purchasing spouse Military PersonalIII Permanent resident alienIII Non-permanent resident alien 4
  • N on Occupying Borrowers aka "I<iddie Condo"• Borrower(s) related by blood, marriage, or law, such as 1:1 spouses 1:1 parent-child 1:1 siblings 1:1 stepchildren 1:1 aunts-uncles 1:1 nieces-nephews, or Unrelated individuals that can document evidence of a family-!ype, longstanding and substantial relationship not arising out of the loan transactIon. Refer to Section 603.02 pages 88-89 in the MRI Quick Reference Guide See Attachment #1 - Guidelines from the HUD 4155.1 Chapter 2, Section B.3.a Citizenship and Immigration Status Lawful permanent resident alien - FHA insures mortgages using the same terms and conditions as those for U.S. citizens. The mortgage file must o include evidence of the permanent residency, and o indicate that the borrower is a lawful permanent resident alien on the Uniform Residential Loan Application (1003) III Non-permanent resident alien - FHA insures mortgage made to non­ permanent resident aliens provided that the o property will be the borrowers principal residence o borrower has a valid SSN, and o borrower is eligible to work in the U.S., as evidenced by an Employment Authorization Document (EAD) issued by the U.S. Citizenship and Immigration Services (USCIS) Refer to Section 601.02 page 75 in the MRI Quick Reference Guide See Attachment #2 - Guidelines from the HUD 4155.1 Chapter 4, Section A.3.a 5
  • FHA Maximum LTV Quick Summary Matrix Transaction Type Maximum LTV III Purchase II 96.5% (3.5% down payment) III Rate and Term Refinance III 97.75% III Streamline Refinance WITH III Lower of 97.75% or max loan Appraisal amount calculation Streamline Refinance WITHOUT N/A - Max loan amount Appraisal calculation applies Cash-Out Refinance 85.0% Second Home Ineligible Investment Property Ineligible FHA allows One-Io-Four Family Living UnHsDown Payment Requirements The FHA down payment requirement is 3.5% CJ Borrower(s) own funds CJ 100% gift from a family member, relative etc. (see Gift slide) CJ Secured borrowed funds (see Secondary Financing slide)III Sale Price X 96.5% = Base Loan Amount Sales Price X 3.5% = Minimum Down Payment 6
  • Down Payment Requirements Assuming a $100,000 sale price 1. What is the down payment? 2. What is the minimum amount the borrower must have in the transaction? If the seller is willing to contribute $1,500 towards closing costs, and closing costs are $2,800, what is the borrowers cash to close without prepaid expenses? Down Payment Requirements Assuming a $100,000 sale price answers1. What is the down payment? $3,5002. What is the minimum amount the borrower must have in the transaction? $3,5003. If the seller is willing to contribute $1,500 towards closing costs, and closing costs are $2,800, what is the borrowers cash to close without prepaid expenses? $4,800 Down payment ($3,500) + Closing Costs ($2,800) - Seller = Contribution ($1,500) $4,800 7
  • An outright gift of cash investment is acceptable if the donor is: The borrowers relative The borrowers employer or labor union A charitable organization A government or public agency that has a program providing ownership assistance to: o Low and moderate income families or o First-time homebuyers A close friend with a clearly defined and documented interest in the borrower Refer to Section 302.03 and 302.04 in MRI Quick Reference GuideSecondary Financing - Family Jlember FHA permits lending from family members on a secured or unsecured basis, up to 100% of the borrowers required funds to close. This may include the down payment, closing costs, prepaid expenses and discount points. If the loan from the family member, whether borrowed from an acceptable source or the family members own savings, is secured by the subject property, only the family member provider may be the note holder. FHA will not approve any form of securitization of the note that results in any entity other than the family member being the note holder, whether at settlement or at any time during the mortgage life cycle. Refer to Section 303.04 pages 50-51 in the MRI Quick Reference Guide 8
  • FHA Refinances Benefits of FHA Refinances Q streamline with or without an appraisal Q higher LTV limits on RatefTerm refinance (up to 97.75%) Q higher LTV limits on Cash out refinance Q allows for higher Oebt-to-Income ratios Q liberal credit requirements New FHA Refinance Transactions guidelines per Mortgage Letter 2011-11. See Attachment # 3. FAQs on Mortgagee Letter 2011-11. See Attachment #4. FHA RefinancesUFMIP RefundsAs of December 8, 2004, on FHA loans where an UFMIP was paid are nolongereligible for refunds. The only exception is that refunds of UFMIPpremiumsavailable to borrowers refinancing to another FHA-insured mortgage(streamline)within a tl UI)front Mortgage mlnnce Premiun Refund Percentages Month of Year Year 1 2 3 4 5 6 1 8 9 10 11 12 1 80 78 76 74 72 70 68 66 64 62 60 58 2 56 54 52 50 48 48 44 42 40 38 36 34 3 32 30 28 26 24 22 20 18 16 14 12 10 - - - ..._..... ~-.".-. ,­ _ _.-. ... __...-­ ___ eo_ 9
  • FHA Refinances Maximum CLTV for Refinances Rate and Tenn (or No Cash·Out) 97.75% Refinances to borrowers in Negative Equity Position" (Not eligible for Fairway Wholesale Lending) 115% FHA·to-FHA Streamline with or without appraisal (Not eligible for Fairway Wholesale Lending) 125% Cash-Out 85% * This refinance option is only available through December 31,2012FHA Maximum Mortgage Limits Mortgage limit for any given area shall be set at 115% of the median house price in that area set by HUDIII Minimum FHA loan limit: =$271,050 (Conforming limit of $417,000 X 65% = $271,050) See Attachment # 5 - List for Illinois Available at HUD website https:/Ientp.hud.gov/idapp/html/hicost1.cfm 10
  • FHA Mortgage Insurance Premiums On all FHA loans, Mortgage Insurance Premium (MIP) is required. upfront mortgage insurance premium (UFMIP), and annual insurance premium, which is collected in monthly installments Upfront MIP (UFMIP): Effective for loans with case numbers assigned on or after 10/4/2010, FHA has lowered its upfront MIP to 1% for: purchase money transactions, and refinance transactions, including :J FHA-to-FHA credit qualifying refinances, and :J non-credit qualifying streamlined refinanced transactions. (Fairway requires a 640 minimum FICO score) = Base Loan Amount X factor (1%) Upfront MIP See Attachment # 6 for FHA Mortgage Insurance Premiums MatrixFHA Mortgage Insurance Premiums Annual Insurance Premiums: An annual premium, as shown in basis pOints on Attachment #4 , to be remitted on a monthly basis, will be charged based on the initial LTV ratio and length of the mortgage term as shown on Attachment #4 = Base Loan Amount X factor divided by 12 Monthly MIP The Upfront MIP and Monthly MIP are always calculated on the base loan amount after the down payment. The Upfront MIP (UFMIP) can be financed back into the base loan amount, rounded down to the nearest $1. See Attachment # 6 for FHA Mortgage Insurance Premiums Matrix 11
  • Mortgage Insurance Premiums For Mortgages with ... The annual MIP is ...terms more than 15 years cancelled when the LTV ratio reaches 78%, provided the borrower has paidterms 15 years and less and LTVratios of 90% and greater the annual MIP for at least five yearsterms 15 years and less and LTV cancelled when the LTV ratioratios of 89.99% and less reaches 78%, regardless of the length Mortgage Insurance PremiumsFHA determines when a borrower has reached 78% LTV ratio based on thelesser of the Sales price, or Appraised value at origination (new appraised values will not be considered)Example: If the lesser of the sales price or appraised value is $100,000, whenthe loan amount reaches $78,000 FHA no longer collects an annual MIP onthe loan. 12
  • FHA Mortgage Insurance Premiums Assuming a $100,000 sales price with a minimum down payment What is the Base Loan Amount? What is the UFMIP? What is the Monthly MIP?FHA Mortgage Insurance Premiums Assuming a $100,000 sales price with a minimum down payment and a 30 year fixed rate product. What is the Base Loan Amount? $100,000 X 96.5% =$96,500 What is the UFMIP? $96,500 X 1% =$965.003. What is the Monthly MIP? $96,500 X .90% divided by 12 =$72.38 (Do NOT drop the cents) Base Loan Amount + UFMIP =Total Loan Amount = $96,500 + $965 $97,465 13
  • Closing Costs and Seller Contribution Limit Closing Costs III Closing costs must be "reasonable" for services provided III Cannot charge the borrower a "Tax Service" fee (it must be paid by seller or lender) ill Can only charge ACTUAL third-party fees Seller Contribution III Allows 6% for interested third parties such as Sellers, Real Estate Agents, Builders, Developers or a combination of parties May contribute up to 6% of the propertys sales price toward the buyers actual closing costs, prepaid expenses, discount points, Buy-down fees, Upfront MIP, 1st year advance payments of property taxes, HOA dues, all escrow items (taxes, hazard insurance, flood insurance) and other financing concessionsClosing Costs and Seller Contribution LimitAssume a $100,000 sales price a minimum down payment, 30 year fixed at4.75% interest and a seller contribution of $2,000 towards closing costs.Closing costs are $3,200. Real Estates taxes are 1.5% of sales price.Homeowners insurance is $480 annually. Prepaids are calculated at 1% ofsales price. Remember to round down the base loan amount to the nearest $1.Base Loan Amount $ 96,500 Total Loan Amount $97,465P&I 508.42 Down payment $ 3,500RE taxes 125.00 Closing Costs 3,200HOI 40.00 Prepaids 1,000Monthly MIP 72.38 Discount pOints __ 0 Total Cash to Close $ 7,700PITI: $ 745.80 Minus Seller Contribution 2,000 Borrower Cash to Close $ 5,700 14
  • Qualifying Ratios II Standard qualifying ratios are PITI to Income of 31% (front) and Total Debt to Income of 43% (back) II Fairway Overlay - up to 55% (back) with AUS "Accept/Approve" Energy Efficient Homes (EEH) - 33% (front) and 45% (back) when borrower is purchasing or refinancing an EEH (Fairway does not allow for EEH)Cash ReservesII No cash reserves required for 1-2 units propertiesiii Three (3) months PITI reserves required for 3-4 unit properties o Cash reserves may come from gift and secondary financing 15
  • Credit Fairway OverlaysIII Requires a minimum of two reported credit scores for each borrowerIII 640 is the minimum FICO score requirement, including all streamline refinances• Non-traditional credit is not eligibleIII Foreclosure o If foreclosure was due to documented/proven hardship, then: ,. If seasoned> 36 months but = < 84 months, maximum LTV is 90% ,. If seasoned> or = 84 months, standard down payment policies apply o If foreclosure was due to financial mismanagement, borrower must have a minimum of 84 months seasoning and re-establish credit Judgments must be paid in full or evidence of a satisfactory repayment plan must be verified for a minimum period of 12 months. Collections do not require payoff unless it is determined that the first lien position could be potentially affected by future legal action. Analysis of credit history to be determined by the DE Underwriter See Attachment # 7 - HUD 4155.1 Chapter 4, Section C.2.d-e. Refer to Section 402 pages 55-56 in the MRI Quick Reference Guide Compensating Factors Documentation: Compensating factors that are used to justify approval of mortgage loans with ratios that exceed benchmark guidelines must be recorded on the Underwriter Comments section of form HUD-92900-LT, FHA Loan Underwriting and Transmittal Summary. Any compensating factor used to justify mortgage approval must be supported by documentation. Total Scorecard Accept Recommendation. The TOTAL Scorecard Accept recommendation does not require documented compensating factors, even if qualifying ratios have exceeded FHA benchmark guidelines. Benchmark Guidelines: Attachment # 8 (HUD 4155.1 Chapter 4, Section F.3.b) describes the compensating factors that may be used to justify approval of mortgage loans with ratios that exceed FHA benchmark guidelines. Refer to Section 405.02 pages 62-63 in the MRI Quick Reference Guide 16
  • Bankruptcy and Credit CounselingPage 1 of2• Chapter 7 Bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must: Q Have re-established good credit (no derogatory credit) or Q Chosen not to incur new credit obligations See attached HUD 4155.1 Chapter 4, Section C.2.g Chapter 13 Bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender document that: u One year of the pay-out under bankruptcy has elapsed and u The borrowers payment performance has been satisfactory u And all required payments have been made on time Note: The borrower must receive written permission from the court to enter into the mortgage transactionBankruptcy and Credit CounselingPage 1 of2Total Scorecard Accept Recommendation - Lender documentation must showtwo years from the discharge date of a Chapter 13 bankruptcy. If the Chapter13 bankruptcy has not been discharged for a minimum period of 2 years, theloan must be downgraded to a Refer and be evaluated by a DirectEndorsement (DE) underwriterFor more information on the TOTAL Scorecard recommendations, see theTOTAL Mortgage Scorecard User Guide. See Attachment # 9 - HUD 4155.1 Chapter 4, Section C.2.h Refer to Section 402 pages 56-57 in the MRI Quick Reference Guide 17
  • Bankruptcy and Credit CounselingPage 2 of2 Credit Counseling does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender document that: o One year of the pay-out under the plan has elapsed and o The borrowers payment performance has been satisfactory and all required payments have been made on time Note: The borrower must receive written permission from the credit counseling agency to enter into the mortgage transaction See Attachment # 9 - HUD 4155.1 Chapter 4, Section C.2.i Refer to Section 402 pages 56-57 in the MRI Quick Reference GuideBankruptcy and Credit CounselingPage 2 of2 Credit Counseling does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender document that: o One year of the pay-out under the plan has elapsed and o The borrowers payment performance has been satisfactory and all required payments have been made on time Note: The borrower must receive written permission from the credit counseling agency to enter into the mortgage transaction Continued on next page 18
  • Bankruptcy and Credit Counseling Page 2 of2 Total Scorecard Accept Recommendation - The borrowers decision to participate in credit counseling does not trigger a requirement for additional documentation since the credit scores already reflect the degradation in credit history. The borrowers credit history, not voluntary participation in consumer credit counseling, is the important variable in scoring the mortgage and, thus, no explanation or other documentation is needed.For more information on the TOTAL Scorecard recommendations, see theTOTAL Mortgage Scorecard User Guide. See Attachment # 9- HUD4155.1 Chapter 4, SectionC.2.i Refer to Section 402 pages 56-57 in the MRI Quick Reference Guide LoansII Debt payments scheduled to begin or come due within 12 months of the mortgage closing, must be included by the lender as antiCipated monthly obligations during the underwriting analysis Debt payments do not have to be classi·fied as projected obligations if the borrower provides written evidence that the debt will be deferred to a period outside the 12-month timeframe Refer to Section 404.03 pages 60-61 in MRI Quick Reference Guide 19
  • "Lenders may pay the borrowers allowable closing costs and/or prepaid items by premium pricing. Costs paid in this manner need not be included as part of the 6% seller contribution limit." The funds derived from a premium priced mortgage: • May never be used to pay any of the borrowers down payment• Must be disclosed on the HUD-1 Settlement Statement. The HUD-1 must include a itemized statement indicating which items are being paid on the borrowers behalf; disclosing a lump sum is not acceptable. Also, the amount paid on the borrowers behalf for each item may not exceed the allowable fee permitted by the jurisdictional HOC.lI! Must be used to reduce principal if the premium pricing agreement establishes a specific dollar amount for closing costs and prepaid expenses with any remaining funds, in excess of actual costs, reverting to the borrower• May not be used for payment of debts, collection accounts, escrow shortages or missed mortgage payments or judgments See Attachment # 10 - HUD 4155.1 Chapter 5, Section A.2.iOrigination and Tax Service Fee Lenders may charge and collect from the borrowers those customary and reasonable costs necessary to close the mortgage. With the exception that a "Tax Service Fee" cannot be charged to a borrower, there are no more "Non­ Allowable" fees and charges as long as fees are customary and reasonable and comply with Federal and State disclosure laws and other applicable laws and regulations FHA no longer limits the origination fee to 1% of the mortgage amount for its standard mortgage insurance programs 20
  • Property Inspection Requirements FHA no longer mandates automatic inspections for the following items and/or conditions in existing properties: IJ Wood Destroying Insects/Organisms: Inspections required only if evidence of active infestation, mandated by the state or local jurisdiction, if customary to area or at lenders discretion or if requested in the Purchase and Sales Agreement o Well (individual water system): Test or inspection required if mandated by state or local jurisdiction; if there is knowledge that the well water may be contaminated; when water supply relies upon water purification system due to presence of contaminants. IJ Septic: Test or inspection required only if (1) evidence of system failure, (2) if mandated by the state or local jurisdiction, (3) if customary to the area, or (4) at lenders discretion. If home has been unoccupied for more than 30 days (and does not meet one of the conditions noted above) the lenders underwriter must decide if an inspection of the system is necessary.Prohibition on Property FlippingPage 1 of 4 Property Flipping - refers to the practice whereby recently acquired property is resold for a considerable profit with an artificially inflated value, often abetted by a lenders collusion with an appraiser To be eligible for a mortgage insured by FHA IJ a property must be purchased from the owner of record o the transaction may not involve any sale or assignment of the sales contract, and o the lender must obtain, and submit in the case binder to HUD, documentation verifying that the seller is the owner of record. Such documentation may include, but not limited to IJ a property sales history report o a copy of the recorded deed from the seller, or o Other documentation, such as a copy of the property tax bill, title commitment, or binder, demonstrating the seller(s)/owner(s) ownership of the property and the dates it was acquired. Note: This requirement applies to all FHA purchase money mortgages, regardless of the time between re-sales. 21
  • I Prohibiti~n on Property Flipping Page 2 of 4 If a property is re-sold 90 days or fewer following the date of acquisition by the seller, the property is not eligible for a mortgage insured by FHA. FHA defines the o sellers date of acquisition as the date of settlement on the sellers purchase of that property, and o resale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan A lender must obtain a second appraisal by another appraiser if o The resale date of the property is between 91 and 180 days following the acquisition of the property by the seller, and o The resale price is 100 percent or more over the price paid by the seller when the property was acquired Note: The cost of the second appraisal may NOT be charged to the borrower. --------_._-­, Prohibitio;~n Proper~ Flippingi Page 3 of 4 FHA reserves the right to require additional documentation from a lender to support the resale value of the property if: (J The resale date is more than 90 days after the date of acquisition by the seller, but before the end of the twelfth month following the date of acquisition, and (J The resale price is 5 percent or greater than the lowest sale price of the property during the preceding 12 months. At FHAs discretion, such documentation may include, but not limited to, an appraisal from another appraiser. The only exceptions to the 90 day resale restriction are for o properties acquired by an employer or relocation agency in connection with the relocation of an employee (J re-sales by HUD under the Real Estate Owned (REO) program (J sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies 22
  • Prohibition on Property FlippingPage 4 of 4 D sales of properties by nonpro-fits approved to purchase HUD owned single family properties at a discount with the resale restrictions D sales of properties that are acquired by the seller by inheritance D sales of properties by state and federally-chartered financial institutions and government sponsored enterprises D sale of properties by local and state government agencies, and D sales of properties within Presidentially Declared Disaster Areas Any subsequent re-sales of the properties described above must meet the 90 day threshold in order for the mortgage to be eligible as security for FHA insurance. Refer to Section 105 pages 15-17 in MRI Quick Reference Guide See Attachment # 11- HUD 4155.2, Section 4.7.a-hHow do I stay informed andGet the Answers I need You can subscribe to Mortgage References, Inc. (MRI) "Quick Reference Guide". We feel that this is the best FHA reference guide in the industry. Please see Attachment # 12 - MRI order form. http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm Here you can subscribe to the FHAs Single Family Housing Industry Email List. Please see Attachment # 12 - Screen shot. http://www.fhaoutreach.gov/FHAFAQI Many questions posed to the FHA Resource Center are answered here. There are over 1,200 questions and answers in the FHA online knowledge base from the very basic eligibility questions to technical underwriting and appraisal questions. Please see Attachment # 12 - Screen shot. 23
  • How do I stay informed and Get the Answers I need http://www.allregs.com/ We recommend subscribing to Allregs FREE email alert service for lending industry update notices. Please see Attachment # 12 - Screen shot. www.adfinet.com We highly recommend this FREE regulations search engine. Please see Attachment # 12 - Screen shot. Email: jerrold.h.mayer@hud.gov "How do you sign up yourself as well as your entire staff for FHA email updates?" It is easy ... just list email addresses like this: xxx@abc.com yyy@abc.com zzz@abc.com You can send one email or thousands. Email your list to: jerrold.h.mayer@hud.gov How do I stay informed and Get the Answers I need http://portal.hud.gov/portal/page/portaI/HUD/groups/lenders FHAs "Lender Partner" Resource Center. Please see Attachment # 12 - Screen shot. http://www.hud.gov/offices/adm/hudclips/ Search site for Handbooks, Forms and Mortgagee Letters. Please see Attachment # 12 - Screen shot III http://www.hud.gov/offices/hsg/keywords.cfm Keyword Search Index. Please see Attachment # 12 - Screen shot.111 http://www.hud.gov/assistlsiteindex.cfm Site Search Index. Please see Attachment # 12 - Screen shot 24
  • do I stay informed and Get the Answers I need http://wwwfhaoutreach.gov/FHAHandbook/prod/index.asp FHA Online Handbooks. Please see Attachment # 12 - Screen shot. Email: info@fhaoutreach.com You can email the FHA Resource Center for answers to many questions you may have. Call (800) CALL-FHA or (800) 225-5342 FHA Resource Center available Monday-Friday, 8 AM to 8 PM Eastern Time http://www.hud.gov/officesladm/hudclips/handbooks/hsgh/4155.1 141551 HSGH.pdf The 4155.1 is the official 406 page Mortgage Credit Analysis Handbook for FHA. For quicker access to FHA questions, the MRI Quick Reference Guide is a better alternative. See Attachment # 12 for order form.How do I stay informed andGet the Answers I need FHA TOTAL Mortgage Scorecard User Guide - Please see Attachment # 13 for a copy.III FHA TOTAL Mortgage Scorecard FAQs - Please see Attachment # 14 for a copy. 25
  • I FHA-Documentation Checklist, FHA For~s and Fairway Specific Forms I!iI FHA Documentation Checklist (for training purposes only) and copy of Loan Submission Form. Please see Attachment # 15 for documents. FHA Mortgage Insurance Premiums - Please see Attachment # 6. FHA Specific Forms, Product Guidelines and Matrices - Please see Attachment # 16. 26