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Fha Training For Loan Originators Oct 08
FHA Program Benefits ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],1 FAMC FHA Training for Loan Originators – 10/08
FHA Required Disclosures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],FAMC FHA Training for Loan Originators – 10/08 2
For Your Protection:  Get a Home Inspection – Form  HUD-92564-CN 3 FAMC FHA Training for Loan Originators – 10/08
Real Estate Certification and Amendatory Clause – Language from the FHA Handbook  4 FAMC FHA Training for Loan Originators – 10/08
HUD/VA Addendum to the URLA – Form  HUD-92900-A  pg. 1 5 FAMC FHA Training for Loan Originators – 10/08
6 HUD/VA Addendum to the URLA – Form  HUD-92900-A  pg. 2 FAMC FHA Training for Loan Originators – 10/08
7 HUD/VA Addendum to the URLA – Form  HUD-92900-A  pg. 3 FAMC FHA Training for Loan Originators – 10/08
8 HUD/VA Addendum to the URLA – Form  HUD-92900-A  pg. 4 FAMC FHA Training for Loan Originators – 10/08
Important Notice to Homebuyers  Form  HUD-92900-B pg. 1 9 FAMC FHA Training for Loan Originators – 10/08
Important Notice to Homebuyers – Form  HUD-92900-B pg. 2 10 FAMC FHA Training for Loan Originators – 10/08
Informed Consumer Choice Disclosure – No Form # - See ML 99-23 Pg. 1 11 FAMC FHA Training for Loan Originators – 10/08
Informed Consumer Choice Disclosure – No Form # - See ML 99-23 Pg. 2-instructions 12 FAMC FHA Training for Loan Originators – 10/08
Positive Program Revisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],13 FAMC FHA Training for Loan Originators – 10/08
Resources and Technology ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],14 FAMC FHA Training for Loan Originators – 10/08
Glossary of FHA Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],15 FAMC FHA Training for Loan Originators – 10/08
FHA Programs (“Sections”) ,[object Object],[object Object],[object Object],16 FAMC FHA Training for Loan Originators – 10/08 Description Section No. Characteristics: Regular 203(b) -Fixed Rate or ARM -can be used for 1 to 4-unit properties -used for PUDS, but NOT Condos -Requires Upfront & Annual Renewal MMI -most widely used section Condos 234(C) -used only for condos (No PUDS) -Requires Upfront & Annual Renewal MMI -Fixed Rate or ARM
Calculating  Base  Loan Amounts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Purchase Transactions/Low Closing Costs States) 17 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],Maximum Base Loan Amount Formulas Low  Closing Costs State AV/SP**equals or less than $50,000  AV/SP greater than $50,000   up to $125,000   #1  X 98.75%  #2  X 97.65% ------------------------  ---------------------------  Maximum Base Loan  Maximum Base Loan AV/SP > than $125,000 #3  X 97.15%   --------------------------- Maximum Base Loan 18 FAMC FHA Training for Loan Originators – 10/08
Calculating Base Loan Amounts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],( Purchase Transactions/ High  Closing Cost States) 19 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Maximum Base Loan Amount Formulas High  Closing Costs State 20 FAMC FHA Training for Loan Originators – 10/08
Calculating the Minimum Investment ,[object Object],[object Object],[object Object],[object Object],[object Object],(For purchase transactions) 21 FAMC FHA Training for Loan Originators – 10/08
Closing Costs Information (per Mortgage Letter 2006-04) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],22 FAMC FHA Training for Loan Originators – 10/08
Calculating Total Loan Amounts (for purchase transactions) Base Loan Amount:  May not exceed  the county's "Statutory" loan limit. (see   https://entp.hud.gov/idapp/html/hicostlook.cfm ) Total Loan Amount:  May exceed  the county's loan limit, but only by the amount of  financed Up-Front MIP (UFMIP). 23 FAMC FHA Training for Loan Originators – 10/08
Up-Front /Annual Mortgage Insurance Premiums ,[object Object],[object Object],LOAN TERMS <= 15 YEARS 24 FAMC FHA Training for Loan Originators – 10/08 LOAN TERMS > 15 YEARS Purchase/Non-Streamline Refinance UFMIP Annual  > 95% LTV 1.75% 0.55% <  95% LTV 1.75% 0.50% Streamline Refinance (including credit-qualifying) UFMIP Annual  > 95% LTV 1.50% 0.55% <  95% LTV 1.50% 0.50% Purchase/Non-Streamline Refinance UFMIP Annual  > 90% LTV 1.75% 0.25% <  90% LTV 1.75% 0.00% Streamline Refinance (including credit-qualifying) UFMIP Annual  > 90% LTV 1.50% 0.25% <  90% LTV 1.50% 0.00%
Total Loan Amount Calculation ,[object Object],[object Object],Low Closing Costs States AV/SP equal or less than $50,000   AV/SP greater than $50,000 #1  X 98.75   #2  X  97.65% ______________________   ____________________ Maximum Base Loan*   Maximum Base Loan* AV/SP greater than $125,000 #3  X 97.15 __________________________ Maximum Base Loan* High Cost Closing States AV/SP equals or less than $50,000 AV/SP greater than $50,000 #4  X 98,75% #5  X 97.75% _____________________________ ________________________ Maximum Base Loan *   Maximum Base Loan * * Subject to required minimum 3% cash investment TIP:  Access FHA’s “Maximum Mortgage and Cash Needed Calculator” http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/mortca.xls  (for purchases only) 25 FAMC FHA Training for Loan Originators – 10/08
Step #2 Select UFMIP Factor and Multiply by Base Loan Amount Total Loan Amount Calculation (cont’d) 26 FAMC FHA Training for Loan Originators – 10/08 30-Year Loan 15-Year Loan Base Loan Amount X  1.75 = Upfront MIP + Base Loan Amount = Total Loan Amount Base Loan Amount X  1.75  = Upfront MIP + Base Loan Amount = Total Loan Amount
Calculating Cash-To-Close ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],27 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Estimating Prepaid Closing Costs 28 FAMC FHA Training for Loan Originators – 10/08
Calculating Exercise for purchase transaction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],29 FAMC FHA Training for Loan Originators – 10/08
FAMC FHA Training for Loan Originators – 10/08 30
FAMC FHA Training for Loan Originators – 10/08 31
FAMC FHA Training for Loan Originators – 10/08 32
33 FAMC FHA Training for Loan Originators – 10/08
Restrictions to Maximum FHA Loan Amounts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],34 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],35 FAMC FHA Training for Loan Originators – 10/08
Debt Policies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],36 FAMC FHA Training for Loan Originators – 10/08
“ Effective” Gross Income ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],37 FAMC FHA Training for Loan Originators – 10/08
“ Effective” Gross Income (cont’d) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],38 FAMC FHA Training for Loan Originators – 10/08
FHA Qualifying Ratios ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],39 FAMC FHA Training for Loan Originators – 10/08
Gift Funds Documentation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],40 FAMC FHA Training for Loan Originators – 10/08
Gift Funds Documentation (cont’d) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],41 FAMC FHA Training for Loan Originators – 10/08
Credit Policies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],42 FAMC FHA Training for Loan Originators – 10/08
Credit Policies (cont’d) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],43 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Credit Policies (cont’d) 44 FAMC FHA Training for Loan Originators – 10/08
Credit Policies (cont’d) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],45 FAMC FHA Training for Loan Originators – 10/08
Checking The Credit Alert System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],46 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],Checking The Credit Alert System (cont’d) 47 FAMC FHA Training for Loan Originators – 10/08
Case Number, Appraisal & Termite ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],48 FAMC FHA Training for Loan Originators – 10/08
FHA New Construction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],49 FAMC FHA Training for Loan Originators – 10/08
Required New Construction Exhibits – UNDER CONSTRUCTION “ High Ratio”:  LTV > 90%  “Low Ratio”: LTV ≤ 90%   50 FAMC FHA Training for Loan Originators – 10/08 ONE  OF THE FOLLOWING: ONE  OF THE FOLLOWING: Building Permit  (or equivalent) AND  Certificate of Occupancy  (or equivalent)  by the local authority. BOTH ARE REQUIRED :  If the local authority does not issue both a BP and CO, then a 10-yr Warranty must be provided.  THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. Certificate of Occupancy  (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty  Acceptance Letter AND  Certificate of Occupancy  (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty  Acceptance Letter AND  Final Inspection by HUD Fee Inspector  (appraiser may  not  perform the final inspection) Final Inspection by HUD Fee Inspector PLUS  ALL  OF THE FOLLOWING: PLUS  ALL  OF THE FOLLOWING: In  Termite States :   NPCA-99a (always) Add NPCA-99b if soil treatment method is used In  Termite States :   NPCA-99a (always) Add NPCA-99b if soil treatment method is used Health Authority Approval  on well and septic, if applicable  Health Authority Approval  on well and septic, if applicable Builders Certification  (HUD-92541)  signed & dated up to 30 days prior to appraisal date  Builders Certification  (HUD-92541)  signed & dated up to 30 days prior to appraisal date  Builder’s 1-Year Warranty  (HUD-92544) “Warranty of Completion of Construction”
Required New Construction Exhibits – PROPOSED CONSTRUCTION “ High Ratio”:  LTV > 90%  “Low Ratio”: LTV ≤ 90%   51 FAMC FHA Training for Loan Originators – 10/08 ONE  OF THE FOLLOWING: ONE  OF THE FOLLOWING: Building Permit  (or equivalent) AND  Certificate of Occupancy  (or equivalent)  by the local authority. BOTH ARE REQUIRED :  If the local authority does not issue both a BP and CO, then a 10-yr Warranty must be provided.  THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. Certificate of Occupancy  (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty  Acceptance Letter AND  Certificate of Occupancy  (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty  Acceptance Letter AND  Final Inspection by HUD Fee Inspector Final Inspection by HUD Fee Inspector 3 Inspections by HUD Fee Inspector  (footing/ framing/final).  1 st  & 2 nd  inspections must be cleared by FAMC prior to docs.  Only the 3 rd  (final) inspection may be cleared at funding .  APPRAISAL MUST BE COMPLETED PRIOR TO START OF CONSTRUCTION.   If construction was underway at the time of appraisal, LTV is limited to 90% unless the builder provides a 10-yr warranty or  Early Start Letter.   PLUS  ALL  OF THE FOLLOWING: PLUS  ALL  OF THE FOLLOWING: Termite States :   NPCA-99a (always) Add NPCA-99b if soil treatment method is used Termite States :   NPCA-99a (always) Add NPCA-99b if soil treatment method is used Health Authority Approval  on well and septic, if applicable Health Authority Approval  on well and septic, if applicable Builders Certification  (HUD-92541)  signed & dated up to 30 days prior to appraisal date  Builders Certification  (HUD-92541)  signed & dated up to 30 days prior to appraisal date  Builder’s 1-Year Warranty  (HUD-92544) “Warranty of Completion of Construction”
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],FHA New Construction (cont’d) 52 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],FHA New Construction (cont’d) 53 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],54 FAMC FHA Training for Loan Originators – 10/08
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],FAMC FHA Training for Loan Originators – 10/08 55

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Fha Training For Loan Originators Oct 08

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  • 4. For Your Protection: Get a Home Inspection – Form HUD-92564-CN 3 FAMC FHA Training for Loan Originators – 10/08
  • 5. Real Estate Certification and Amendatory Clause – Language from the FHA Handbook 4 FAMC FHA Training for Loan Originators – 10/08
  • 6. HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 1 5 FAMC FHA Training for Loan Originators – 10/08
  • 7. 6 HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 2 FAMC FHA Training for Loan Originators – 10/08
  • 8. 7 HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 3 FAMC FHA Training for Loan Originators – 10/08
  • 9. 8 HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 4 FAMC FHA Training for Loan Originators – 10/08
  • 10. Important Notice to Homebuyers Form HUD-92900-B pg. 1 9 FAMC FHA Training for Loan Originators – 10/08
  • 11. Important Notice to Homebuyers – Form HUD-92900-B pg. 2 10 FAMC FHA Training for Loan Originators – 10/08
  • 12. Informed Consumer Choice Disclosure – No Form # - See ML 99-23 Pg. 1 11 FAMC FHA Training for Loan Originators – 10/08
  • 13. Informed Consumer Choice Disclosure – No Form # - See ML 99-23 Pg. 2-instructions 12 FAMC FHA Training for Loan Originators – 10/08
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  • 24. Calculating Total Loan Amounts (for purchase transactions) Base Loan Amount: May not exceed the county's &quot;Statutory&quot; loan limit. (see https://entp.hud.gov/idapp/html/hicostlook.cfm ) Total Loan Amount: May exceed the county's loan limit, but only by the amount of financed Up-Front MIP (UFMIP). 23 FAMC FHA Training for Loan Originators – 10/08
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  • 27. Step #2 Select UFMIP Factor and Multiply by Base Loan Amount Total Loan Amount Calculation (cont’d) 26 FAMC FHA Training for Loan Originators – 10/08 30-Year Loan 15-Year Loan Base Loan Amount X 1.75 = Upfront MIP + Base Loan Amount = Total Loan Amount Base Loan Amount X 1.75 = Upfront MIP + Base Loan Amount = Total Loan Amount
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  • 31. FAMC FHA Training for Loan Originators – 10/08 30
  • 32. FAMC FHA Training for Loan Originators – 10/08 31
  • 33. FAMC FHA Training for Loan Originators – 10/08 32
  • 34. 33 FAMC FHA Training for Loan Originators – 10/08
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  • 51. Required New Construction Exhibits – UNDER CONSTRUCTION “ High Ratio”: LTV > 90% “Low Ratio”: LTV ≤ 90% 50 FAMC FHA Training for Loan Originators – 10/08 ONE OF THE FOLLOWING: ONE OF THE FOLLOWING: Building Permit (or equivalent) AND Certificate of Occupancy (or equivalent) by the local authority. BOTH ARE REQUIRED : If the local authority does not issue both a BP and CO, then a 10-yr Warranty must be provided. THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Final Inspection by HUD Fee Inspector (appraiser may not perform the final inspection) Final Inspection by HUD Fee Inspector PLUS ALL OF THE FOLLOWING: PLUS ALL OF THE FOLLOWING: In Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used In Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used Health Authority Approval on well and septic, if applicable Health Authority Approval on well and septic, if applicable Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builder’s 1-Year Warranty (HUD-92544) “Warranty of Completion of Construction”
  • 52. Required New Construction Exhibits – PROPOSED CONSTRUCTION “ High Ratio”: LTV > 90% “Low Ratio”: LTV ≤ 90% 51 FAMC FHA Training for Loan Originators – 10/08 ONE OF THE FOLLOWING: ONE OF THE FOLLOWING: Building Permit (or equivalent) AND Certificate of Occupancy (or equivalent) by the local authority. BOTH ARE REQUIRED : If the local authority does not issue both a BP and CO, then a 10-yr Warranty must be provided. THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Final Inspection by HUD Fee Inspector Final Inspection by HUD Fee Inspector 3 Inspections by HUD Fee Inspector (footing/ framing/final). 1 st & 2 nd inspections must be cleared by FAMC prior to docs. Only the 3 rd (final) inspection may be cleared at funding . APPRAISAL MUST BE COMPLETED PRIOR TO START OF CONSTRUCTION. If construction was underway at the time of appraisal, LTV is limited to 90% unless the builder provides a 10-yr warranty or Early Start Letter. PLUS ALL OF THE FOLLOWING: PLUS ALL OF THE FOLLOWING: Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used Health Authority Approval on well and septic, if applicable Health Authority Approval on well and septic, if applicable Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builder’s 1-Year Warranty (HUD-92544) “Warranty of Completion of Construction”
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