The document discusses the requirements for the FHA Pre-Foreclosure Sale (PFS) program and VA Compromise Sale Program (VACSP). Key points include:
1) For FHA PFS, the home must be listed at the appraised value for at least 90 days with a real estate broker. If sold within 90 days, the seller receives a $1000 incentive.
2) Financial hardship must be demonstrated for both programs. For VA loans before 1989, the seller must sign a promissory note.
3) Net sale proceeds must meet minimum thresholds (88% of value for first 30 days for FHA). Closing costs must be reasonable and customary.
4)
The document compares conventional loans and FHA loans. Some key differences include:
- Conventional loans require a minimum 10% down payment while FHA loans require only 3.5% down.
- FHA loans have more flexible credit requirements and allow gifts, unpaid collections up to $5k, and non-occupant co-borrowers.
- Conventional loans have tiered pricing based on credit score while FHA pricing is the same regardless of score.
Camp oamp webinar fha updates thru ml 10-29 sept (2)gingerbell
The document summarizes changes to FHA programs from 2010 and prior. Key points include:
1) HERA in 2008 permanently increased loan limits and banned seller-assisted down payments. Minimum required investment is now 3.5% of value.
2) The ARRA in 2009 temporarily extended higher loan limits until December 2010. Condo requirements were updated, allowing smaller projects and site condos without approval.
3) Starting in 2010, appraiser independence rules prohibit commission-based selections. Validity periods changed to 120 days for all appraisals. Short sales now treated as foreclosures for 3 years.
The document discusses changes to FHA loan programs and limits for 2008, including:
1) New higher loan limits up to $729,750 due to economic stimulus packages that aim to stimulate the struggling housing market.
2) Reforms to FHA including lower down payment requirements of 3.5%, more flexible underwriting, and a 12-month moratorium on risk-based mortgage insurance premiums.
3) Key differences between FHA and conventional loans through FNMA/FHLMC, with FHA generally being more flexible regarding low down payments, lower credit scores, and other factors.
This document provides an overview and agenda for a CALHFA program training offered through Affinity Lending Group. It discusses CalHFA eligibility guidelines including income limits, sales price limits, and underwriting standards. It also outlines CalHFA's first mortgage and down payment assistance programs, as well as Affinity Lending Group's support services.
The document provides an overview of various FHA loan programs offered through Affinity Lending Group including standard FHA, FHA jumbo, FHA streamline, and FHA secure programs. It outlines eligibility guidelines, underwriting guidelines, and other details of the programs. Affinity Lending Group has been assisting first-time homebuyers and those needing down payment assistance since 2003 through these FHA loan options.
1.A (8.5) All Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of Chenoa Fund's DPA programs. It includes:
1. A training series outline covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
2. An overview of Chenoa Fund's general DPA programs including eligible property types, underwriting by the lender, and reimbursement when the first mortgage is sold to CBC Mortgage Agency.
3. Summaries of Chenoa Fund's specific DPA programs including details on eligible borrowers, loan terms, income limits, minimum credit scores, maximum DTI, and other requirements. Programs include Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second
1.C (8.5) Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics like Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, down payment assistance approvals, document drawing, and loan servicing. Product details are also provided for conventional 97% LTV loans and HomeReady loans, including requirements for down payment assistance, income limits, minimum credit scores, loan terms, and more. Clarifications are also included around lender fees, verification of housing expenses, and maximum origination fees.
The document discusses the requirements for the FHA Pre-Foreclosure Sale (PFS) program and VA Compromise Sale Program (VACSP). Key points include:
1) For FHA PFS, the home must be listed at the appraised value for at least 90 days with a real estate broker. If sold within 90 days, the seller receives a $1000 incentive.
2) Financial hardship must be demonstrated for both programs. For VA loans before 1989, the seller must sign a promissory note.
3) Net sale proceeds must meet minimum thresholds (88% of value for first 30 days for FHA). Closing costs must be reasonable and customary.
4)
The document compares conventional loans and FHA loans. Some key differences include:
- Conventional loans require a minimum 10% down payment while FHA loans require only 3.5% down.
- FHA loans have more flexible credit requirements and allow gifts, unpaid collections up to $5k, and non-occupant co-borrowers.
- Conventional loans have tiered pricing based on credit score while FHA pricing is the same regardless of score.
Camp oamp webinar fha updates thru ml 10-29 sept (2)gingerbell
The document summarizes changes to FHA programs from 2010 and prior. Key points include:
1) HERA in 2008 permanently increased loan limits and banned seller-assisted down payments. Minimum required investment is now 3.5% of value.
2) The ARRA in 2009 temporarily extended higher loan limits until December 2010. Condo requirements were updated, allowing smaller projects and site condos without approval.
3) Starting in 2010, appraiser independence rules prohibit commission-based selections. Validity periods changed to 120 days for all appraisals. Short sales now treated as foreclosures for 3 years.
The document discusses changes to FHA loan programs and limits for 2008, including:
1) New higher loan limits up to $729,750 due to economic stimulus packages that aim to stimulate the struggling housing market.
2) Reforms to FHA including lower down payment requirements of 3.5%, more flexible underwriting, and a 12-month moratorium on risk-based mortgage insurance premiums.
3) Key differences between FHA and conventional loans through FNMA/FHLMC, with FHA generally being more flexible regarding low down payments, lower credit scores, and other factors.
This document provides an overview and agenda for a CALHFA program training offered through Affinity Lending Group. It discusses CalHFA eligibility guidelines including income limits, sales price limits, and underwriting standards. It also outlines CalHFA's first mortgage and down payment assistance programs, as well as Affinity Lending Group's support services.
The document provides an overview of various FHA loan programs offered through Affinity Lending Group including standard FHA, FHA jumbo, FHA streamline, and FHA secure programs. It outlines eligibility guidelines, underwriting guidelines, and other details of the programs. Affinity Lending Group has been assisting first-time homebuyers and those needing down payment assistance since 2003 through these FHA loan options.
1.A (8.5) All Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of Chenoa Fund's DPA programs. It includes:
1. A training series outline covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
2. An overview of Chenoa Fund's general DPA programs including eligible property types, underwriting by the lender, and reimbursement when the first mortgage is sold to CBC Mortgage Agency.
3. Summaries of Chenoa Fund's specific DPA programs including details on eligible borrowers, loan terms, income limits, minimum credit scores, maximum DTI, and other requirements. Programs include Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second
1.C (8.5) Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics like Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, down payment assistance approvals, document drawing, and loan servicing. Product details are also provided for conventional 97% LTV loans and HomeReady loans, including requirements for down payment assistance, income limits, minimum credit scores, loan terms, and more. Clarifications are also included around lender fees, verification of housing expenses, and maximum origination fees.
The mortgage process involves several key steps:
1. Getting pre-approved for a mortgage to determine how much you can borrow and protect the interest rate for up to 120 days.
2. Shopping for a home with your pre-approved mortgage amount.
3. Submitting a mortgage application including documents like pay stubs, bank statements, and information about the property.
4. Having conditions like an appraisal met before finalizing the mortgage.
5. Signing legal documents to transfer title and finalize the mortgage.
The document summarizes FHA and VA loan programs that can help buyers with lower credit scores or who have faced prior bankruptcies or foreclosures. Key points include:
- FHA allows lower down payments of 3.5%, higher debt ratios, prior bankruptcies only 2 years old, and gift funds can cover down payment and closing costs. Maximum loan amount is $697,500.
- VA offers zero down payment, prior bankruptcies allowed after 2 years, and gift funds can cover closing costs. Maximum loan amount is $417,000 with no down payment required.
- Both programs accept alternative credit documentation for buyers with credit scores below 620 and allow prior fore
1.C Conventional Chenoa Fund Programs Overview (9.1)Chenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics such as Chenoa Fund programs, underwriting, locking loans, and servicing. Product details are also outlined for HomeReady and 97% LTV conventional loans, including eligibility requirements and terms. Guidelines are clarified for verifying housing expenses, fees, rate sheets, and maximum origination fees.
1.a (v8.3) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including:
1. Chenoa Fund offers down payment assistance programs in the form of second mortgages for conventional and FHA loans.
2. Eligible property types include single family homes, condos, townhomes, and manufactured homes. Income limits, minimum credit scores, loan terms and forgiveness terms vary by specific program.
3. The document reviews the key details and requirements of specific Chenoa Fund programs, including Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second, Conventional Standard 97%, and HomeReady. It also provides a quick comparison matrix of the programs
1.a (v8.2) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include:
1. The training covers Chenoa Fund programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and the purchase clearing process.
2. Chenoa Fund offers 3.5% for down payment and closing cost assistance through second mortgages. Programs are available in all states except New York. First mortgages must be sold to CBC Mortgage Agency.
3. Product options include FHA Rate Advantage, FHA DPA Edge repayable
This document provides an overview and details of Chenoa Fund programs offered by CBC Mortgage Agency. It includes 13 training topics that cover all aspects of the programs from initial registration to loan servicing. The programs offered are Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). Each program is described in 1-2 paragraphs outlining key details such as eligible property types, minimum credit score, income limits, loan terms, and down payment assistance amount.
This document provides an overview and summary of Chenoa Fund's DPA programs, including FHA and conventional loan options. It outlines the key details of 13 different down payment assistance programs such as eligible property types, minimum credit scores, income limits, loan terms, repayment requirements, and more. The training includes modules on calculating AMI, the URLA, underwriting, locking loans, securing approvals, document drawing, purchase clearing conditions, and servicing.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. It outlines the key details of each program such as eligible property types, minimum credit scores, income limits, loan terms, down payment assistance percentages, and other requirements. The summary also includes a comparison matrix and FAQs to help lenders understand program guidelines and determine which options may work best for different borrower situations.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include eligible property types, minimum credit scores, income limits, DTI requirements, terms of the secondary financing, and documentation requirements for verifying housing expenses and credit.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including details on their down payment assistance options for both conventional and FHA loans. The summary includes descriptions of the Rate Advantage, DPA Edge, and conventional standard 97% LTV loan programs, outlining key details such as eligible property types, minimum credit scores, income limits, loan terms, and down payment assistance percentages. Requirements for borrowers with credit scores between 620-659 are also outlined.
This document provides an overview and summary of Chenoa Fund's down payment assistance programs, including:
- Details on 13 training topics covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
- An overview of Chenoa Fund's suite of DPA products offered in all states except New York, including details on approved property types, loan types, fees, underwriting, and more.
- Summaries of Chenoa Fund's specific DPA programs, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional
1.A All Chenoa Fund Programs Overview (10.0)Chenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including details on their down payment assistance options for both conventional and FHA loans. The summary includes descriptions of the Rate Advantage, DPA Edge, and conventional standard 97% LTV loan programs, outlining key details such as eligible property types, minimum credit scores, income limits, loan terms, and down payment assistance percentages. Requirements for borrowers with credit scores between 620-659 are also outlined.
1.C Conventional Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and instructions for Chenoa Fund's training series on their down payment assistance programs. The training covers all aspects of originating and processing loans using Chenoa Fund's conventional and FHA down payment assistance, including program guidelines, underwriting, document drawing, and servicing. Specific topics covered include AMI calculations, the 1003 application, underwriting, locking loans, securing down payment assistance approvals, and post-closing loan purchasing.
Compliance Counsel on Command: CFPB Loan Originator Compensation RulesJeffrey Andersen
Discusses the parameters of the new definition of "loan originator," who is and is not a "loan originator" for purposes of the new rule? Also discussed is the prohibition on dual compensation, prohibited compensation based on a term of a transaction, and restrictions on pooled compensation plans.
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
The document provides an overview of the Home Affordable Foreclosure Alternatives (HAFA) program, which aims to standardize the short sale process. It outlines key terms, eligibility requirements, and steps in the HAFA short sale process. This includes borrower qualification, determining if a short sale or deed-in-lieu is offered, signing a short sale agreement, listing and marketing the property, submitting a purchase agreement, and satisfying liens. The document notes some challenges in implementation, such as lenders meeting timelines and subordinate lien holders accepting payment amounts.
This document provides an overview of FHA loan programs and how they can help borrowers in California's declining housing market. It outlines key features of FHA loans including lower down payment requirements, more flexible credit and debt-to-income ratios, ability to use co-signers and gifts for down payments, and financing for renovations. The summary describes how FHA loans provide alternatives for borrowers with imperfect credit, limited savings, or properties needing repairs by allowing lower credit scores, bank-owned properties, and no required reserves. It concludes by noting other FHA programs like streamlined refinances and reverse mortgages as well as cases where FHA may not be suitable like non-owner occupied homes or borrowers
The mortgage process involves several key steps:
1. Getting pre-approved for a mortgage to determine how much you can borrow and protect the interest rate for up to 120 days.
2. Shopping for a home with your pre-approved mortgage amount.
3. Submitting a mortgage application including documents like pay stubs, bank statements, and information about the property.
4. Having conditions like an appraisal met before finalizing the mortgage.
5. Signing legal documents to transfer title and finalize the mortgage.
The document summarizes FHA and VA loan programs that can help buyers with lower credit scores or who have faced prior bankruptcies or foreclosures. Key points include:
- FHA allows lower down payments of 3.5%, higher debt ratios, prior bankruptcies only 2 years old, and gift funds can cover down payment and closing costs. Maximum loan amount is $697,500.
- VA offers zero down payment, prior bankruptcies allowed after 2 years, and gift funds can cover closing costs. Maximum loan amount is $417,000 with no down payment required.
- Both programs accept alternative credit documentation for buyers with credit scores below 620 and allow prior fore
1.C Conventional Chenoa Fund Programs Overview (9.1)Chenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics such as Chenoa Fund programs, underwriting, locking loans, and servicing. Product details are also outlined for HomeReady and 97% LTV conventional loans, including eligibility requirements and terms. Guidelines are clarified for verifying housing expenses, fees, rate sheets, and maximum origination fees.
1.a (v8.3) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including:
1. Chenoa Fund offers down payment assistance programs in the form of second mortgages for conventional and FHA loans.
2. Eligible property types include single family homes, condos, townhomes, and manufactured homes. Income limits, minimum credit scores, loan terms and forgiveness terms vary by specific program.
3. The document reviews the key details and requirements of specific Chenoa Fund programs, including Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second, Conventional Standard 97%, and HomeReady. It also provides a quick comparison matrix of the programs
1.a (v8.2) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include:
1. The training covers Chenoa Fund programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and the purchase clearing process.
2. Chenoa Fund offers 3.5% for down payment and closing cost assistance through second mortgages. Programs are available in all states except New York. First mortgages must be sold to CBC Mortgage Agency.
3. Product options include FHA Rate Advantage, FHA DPA Edge repayable
This document provides an overview and details of Chenoa Fund programs offered by CBC Mortgage Agency. It includes 13 training topics that cover all aspects of the programs from initial registration to loan servicing. The programs offered are Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). Each program is described in 1-2 paragraphs outlining key details such as eligible property types, minimum credit score, income limits, loan terms, and down payment assistance amount.
This document provides an overview and summary of Chenoa Fund's DPA programs, including FHA and conventional loan options. It outlines the key details of 13 different down payment assistance programs such as eligible property types, minimum credit scores, income limits, loan terms, repayment requirements, and more. The training includes modules on calculating AMI, the URLA, underwriting, locking loans, securing approvals, document drawing, purchase clearing conditions, and servicing.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. It outlines the key details of each program such as eligible property types, minimum credit scores, income limits, loan terms, down payment assistance percentages, and other requirements. The summary also includes a comparison matrix and FAQs to help lenders understand program guidelines and determine which options may work best for different borrower situations.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include eligible property types, minimum credit scores, income limits, DTI requirements, terms of the secondary financing, and documentation requirements for verifying housing expenses and credit.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including details on their down payment assistance options for both conventional and FHA loans. The summary includes descriptions of the Rate Advantage, DPA Edge, and conventional standard 97% LTV loan programs, outlining key details such as eligible property types, minimum credit scores, income limits, loan terms, and down payment assistance percentages. Requirements for borrowers with credit scores between 620-659 are also outlined.
This document provides an overview and summary of Chenoa Fund's down payment assistance programs, including:
- Details on 13 training topics covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
- An overview of Chenoa Fund's suite of DPA products offered in all states except New York, including details on approved property types, loan types, fees, underwriting, and more.
- Summaries of Chenoa Fund's specific DPA programs, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional
1.A All Chenoa Fund Programs Overview (10.0)Chenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including details on their down payment assistance options for both conventional and FHA loans. The summary includes descriptions of the Rate Advantage, DPA Edge, and conventional standard 97% LTV loan programs, outlining key details such as eligible property types, minimum credit scores, income limits, loan terms, and down payment assistance percentages. Requirements for borrowers with credit scores between 620-659 are also outlined.
1.C Conventional Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and instructions for Chenoa Fund's training series on their down payment assistance programs. The training covers all aspects of originating and processing loans using Chenoa Fund's conventional and FHA down payment assistance, including program guidelines, underwriting, document drawing, and servicing. Specific topics covered include AMI calculations, the 1003 application, underwriting, locking loans, securing down payment assistance approvals, and post-closing loan purchasing.
Compliance Counsel on Command: CFPB Loan Originator Compensation RulesJeffrey Andersen
Discusses the parameters of the new definition of "loan originator," who is and is not a "loan originator" for purposes of the new rule? Also discussed is the prohibition on dual compensation, prohibited compensation based on a term of a transaction, and restrictions on pooled compensation plans.
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
The document provides an overview of the Home Affordable Foreclosure Alternatives (HAFA) program, which aims to standardize the short sale process. It outlines key terms, eligibility requirements, and steps in the HAFA short sale process. This includes borrower qualification, determining if a short sale or deed-in-lieu is offered, signing a short sale agreement, listing and marketing the property, submitting a purchase agreement, and satisfying liens. The document notes some challenges in implementation, such as lenders meeting timelines and subordinate lien holders accepting payment amounts.
This document provides an overview of FHA loan programs and how they can help borrowers in California's declining housing market. It outlines key features of FHA loans including lower down payment requirements, more flexible credit and debt-to-income ratios, ability to use co-signers and gifts for down payments, and financing for renovations. The summary describes how FHA loans provide alternatives for borrowers with imperfect credit, limited savings, or properties needing repairs by allowing lower credit scores, bank-owned properties, and no required reserves. It concludes by noting other FHA programs like streamlined refinances and reverse mortgages as well as cases where FHA may not be suitable like non-owner occupied homes or borrowers
The document provides information on FHA loan origination through Fairway Wholesale Lending, including eligibility requirements for borrowers, acceptable sources of down payment and closing costs, maximum loan-to-value ratios and mortgage insurance premiums for different FHA refinance transaction types. Guidelines are presented on FHA underwriting criteria such as credit history, income, assets, occupancy, and citizenship status.
The four Cs of underwriting are:
1. Character - The borrower's credit history
2. Capacity - The borrower's ability to repay based on income
3. Collateral - The value of the property securing the loan
4. Capital - The borrower's available funds, typically a down payment
The four Cs of underwriting are:
1. Character - The borrower's credit history
2. Capacity - The borrower's ability to repay based on income
3. Collateral - The value of the property securing the loan
4. Capital - The borrower's available funds, typically a down payment
This document provides information about different types of mortgages in the US. It defines a mortgage as a debt instrument secured by real estate that requires the borrower to make predetermined payments over many years until they own the property. It describes the foreclosure process that can occur if payments are stopped. It also outlines various types of refinancing options including cash-out refinancing, FHA and VA loans, and conventional mortgages.
FHA Loans Prospect Mortgage is located in Sherman Oaks, CA and is licensed to provide mortgage loans in multiple states. FHA loans have more flexible qualifications than conventional loans, allowing those with less than perfect credit or a low down payment of 3.5% to qualify. They also provide options to help keep homeowners if they encounter financial hardship. FHA loan limits vary by county but range from $271,050 to $729,750.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
New home buying seminar riddell and duncanswbcmarketing
This document provides an overview of the home buying process from obtaining mortgage pre-approval through closing on a new home. It outlines the key steps, including securing pre-approval, finding a home, making an offer, inspections, appraisal, underwriting, and closing. It also provides details on FHA and conventional financing options, down payment assistance programs, and requirements regarding credit, income, and property eligibility. The document was produced by SWBC Mortgage Corporation to guide first-time home buyers through their pathway to home ownership.
The document summarizes a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, which allows senior homeowners to convert home equity into tax-free cash without having to make monthly mortgage payments. Key points covered include: who qualifies for a HECM, how the loan amount is calculated, interest rates, flexible payment options, and the application process. The summary emphasizes that a HECM allows seniors to access home equity for retirement needs while continuing to live in their home.
This document provides information about different types of mortgage loans. It discusses conventional home mortgage loans, FHA-insured loans which provide lower down payment options, VA loans that offer home financing for veterans without a down payment, and FHA 203(k) loans that combine home purchase with funding for repairs. Each loan has different eligibility requirements but can help buyers find the right financing to purchase a home.
1.A All Chenoa Fund Programs Overview (9.1)Chenoa Fund
This document provides an overview and summary of CBCMA's training series on their down payment assistance programs. The 13-part training series covers all aspects of originating, underwriting, and servicing loans using CBCMA's Chenoa Fund DPA products. It also includes program overviews, guidelines, and comparisons for their various FHA and conventional loan options that provide 3.5% assistance for down payments and closing costs.
The document provides information about an advanced mortgage training seminar presented by Rob Ross and Jaime Young on November 11th, 2010 from 11:30am to 1:30pm. The seminar outline includes discussions on loan types, property flipping guidelines, FHA loans, 203K renovation loans, VA loans, portfolio loans, appraisal procedures, mortgage insurance, and condos. Contact information is provided for Rob Ross and the CEO of Potomac Mortgage Group, Ed Dean.
The document provides information about a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, which allows senior homeowners to convert home equity into tax-free cash without having to make monthly mortgage payments or repay the loan until they permanently move out of the home. Key details include how the loan amount is calculated based on home value, interest rates, flexible payment options, qualifications, and the application process.
Buying after a short sale or foreclosure(finished)RandyBett
This document discusses the options and requirements for obtaining a mortgage after a short sale, foreclosure, or bankruptcy. It notes that FHA loans are typically the best option in these situations. For bankruptcies, there is a waiting period of two years for Chapter 7 and one year for Chapter 13. For short sales, the waiting period is three years and a minimum 10% down payment is usually required. For foreclosures, the waiting period to get an FHA loan is three years, though extenuating circumstances may reduce this time with proper documentation.
The document discusses how the HERA of 2008 allows for reverse mortgages to be used for home purchases. It provides an example of a couple who wants to buy a $420,000 home using $250,000 cash from their previous home sale and combining it with a $255,526 lump sum from a reverse mortgage, avoiding monthly payments. The document outlines benefits to realtors, including generating two transactions and access to younger family members by moving seniors to suitable homes. Common objections to reverse mortgages are addressed.
1. The document provides information about reverse mortgage loans for homeowners aged 62 and older. It explains that a reverse mortgage allows homeowners to convert home equity into tax-free funds without monthly payments as long as they live in the home.
2. The proceeds can be used for any purpose and are disbursed as lump sums, monthly payments, or a line of credit. The maximum loan amount depends on the home value, interest rate, and borrowers' age.
3. Borrowers retain ownership and there are no repayment requirements as long as terms are met, such as paying taxes and insurance. When the last borrower dies or moves out permanently, the loan balance must be repaid.
This is geared towards Loan Officer education. Not intended for public distribution. If you are a Loan Officer please contact me for more information and materials.
Similar to FHA VA Loans What Agents Need To Know (20)
Six Steps To Success - add $90k to YOUR Income 9 months or lessJTtheCoach.com
In this course/workshop John Todaro (aka Coach JT) has put together the core building blocks and basics in a condensed format giving you the specific items, if implemented daily, weekly, monthly WILL add $90K or more to your income in $9 months or less. You can reach out to John Todaro (JT) with Fairway Independent Mortgage at 480-286-2384 or by email: JTodaro@Fairwaymc.com. Learn more about John and how he is helping families all across Arizona with their home financing by going to www.JTKnowsLoans.com
Hot to generate leads via Social Media Marketing for Realtors and Loan OfficersJTtheCoach.com
This document provides strategies for generating leads and attracting more customers through proven instant and organic lead generation methods. It discusses how social media marketing compares to traditional marketing, tools to use, and how to move from good to great. It outlines organic lead generation strategies and how to build an online identity. Specific strategies covered include using a blog, establishing a presence on LinkedIn, Facebook, Twitter and YouTube, understanding buyers and engaging them with relevant content, email marketing for lead retention, and content distribution.
In this Learning Lab Coach JT and Mark Taylor take you through the power of ActiveRain and how to leverage it to create your own online identity and take over as a Real Estate agent in your focused farm as we call it BLARMING
This document outlines an education program called Educate2Earn that aims to help real estate professionals double their sales. It proposes delivering continuing education classes to agents to build relationships and trust. It highlights delivering systems, tools, and marketing support to build agents' online identities and increase the value they provide. The program claims it can help agents meet over 600 other agents per year and provide proven plans and support to ensure success in doubling income. It shares positive feedback from agents who have attended classes.
How We Can Help You Grow Your Real Estate CareerJTtheCoach.com
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How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
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In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
1. These courses are approved for Credit by the California Department of Real Estate.
However, this approval does not constitute an endorsement of the views or opinions
which are expressed by the course sponsor, instructor, authors, or lecturers. This material
is for educational purposes only. In no way should any statements or summaries be used
as a substitute for legal or tax advice. It is your responsibility to know and understand
DRE rules and regulations concerning licensing and educational requirements. We will be
pleased to help answer your questions, but the DRE is the final authority - contact them at
916-227-0931 or visit the DRE’s website at www.dre.ca.gov
3. History of the Program
The National Housing Act of 1934 created the
Federal Housing Administration, which was
established during the Great Depression when the
rates of foreclosures and defaults rose sharply.
Foreclosures
Defaults
3
4. History of the Program
This program allowed lower income Americans the
ability to afford homes while at the same time
being a self supporting government backed loan
that allowed banks to lend without the worry of
major default
4
5. Help people realize the “American FHA Mission Revitalize Communities
Stabilize and
Dream” of homeownership
Promote Economic Growth Reduce Defaults/Preserve Neighborhoods
6. FHA Goals
Educate Consumers to make informed choices
Enable individuals to: Simplify the home buying process:
Own homes Remove regulatory barriers
Build equity in their homes
Embrace innovative financing: Provide homeownership and home
Down Payment Assistance retention opportunities to under
Silent seconds deserved, such as:
First time homebuyers
Minorities
Elderly
7. FHA Myths
Too complicated
Too much paperwork
Too expensive for seller
Higher rates
Mortgage insurance cannot be removed
Takes too long to close
Doesn’t benefit the buyer
Doesn’t benefit the seller
You have to have money to close
Conventional is always a better loan
Buyer can’t understand the loan
Government gets involved
7
8. Conventional vs. FHA Loans
Conventional FHA
Two months reserves No reserve requirement
Minimum 3% down with heavy 3.5% Down Payment
Restrictions on FICO , ratios, reserves
Heavy restrictions on Gifts Gift funds allowed, encouraged
No non-occupant Co-borrowers Non-occupant co-borrowers allowed (kiddie condo)
Have Higher qualifying standards
Tiered pricing based on FICO Pricing tiered less severely than Conventional
Up to $5k medical collections can be unpaid
Collections are AUS driven If AUS does not allow
ARMS with caps of 5%/2%/5% ARMS with caps of 1%/5%
ARMS qualify at 2% above note rate ARMS qualify at note rate
8
9. Conventional vs. FHA Loans
Conventional FHA
Private MI required (over 80% LTV) Government insured
Must have DU/LP approval Loan can be manually approved
4 years out of Chapter 7 2 years after Chapter 7
2 yrs. after payoff on Chapter 13 1 yr. of on-time payments after Chapter 13
7 yrs. after Foreclosure (3 yrs with
3 yrs. After Foreclosure
Extenuating circumstances)
Minimum 2 yrs after a short sale Possible to purchase one day
After a short sale*
9
10. FHA Flexible Credit Guidelines
Minimum FICO score is 640*
Minimum time after a Chapter 7 Bankruptcy is 2 years (12 Mos minimum with extenuating
circumstances-see below)
Minimum time period after a Chapter 13 bankruptcy is one year from creditor settlement date with
proof of on time payments for that year
On Short Sale, it is possible to purchase a home one day after closing*
If little credit history is available, alternative credit can be used. Payments
on items such a car insurance, Utility bills or Cell phones can be used
to create the credit required
Minimum time period after a foreclosure is 3 years, unless extenuating circumstances:
Death of wage earner
Serious Illness
Consumer Credit Counseling –must have paid payments on time for 12 mo.
*In some exceptional cases, a score lower than 640 may be acceptable
10
11. Down Payment Sources
• Borrower must make a 3.5% cash investment*
• Borrower’s documented liquid assets (IRA’s or 401K)
• Gift from Relative
• Gift from Charitable organization, union, public agency,
employer or public entity
• Secured Loan
12. Gift Funds
Acceptable Donors (Donor must show evidence of funds):
Relative
Close friend w/clear interest in borrower
Borrower’s employer or labor union
Charitable or Non-Profit organization
12
13. Mortgage Insurance
Government Insured
Since the Government insures the loan, in a declining market there is less effect on
appraisals being chopped than conventional loan insured by a private MI company.
FHA only insures mortgages.
Up Front MI (UFMIP) Monthly MI
To reduce the cost of monthly MI, an upfront
cost of 1.0% of the loan amount is added to the The monthly Mi amount to be paid is calculated by
cost of the loan. This cost is usually financed* taking the base loan amount and multiplying it by
Example: Purchase price is $200,000 .0090
$200k x (.965)=$193,000 (base loan amt.) $193,000 x (.00115)/12 - $184.96 per month.*
$193,000 x (1.01) = $194,930
This is the final loan amount, including financed,
up front MI. *UFMIP changed to 1.0% and monthly
MI.115% 4-18-2011
13
14. Additional Concerns
Property must be owner occupied only! No 2nd homes or investment properties
Borrower must be a legal resident and must have a valid SS# (T.I.N acceptable)
Except for certain circumstances, only one FHA Loan is allowed per family
Title can be held in inter vivos trust
Available products-203(b) & 234 (c)
30 year Fixed
15 year Fixed
1,3,5,7 and 10 year ARM’s
3-2-1 Buydown
2-1 Buydown
Loan Limit – In San Diego County – $546,250
14
15. Additional Concerns
Can only have one FHA loan at any time with the following
exceptions:
Relocation
Increase in family size
Vacating a jointly owned
property
Non-occupying co-borrower
15
16. Condominiums 234 (c)
Subdivision must be FHA approved
Spot approval no longer available
Do NOT trust MLS data-verify approval with a
reputable Loan Officer
16
17. Underwriting
• 4155.1 – Mortgage Credit Analysis
• 4155.2 – Lender’s Guide
• 4060 –Mortgage Approval Handbook
• National Reference Guide
www.hud.gov./offices/hsg/sfh/ref/fhaintro.cfm
• 245 CFR – Parts 200-499 (Code of Federal Regulations)
• Mortgagee Letters
17
18. Investor Overlays
Underwriting
• HVCC
• Not Credit Score dependent
• Derogs in last 12 months, with poor credit
• Cash saved at home
• Commissions from Sale- Family member or Realtor/borrower
• Secondary Financing
18
19. Essential Qualities of an FHA Borrower:
Underwriting
A demonstrated ability to repay their debts and
obligations
Documentation of income to
meet the debts and obligations
The ability to close the transaction
Sound and acceptable assets
19
20. Underwriting
Criteria: FHA’s four C’s
• Character (credit)
• Capacity (income)
• Capital (reserves)
• Collateral (value)
20
21. Qualifying Notes
2 Years
employment/se
lf employment
Must be stable
Must continue
for at least 3
years (Alien
Visa)
Other verified
21
22. Guidelines for Converting Principal Residence to Rental
Implemented to avoid “Buy and Bail”:
Both current and new Borrower can document 75%
payments will be LTV or lower in Current
counted against the Transaction must clearly Principal Residence
borrower’s debt ratios, illustrate purchase is NOT
and; for investment purposes
Relocation – employer
Downsizing or upgrading
Location
22
23. Non-Purchasing Spouse
Credit obligations of the spouse must be included and will be
factored in with borrowers credit obligations (debt ratio) and
used to determine the financial capabilities of the borrower.
Non-Purchasing spouse disclaims
23
24. Appraisal Valuation Conditions
These Valuation Conditions
and protocol help the
appraiser evaluate the
standards required by the
General Acceptability Criteria.
The criteria are described
below. It is helpful &
facilitates the process if the
following items are addressed
prior
to the appraiser viewing
the property.
24
25. Manufactured Housing
Must have HUD ID tag (s) Can only have been moved from
factory to subject home site once;
Must have been manufactured or factory to dealership lot to home site
>June 15, 1976 once (cannot be moved from one home site to
another)
Must be taxed as
real property Must have engineer’s certification
that permanent foundation
meets FHA guidelines
Can purchase land
and home with one loan
26. Refinancing
Streamline Refi without an appraisal:
Maximum loan amount based on :
1. Current principal balance. This is a change that is effective November 1,
2009, and makes it much harder to accomplish a streamlined refinance with
costs built in. A very significant recent change.
26
27. Refinancing
Streamline Refi
No credit required
Can be with or without an appraisal
Restrictions on loan amounts
Refund partial old MIP and finance new MIP
95% Cash out Refi, reduced to 85% after 4-1-09
Must own house >12 months
Cash out for any purpose
Co-borrower can be added for qualifying (must occupy)
Limited to 1-2 unit properties, including Manufactured
27
28. Options for the distressed FHA Homeowner
Loss Mitigation/Foreclosure Prevention Tools:
• Forbearance
• Loan Modification
• Partial Claim
• Short Sale-FHA PFS
• Deed in Lieu
28
29. 2 Types of 203(k) Loans
Streamlined Standard
Most common Known as Rehabilitation/Renovation Mortgage.
Less Common – Much more comprehensive
Intended to facilitate uncomplicated construction project
improvements
$5k minimum for repairs, but allows
Allows up to $35,000 to be used after closing for for all but one foot of the foundation
repairs, which can be part of to be torn down.
the improved value (no minimum threshold)
Requires a consultant
No General Contractor or drawings required Maximum mortgage is lesser of:
Does not allow for structural improvements and 1.Maximum FHA limit, or;
must use licensed and bonded
Sub-contractors* 2.As-Is Value plus cost of rehab, or:
*Subs must take ½ draw, finish the job, then get the other 1/2. 3.110% of “after improved” appraised value
Controlling the elements of the 203(k) process leads to a successful closing.
29
30. 203(k) Streamline
Examples of eligible
work under 203(k)
streamline:
Repair/Replace:
1.Roofs, gutters,
downspouts
2.Heating,
ventilation
3.Plumbing,
electrical systems
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4.Flooring
31. 203(k) Streamline
Examples of ineligible work
under 203(k) streamline:
1. Pool & equipment
2. Structural improvements requiring
drawings, a general contractor or
layered work
3. Relocation of a load bearing wall
4. New construction For more information
5. Room additions on the 203(k) program
6. Repair of structural damage visit:http://www.hud.
7. Work not deemed easily gov./offices/hsg/sfh/2
completed in 6 months 03k/203k--df.cfm
8. Additional living units (if allowed
by zoning)
31
32. 203 (k)
Setting Expectations
• Underwriting Renovation Loans is a
two part process:
Expect conditions from both the
credit underwriter and the
Renovation Lending Dept. And
not necessarily at the same
time. This
product is not
for everyone.
32
33. 203 (k)
Setting Expectations
• Prepare ALL parties involved:
Inform Realtors that you are
applying for renovation financing
Be aware of the close of escrow
date
Inform contractors of the 10%
holdback of draws
Manage your borrowers (buyers)
Allow for longer closing
33
34. VA Loans
Also known as “Government”, but quite a bit different than FHA
100% financing with no monthly MI to $700,000
Funding Fee (per Circular 26-11-12, as of October 1, 2011,
with less than 5% down payment):
1.40% - Active or first time use
1.65% - Active Reserve or Guard Duty
2.80% - Subsequent Use (until October 1, 2012)
Appraisal must be performed by VA approved appraiser
35. VA Loans
What Fees can the Veteran NOT pay?
The following list provides examples of items that cannot be charged to the veteran as
"itemized fees and charges."
1. Lender's appraisals (reviews) 12. Notary fees
2. Lender's inspections, except in construction loan 13. Commitment fees or marketing fees of any
cases secondary purchaser of the mortgage and
3. Loan closing or settlement fees preparation and recording of assignment of
mortgage to such purchaser
4. Document preparation fees
14. Trustee's fees or charges
5. Preparing loan papers or conveyance fees
15. Loan application or processing fees
6. Attorney's services other than for title work
16. Fees for preparation of truth in lending disclosure
7. Photographs
statement
8. Interest rate lock-in fees
17. Fees charged by loan brokers, finders or other
9. Postage and other mailing charges, stationery, third parties whether affiliated with the lender or
telephone calls, and other overhead not
10.Amortization schedules, pass books, and 18. Tax service fees
membership or entrance fees
19. The veteran cannot pay for appraisals requested
11.Escrow fees or charges a.k.a. Loan closing or by parties other than the veteran or lender.
settlement fees
35
36. Where to Get More Information
3 ways to get the facts:
1. ONLINE
http://www.fhaoutreach.gov/FHAFAQ/
FHA’s online resource center, open 24/7
2. E-MAIL
Info@fhaoutreach.com
3. PHONE
(800) CALLFHA – (800) 255-5342
TDD: (877) TDD2HUD – (877) 833-2483
Open Monday-Friday, 8am to 8pm ET
36
37. Where to Get More Information
Other Important Phone Numbers:
• HUD Approved Counseling Agencies
(800) 569-4287
• Loss Mitigation
(888) 297-8685
37
38. Where to Get More Information
Other Websites with information:
• HUD Home Page
http://www.hud.gov or, http://www.espanol.hud.gov
• HUD Knowledge Base
http://answers.hud.gov
• Real Estate Broker/Agent Page
http://www.hud.gov/groups/brokers.cfm
• HUD Contractor Page
http://www.hud.gov/offices/hsg/sfh/reo/mm/mminfo.cfm
• HUD Forms, Handbooks, Mortgagee Letters, etc.
http://www.hudclips.org
38