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FHA
| Program Titles |
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30IF, 15IF, S30I, S15If |
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| Program Description |
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FHA 30 and 15 Year Fixed |
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| Loan Terms |
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30 Year and 15 Year Amortization |
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| Eligible Transaction |
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Purchase, Rate/Term Refinance, Streamline Refinance, Cash Out Refinance |
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| Loan Size Limit |
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Maximum loan amount per FHA
guidelines. Maximum loan amount which may be submitted under any program is
determined by analyzing Property Definition, Statutory Limits, Maximum LTV,
and Minimum Cash Investment of 3%. |
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| LTVs |
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While the 3% cash investment
requirement applies to all eligible transactions in all States regardless of
value, the legislation provides a sliding scale for mortgage calculations
based on average state closing Costs and values/sale prices. The Maximum mortgage
may not exceed the amounts described below.
| Low Closing Cost States |
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98.75%
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For properties with values/sales prices equal or
less than $50,000. |
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97.65%
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For properties with values/sales prices in excess of
$50,000 up to $125,000. |
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97.15%
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For properties with values/sales prices in excess of
$125,000. |
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| High Closing Cost States |
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98.75%
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For properties with values/sales prices equal or
less than $50,000. |
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97.75%
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For properties with values/sales prices in excess of
$50,000. |
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| Occupancy |
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Owner Occupied, Primary Residence |
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| Eligible Property Types |
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Single Family Detached and Attached (1 - 4 units), Condos (Limited to 8 stories) No story limits on condos in Florida, HUD Approved PUDs |
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| Mortgage Insurance |
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Upfront MIP (UFMIP) and Annual Premium Required
| Term |
UFMIP |
Annual |
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| 30 Years |
1.50% |
0.50% |
| 15 Years |
1.50% |
0.25% |
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| Qualifying Ratios |
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Ratios that provide an Accept or Approve rating from an automated underwriting engine. Total Debt to Income Ratio < 50%. Minimum FICO score 640 |
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| Income Requirements |
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No maximum income requirements. |
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| Settlement Costs |
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Gifts are permitted, however,
when the LTV is greater than 80%, a gift is allowed only if the borrower has
made a cash down payment of at least 5% of their own funds. This requirement
will be waived if the gift is equal to or greater than 20% of value. The
gift letter must state the relationship of the donor (must be an immediate
family member, finance, or domestic partner), state that repayment is not
required or expected, be signed by donor, state the donor's current address
and phone number, identify the address of the property being purchased, state
the amount of the gift, and assert that the funds given to the borrower were
not made available to the donor by any person or entity with an interest in
the sale of the property or mortgage transaction. |
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| Escrow Waiver |
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Maximum 80% LTV, .250 discount points, Maximum Ratios 33/38, Six Months PITI in reserve after closing, Excellent job security, Not permitted on Cash Out Refinances, Impeccable credit history |
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| Maximum Seller Contributions |
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LTV greater than 90% - 6% of value, LTV greater than 90% - 3% of value |
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| Prepay Penalty |
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None |
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| Secondary Financing |
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Per HUD regulations |
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| Lock Periods |
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10, 25, 40, 55, 70, 85 day locks are available.
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| Adjustments |
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All loan amounts 10K - 25K minus 1.500 |
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| Adjustments subject to change without notice. Check daily rate sheets to verify. |
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All loan amounts 10K - 25K minus 1.500
All purchases add .25 (S30IF, S15IF)
All refinances minus .375
FL Properties add .250 (Not applicable to rate sheets labeled Florida Only.)
80/10/10 or 80/15/5 minus .250
Waive Escrow minus .250
Lock extension: The following adjustments apply if the current market is worse than the original lock terms. If the current market is better, no adjustments need to be made.
Short-term (3 business days) minus .125
Long-term (15 calender days) minus .375
Only one extension per loan will be accepted. |
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