Loan Application and Checklist

Transcription

1 Housing Trust Silicon Valley Homebuyer Assistance Programs Loan Application and Checklist Thank you for your interest in the Housing Trust s Homebuyer Assistance Programs. Please select the program you are applying for: Select Only ONE Program: Gap Assistance Program (No application fee) Please submit the following required documents to HTSV within 7 days when Applicant(s) are in contract: Completed Eligibility Application with wet signatures (in blue ink) of applicant(s) and required documents listed in the Eligibility Application checklist from applicant(s) Please note this is not required if applicant(s) completed an Eligibility Application and are currently Program Eligible. Loan Application with signatures of applicant(s) and loan officer/mortgage loan originator Uniform Residential Loan Application (Fannie Mae Form 1003) signed by borrowers and loan officer/ mortgage loan originator Uniform Underwriting and Transmittal Summary (Fannie Mae 1008) Copy of the Loan Estimate Copy of Automated Underwriting System/ Direct Underwriting (AUS/DU) approval Lender s Loan Commitment letter (Forward to HTSV upon receipt) Appraisal Report (Forward to HTSV upon receipt) Executed Purchase Contract and All Addendums/Counter Offers Copy of Earnest Money Deposit Funds/Check Copy of Title Company s receipt for the initial deposit Preliminary Title Report including Wire Instructions Copy of the Master Policy if there is a HOA Copy of the Hazard Insurance showing HTSV as Second Loss Payee(Forward to HTSV upon receipt) Copies of blank Below Market Rate Note, Deed of Trust, Resale Restrictions and Escrow Instructions (if any) Please submit Completed Loan Application package ( packages accepted) to: Housing Trust Silicon Valley 95 S. Market Street, Suite 610, San Jose, CA Attn: Homeownership Programs Department Phone: (408) ext.303 Homebuyer@housingtrustsv.org Housing Trust Silicon Valley reserves the right to decline a Homebuyer Assistance Program application at any time prior to the close of escrow of the subject property if the agency obtains information contradictory to that of the application provided by the borrower or lender/broker. Any misrepresentations or falsifications on this application will result in disqualification from this and future Housing Trust programs.

2 HTSV Eligibility Application File# Housing Trust Silicon Valley Homebuyer Assistance Programs Loan Application Expiration date (Please refer to file number of Applicant(s) HTSV Program Eligibility Letter) (If Applicant(s) do not have an Eligibility Approval, applicant(s) are required to fill out an Eligibility Application and submit with required documents listed in the Eligibility Application checklist along with the Loan Application Package) Select Only ONE Program: Gap Assistance Program 1. BORROWER(S) INFORMATION Borrower name Co-borrower name Current address 2. BORROWER(S) CONTRIBUTION (all boxes MUST be filled out) Borrower s down payment $ Gift Funds $_ 3. PROPERTY INFORMATION (all boxes MUST be filled out) Purchase Property Address City/State/Zip County Purchase Price: $ Close of Escrow: _ Property Type: SFR TWNHM CONDO Loan Contingency Date: I (We) certify that the information provided in the Eligibility Application dated is the most current information as it relates to household size, household members, income, credit and assets. I/we understand that the Housing Trust may require an updated Eligibility Application to report any changes in household size, household members, income, credit and assets. I/we understand that we may also be required to provide updated documentation to the Housing Trust. BORROWER 1

3 4. LOAN INFORMATION (all boxes MUST be filled out) 1 st Loan- 30 Year Fixed Rate Mortgage Only FHA Conventional PMI/MI $ Loan Amount: $ Interest Rate: % Lender : Loan Type: Monthly Payment (P&I only) $ LTV/CLTV: 2nd Loan (HTSV LOAN) Loan Amount: $ Interest Rate: % Lender Monthly Payment (P&I only) $ Loan Type: Deferred Amortizing LTV/CLTV: 3 rd Loan Loan Term: Loan Amount: $ Interest Rate: % Lender: Loan Type Deferred Amortizing Monthly Payment (P&I only) $ LTV /CLTV: 5. LOAN OFFICER/ MORTGAGE LOAN ORIGINATOR INFORMATION (all boxes MUST be filled out) Name: Company: Address: Phone: Fax: 6. LOAN OFFICER/ MORTGAGE LOAN ORIGINATOR CERTIFICATION I, the loan officer/mortgage loan originator hereby certify that to the best of my knowledge and belief each of the foregoing statements is true and correct, and each is consistent with the information submitted by the borrower(s) in connection with his/her/their application for assistance. I, the loan officer /mortgage loan originator, agree that I will assist as necessary to certify that the applicant has satisfied all requirements of HTSV. I, the loan officer /mortgage loan originator, understand that any misrepresentations or falsifications on this application or related documents will result in denial of this application and my possible disqualification from offering any Housing Trust programs. LOAN OFFICER / MORTGAGE LOAN ORGINATOR SIGNATURE NMLS # LOAN OFFICER/ MORTGAGE LOAN ORGINATOR (Print Name) 2

4 7. TITLE COMPANY INFORMATION (all boxes MUST be filled out) Escrow Officer: Escrow Number: Company: Address: Phone: Fax: IX. Statement of Non-Discrimination The Housing Trust Silicon Valley (HTSV) is an equal opportunity lender. In accordance with applicable law, HTSV prohibits discrimination based on race, color, religion, creed, gender, sex, marital status, age, national origin or ancestry, physical or mental disability, medical condition, veteran status, sexual orientation, or the presence of children or any other consideration protected by federal, state or local laws. All such discrimination is unlawful. HTSV s commitment to equal opportunity applies to all persons involved in our operations and prohibits unlawful discrimination by any of HTSV s employees, including supervisors and coworkers. 8. Borrower(s) Certification I (We) the undersigned borrower(s), as part of my (our) application for HTSV s Homebuyer Assistance Program, certify the following: 1. I (We) certify that the residence to be purchased WILL NOT be used as an investment property, vacation home, or recreational home. I (We) certify that I (we) will notify HTSV in writing if the residence ceases to be my (our) primary residence, and I (we) acknowledge that HTSV may send out periodic certifications to this fact for my (our) review and signature. 2. I (We) understand that the decision to make any other loan is completely within the discretion of the lender(s). HTSV plays no part in the decision to make those loans or in determining the amount of those loans. 3. I (We) understand that the decision to approve an applicant (s) for the Homebuyer Assistance Programs is completely within the discretion of HTSV. 4. I (We) authorize HTSV to verify any information contained in the Homebuyer Assistance Program application package. 5. I (We) have reviewed the loan information provided by my loan officer/ mortgage loan originator. 6. I (We) certify that the information provided in this application is true and correct as of the date set forth opposite my (our) signature(s) on this application. 7. I (We) certify that my (our) current gross annual household income as stated in this application is true and correct and that it does not exceed the required County Area Median Income of designated program I/we are applying for (see program guidelines). 8. I (We) certify that I (we) HAVE NOT owned a home as my (our) principal residence within the last three (3) years. 9. I (We) understand that the FTHB loan is a secured loan which must be paid back either when the home is sold, upon expiration of the term, or upon the refinance of my (our) first loan. 3

5 10. I (We) understand that the Housing Trust Deed of Trust will be recorded against property being purchased in conjunction with this loan and the Housing Trust Promissory Note must be executed by the borrower(s). 11. I (We) are not related to, or have any personal relationship with the seller of the property identified in the purchase contract, nor do I/we have any financial relationship with the seller, written or unwritten, other than as stated in the terms of the home purchase contract which I/we have entered into as the buyer of the property. 12. I (We) certify that I (we) ARE NOT receiving any compensation, referral fee, or monies after the close of escrow from any and all parties involved in the transaction. 13. I (We) certify that the information provided in this application is true and correct as of the date set forth opposite my (our) signature(s) on this application. BORROWER NOTICE TO BORROWER(S): You may revoke your consent at any time by notifying the Housing Trust Silicon Valley or lender/broker in writing. This consent will remain in effect until it is revoked or modified. Housing Trust Silicon Valley will maintain a copy of this document. You are entitled to a copy of this document upon request. You may want to make a copy of this document for your records. 4

6 Certification Borrower s Certification & Authorization to Release Information The undersigned certify the following: 1. I/We have applied for a mortgage loan from Housing Trust Silicon Valley In applying for the loan. I/We completed a loan application containing various information on the purpose of the loan, the amount and source of the down payment, employment and income information, and assets and liabilities. I/We certify that all of the information is true and complete. I/We made no misrepresentations in the loan application with the employer and/or other documents, nor did I/We omit any pertinent information. 2. I/We understand and agree that Housing Trust Silicon Valley reserves the right to change the mortgage loan review process to a full documentation program. This may include verifying the information provided on the application with the employer and/or the financial institution. 3. I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements when applying for this mortgage, as applicable under the provisions of Title 18, United States Code, Section Authorization to Release Information To Whom It May Concern: 1. I/We have applied for a mortgage loan from Housing Trust Silicon Valley As part of the application process, Housing Trust Silicon Valley may verify information contained in my/our loan application and in other documents required in connection with the loan, either before the loan is closed or as part of its quality control program. 2. I/We authorized you to provide to Housing Trust Silicon Valley and to any investor to whom Housing Trust Silicon Valley may sell my mortgage or for quality control review purposes, any and all information and documentation that they request. Such information includes, but is not limited to, employment history and income; bank, money market, and similar account balances; credit history; and copies of income tax returns. 3. Housing Trust Silicon Valley, any investor that purchases the mortgage and/or any agent/assignee for its quality control program may address this authorization to any party named in the loan application. 4. A copy of this authorization may be accepted as an original. 5. Your prompt reply to Housing Trust Silicon Valley, the investor that purchased the mortgage and/or any agent/assignee for its quality control program is appreciated. Borrower s Signature Date Social Security Number Borrower s Signature Date Social Security Number 5