CalHome Down Payment Assistance Program

Transcription

1 CalHome Down Payment Assistance Program ELIGIBILITY WORKSHEET Name of Applicant(s): Property Address: Assessor s Parcel Number (APN): Primary Mortgage Lender: CalHome Down Payment Assistance Program Requirements: Has borrower owned a home in the past three years? If yes, the borrower is not eligible for assistance; stop here. Has borrower completed the Homebuyer's Education class with Housing Council of Fresno?. If yes, attach a copy of Certificate. Has the property been appraised? If yes, date of appraisal If no to either of the last two questions, borrower must first obtain appropriate certification before proceeding with this worksheet. If the answer to both questions is yes, please proceed. Loans such as No Income Verified, Quick Qualifier, or E. Z. Docs are NOT allowed. Full Documentation Loans Only. Is this loan (check one): FHA (fully amortized with NO call or balloon dates)? Fannie Mae (fully amortized with NO call or balloon dates)? or Freddie Mac (rate, fully amortized with NO call or balloon dates)? If the proposed loan is not one of the options above, financing is not eligible for assistance; stop here. If the proposed loan is one of the options above, please proceed. 1

2 Eligibility: 1. Applicant Eligibility (a) Number of persons residing within household: * * This number must be supported by documentation. (b) Monthly gross household income of all occupants: $ (c) Enter maximum allowable gross monthly income for total household size listed in Table 1 - Income Eligibility: $ If income listed on line 1(b) exceeds the amount on line 1(c), borrower is not eligible for assistance; stop here. If income listed on line 1(b) is less than or equal to the amount on line 1(c), borrower is eligible for assistance; please proceed. (d) Enter the debt-to-income ratio: If the debt-to-household income ratio exceeds 35/43 or if the housing ratio (top ratio) is not between 30 and 35, borrower is not eligible for assistance; stop here. Two exceptions are allowed; see guidelines. If the debt-to-income ratio does not exceed 35/43 and the housing ratio is between 30 and 35, borrower is eligible for assistance; please proceed. 2. Property Eligibility (a) Is property located within the City Limits of the City of Sanger? NOTE: County islands are not eligible. (b) Is property being purchased for use as the principal residence of the applicant? If no to either of the last two questions, property is not eligible for assistance; stop here. (c) Does the property to be purchased include any accessory living quarters such as mother-in-law 2

3 units, guest quarters/apartments or any form of unit which may be used for rental income? If yes, stop here; property is not eligible for assistance. If no, please proceed. (d) Sales price of home being purchased: $ (e) Maximum allowable sales price: $260,000 in 2014 If amount entered on line 2(d) is greater than line 2(e), property is not eligible for assistance; stop here. (f) Required inspection - please enter the name and telephone number of the person who will provide access to the home for the City inspector. The City will schedule the inspection. (Name) (Telephone Number) 3. Calculation of Amount of CalHome DAP Loan (a) Sales price of home: $ (b) Non recurring closing costs (whole dollars only) $ (c) Recurring closing costs (whole dollars only) $ (d) Total Purchase Price [(a) + (b) + (c)] $ (e) First mortgage amount (base loan only): $ (f) Minimum 3% down payment [(a) x 3%]: $ (g) Total buyer contribution [(e) + (f)]: $ (h) CalHome DAP Loan Amount [(d) -(g)] *$ ** Round to the nearest dollar 3

4 Failure to provide all of the following materials could cause your package to be returned by mail. Materials must be provided in the following order. 1. CalHome DAP Program Eligibility Worksheet (all pages original) signed by the lender s authorized signatory. 2. City of Sanger CalHome DAP Application 3. Owner Letter of Participation 4. Fair Lending Notice 5. Borrower Authorization Form 6. Household Composition Form 7. Copy of borrower s identification and copy of social security card. 8. Typed and signed primary loan application. Must be signed by applicant and loan officer. 9. Mortgage Credit Analysis Worksheet or the Uniform Underwriting and Transmittal Summary signed by the underwriter. 10. Good Faith Estimate. 11. Documentation of applicant s income (4 current pay stubs). 12. Verification of Employment (no processor s certification). 13. Three current statements for checking, savings, money market accounts, stocks, bonds, 401K, retirement accounts and other forms of capital investments. 14. All pages of the last two years income tax returns (with W2's) or affidavit of non-filing. The copy of the income tax returns must be re-signed by the borrower(s) with original signature(s). 15. Credit report. 16. Preliminary Title Report with legal description. 17. Lender's Property Appraisal prepared by a State-licensed, residential property appraiser. This 4

5 appraisal shall use the sales of comparable properties approach to determine value. 18. Executed Residential Purchase Agreement and Joint Escrow. 19. Signed Supplemental Vesting Amendment from escrow. 20. Certificate of completion of the City-approved Homebuyer's Education class with the Housing Council of Fresno. 5

6 CERTIFICATION OF ELIGIBILITY Borrowers Last Name Property Address Pursuant to the Letter of Participation between (Lender/Broker) and the City of Sanger, I have reviewed the foregoing information and find that it is true and accurate to the best of my knowledge and certify that the applicant is eligible for the following CalHome Down Payment Assistance Program loan in the following amount: $ Signature of Authorized Official Date Printed Name Title Telephone ( ) FAX ************************************************************************************************************************************* Approved by City of Sanger Loan Review Committee on Month Day Year 20 Reviewer Initials 6

7 TABLE 1 INCOME ELIGIBILITY Sanger CalHome DAP A B MAXIMUM ALLOWABLE HOUSEHOLD SIZE GROSS INCOME (For Household Size Listed in Column A) 1 $32,450 2 $37,050 3 $41,700 4 $46,300 5 $50,050 6 $53,750 7 $57,450 8 and Over $61,150 Date of Last Revision: February

8 ADDITIONAL NOTES: 8

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