HomeStyle Renovation & Energy Mortgages. Finance renovation or energy efficient costs into a single-close home purchase or refinance loan
|
|
- Jesse Patterson
- 5 years ago
- Views:
Transcription
1 HomeStyle Renovation & Energy Mortgages Finance renovation or energy efficient costs into a single-close home purchase or refinance loan 1
2 An important note about the seminar content While every effort has been made to ensure the reliability of the session content, Fannie Mae s Selling and Servicing Guides and their updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae s policies and procedures and control in the event of discrepancies between the information in this seminar and the Guides Fannie Mae. Trademarks of Fannie Mae.
3 How we ll spend our time together today: Housing market trends HomeStyle Renovation Mortgage and HomeStyle Energy (HSE) Mortgage Homebuyer Benefits Eligibility Parameters HomeStyle Renovation Process Determining Loan Amount HSE -Eligible Project Types and Parameters HomeStyle Resources Duty To Serve - overview 3
4 Issues Facing Today s Housing Market Homes are aging Housing stock is aging into disrepair; average age of a home is ~40 years* Homeowners bear the burden of costly utility expenses from inefficient energy and water systems Lack of new affordable inventory New affordable home production not keeping pace with demand Builder costs are up and builder economics restrict new affordable home production Conversion to rental (investor) removed inventory for purchase Turnover at a 30-year low Americans are not moving at the same rate as in the past, reducing available housing supply Rising rate environment makes trading up less economically viable 4 *Source: American Housing Survey
5 What is HomeStyle Renovation? HomeStyle Renovation Mortgage provides borrowers a simple, flexible and frequently less costly way to purchase and renovate homes, or make home repairs, by using a conventional first mortgage, versus more traditional methods of financing, such as home equity lines of credit, a second mortgage or credit cards. 5
6 Did you know. Renovators who bought their first home in 2016 spent $33,800 on home renovations, on average, a 22% increase relative to U.S. Houzz & Home Renovation Trends Study 6
7 Benefits of HomeStyle Renovation Flexible Affordable Simple Helps fixer uppers be more attractive to potential borrowers because funds can be used on any renovation project to update an existing home Funds are bundled into your client s purchase mortgage under one application Allows upfront draws to begin their renovations and improvements without having to spend out-of-pocket 7
8 Befits of HomeStyle Renovation for Homebuyers Cost-effective way to renovate or repair a home, available at the time of purchase, without using a home equity line of credit or costly credit cards Upfront draws help borrowers start projects without spending outof-pocket Borrowers can qualify for a CLTV of up to 105% with eligible Community Seconds subordinate financing 8
9 Bonus! HomeStyle Renovation may be combined with a HomeReady Mortgage, so your low- to moderate-income clients may take advantage of features such as better interest rates, lower down payment and cancellable mortgage insurance.* *HomeReady income limits and other restrictions apply. 9
10 New and Improved.We ve Simplified and Expanded Eligibility Maximum LTV ratio has been increased to 97%* Eligible renovation funds has been increased to 75% of the lesser of 1. As-completed appraised value or 2. Purchase price plus renovation cost Manufactured housing is now eligible for HomeStyle Renovation** Please note that lenders must be approved to deliver HomeStyle Renovation loans to Fannie Mae prior to completion. *For LTVs > 95%, on purchase transactions, at least one borrower must be a first-time home buyer unless combined with HomeReady; for LCOR transactions, the loan must be owned or securitized by Fannie Mae. See Fannie Mae s Eligibility Matrix for additional details. **Eligible renovation funds capped at the lesser of $50,000 or 50% of the as-completed appraised value. 10
11 HS Renovation Eligibility Parameters Borrowers Individual home buyers or homeowners Occupancy and Property Types Occupancy Type 1- to 4-unit owner-occupied properties 1-unit second homes 1-unit investor properties Property Type New or existing properties Condos, co-ops, and PUDs NEW! Manufactured Homes (refer to the Selling Guide for MH requirements) Loan Type/Term FRM: 15-, and 30-year terms ARM: 3/1, 5/1, 7/1, 10/1, 5/5 Note: This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide. In the event of any conflict with this document, the Selling Guide and/or Servicing Guide will govern. 11
12 HS Renovation Eligibility Parameters (cont.) Loan Purpose Purchase and limited cash-out refinance Cash-out refinance not permitted Mortgage Insurance Standard MI coverage applies Must cover as-completed value Must be in effect at closing Subordinate Financing With eligible Community Seconds, CLTV can be 105% Subject to pricing adjustment Note: This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide. In the event of any conflict with this document, the Selling Guide and/or Servicing Guide will govern. 12
13 HS Renovation Eligibility Parameters (LTV/CLTV) Applies to loans processed through Desktop Underwriter Principal Residence Purchase or Limited Cash- Out Refinance Second Homes Purchase or Limited Cash-Out Refinance Investment Property 1 Unit FRM: 97%* ARM: 95% 2 Units FRM/ARM: 85% 3-4 Units FRM/ARM: 75% 1 Unit FRM/ARM: 90% Purchase 1 Unit FRM/ARM: 85% Limited Cash-Out Refinance 1 Unit FRM/ARM: 75% *For LTVs > 95%, on purchase transactions, at least one borrower must be a first-time home buyer unless combined with HomeReady; for LCOR transactions, the loan must be owned or securitized by Fannie Mae. Note: This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide. In the event of any conflict with this document, the Selling Guide and/or Servicing Guide will govern. 13
14 HomeStyle Renovation vs. 203(k) Max LTV (1-unit owner-occupied) Minimum/Maximum Renovation Costs Can be used on ANY project Can finance Accessory Units FHA 203(k) 96.5% x Up to 110% of the ascompleted value Standard 203(k) Minimum cost = $5,000 Limited 203(k) Maximum cost = $35,000 X Eligible projects are explicitly listed; prohibited projects are explicitly listed Eligibility varies based on 203(k) Standard or Limited Standard 203(k) X Limited 203(k) New HomeStyle Renovation 97% for first-time home buyer (requirement waived when combined with HomeReady Mortgage) For LCOR transactions with LTVs > 95%, the existing loan must be owned or securitized by Fannie Mae For Purchase: Limited to 75% of the lesser of the purchase price plus renovation costs, or the ascompleted appraised value For Refinance: Limited to 75% of the as-completed appraised value 14
15 HomeStyle Renovation vs. 203(k) cont. Applicable to Manufactured Housing Allows upfront draws Includes contingency reserve/allowance Can use ANY contractor/ subcontractor for project Must use bonded contractors FHA 203(k) Up to 50% of material costs Up to 20% X Contactors must be licensed per state/local requirement 203(k) approved consultants must be used Per state/local requirement New HomeStyle Renovation Up to 50% of material costs Up to 15% Licensure only required where required by state law X Requires proof of completion Letter of Completion and Final Release Notice Form 1004D only 15
16 Eligible Renovations Renovations must: Be permanently affixed to the property, but do not have to connect to the dwelling Be compliant with state and local laws and building codes Examples: Kitchen Renovation Bathroom Renovation Room Addition Detached garage Pool 16
17 Contractor Requirements Renovation must be completed by a general contractor who is authorized, registered and/or licensed where required by law General contractor must submit itemized plans and specifications Itemized plans and specifications should describe the work, time frame, and a detailed cost breakdown Appraiser should estimate ascompleted value of the home after renovations, based on a review of the plans and specifications 17
18 Do-It-Yourself (DIY) Work Has Special Requirements If borrower does DIY work, financing is limited to 10% of as-completed value of the home 1-unit, owner-occupied homes only Material costs are reimbursed-- labor costs are not Borrower must provide itemized bills or receipts for materials The lender must inspect the completion of all repair items that cost more than $5,000 18
19 HomeStyle Renovation Process Phase 1 Phase 2 Phase 3 Phase 4 Select a Property Loan Prep Renovation Completion Borrower works with real estate agent to find a property Real estate agent may assist borrower to determine list of repairs / improvements Real estate agent works with borrowers to complete contract for sale of the selected property Bid(s) for work to be done Lender approves plans/specs Appraisal done to determine ascompleted value of the home Underwrite loan Approve & close loan Close home purchase Lender can sell loan to Fannie Mae Contractor begins work and requests funds Lender manages project draws & inspects work on ongoing basis Final appraisal performed (Form 1004D) Check lien waivers/title endorsements Update title policy Certify completion 19
20 Determining Your Customers Buying Power Add Reno Costs and Sale Price Compare Total Purchase Price with Renovation Costs Sale Price As- Completed Home Value Smaller Amount x LTV = Max Loan Amount Renovation costs: Labor (except sweat equity), materials, soft costs, PITI up to 6 months if home is vacated due to renovations, and 10% contingency fee* *Contingency fee optional on 1-unit properties 20
21 Let s Look at a Purchase Example 1 Determine total purchase price Purchase Price $190,000 + Renovation Costs* $ 45,870 = Total Purchase Price $235,870 Labor/Material $39,500 Soft Costs $ 2,200 (Architect + License + Permit Fees) 10% Contingency $4,170 (10% x (Labor + Material + Soft Costs)) Monthly PITI $ 0 (Borrower stayed in home during renovation 2 Costs must be =<75% of the lesser of: a) as-completed appraised value; or b) purchase price plus renovation costs, =<10% for DIY l Required for 2-4 unit properties, optional for 1-unit properties Compare total purchase price vs. as-completed appraisal valuation and note the smaller amount Scenario 1 As-completed Valuation = $245,000 3 Smaller amount from #2 x LTV = Max Loan Amount Scenario 1 $235,870 x 97% = $228,794 21
22 HomeStyle Renovation Summary Open up new possibilities for your clients to get that move-in ready home they want. Flexible Can be used on any home renovation project Now allowed for use with Manufactured Homes Affordable Renovation funds are bundled into your client s purchase mortgage under one application Borrowers can take advantage of today s rates which may be better than HELOC, a second mortgage or other more-costly methods of financing Can be combined with a HomeReady mortgage Simple Allows for upfront draws to begin renovations and improvements without having to spend out-of-pocket Cost-effective way to renovate or repair a home, available at the time of purchase 22
23 HomeStyle Energy
24 What is HomeStyle Energy? With today s existing median home age approaching 40 years and with many areas prone to natural disasters, HomeStyle Energy makes it easy for buyers to invest in energy, water and resiliency improvements at the time of purchase 24
25 Benefits of HomeStyle Energy Flexible Affordable Simple Includes a wide variety of energy-related improvements and property types to help you market and sell more homes Offers the benefits of mortgage financing and possible tax credits and rebates Basic weatherization, water, renewable energy and resiliency improvements do not require an energy report No special approvals needed! HomeStyle Energy mortgages can be originated by any Fannie Mae lender. 25
26 Consider HomeStyle Energy for Your Clients By being able to finance up to 15% of the as completed appraised value of a home for improvements, homebuyers can Add new cost-effective energy upgrades Easily include up to $3,500 in basic weatherization or water-efficient improvements with no energy report needed Make resiliency and repairs to improve the home s ability to withstand or recover from natural disasters Pay off higher-interest energy-related improvement debt including PACE and other consumer loans Combine with HomeStyle Renovation & HomeReady Mortgages! 26
27 Eligible Energy-Related Improvements Energy and water efficiency Basic weatherization Water-savings devices Heating and cooling and more Solar and other renewables Pay-off existing energy improvement debt Resiliency, repair & remediation Home resiliency to improve the home s ability to withstand environmental disasters Repairs for environmental disaster damage Radon remediation systems No specific list home buyers and homeowners should work with their lenders and leverage an energy report to determine the most cost-effective upgrades to meet their needs and goals. 27
28 HomeStyle Energy Eligibility Parameters Borrowers Individual home buyers or homeowners Occupancy and Property Types Occupancy All 1- to 4-unit existing properties Property All types, including manufactured homes (NEW!) Loan Type/Term FRM: 15-, and 30-year terms ARM: 3/1, 5/1, 7/1, 10/1, 5/5 Loan Purpose Purchase and limited cash-out refinance Mortgage Insurance Standard MI coverage applies; must be in effect at closing Must cover as-completed value Subordinate Financing With eligible Community Seconds, CLTV can be 105% Subject to applicable terms and requirements Note: This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide. In the event of any conflict with this document, the Selling Guide and/or Servicing Guide will govern. 28
29 HomeStyle Energy Eligibility Parameters (LTV/CLTV) Applies to loans processed through Desktop Underwriter Principal Residence Purchase or Limited Cash- Out Refinance 1 Unit FRM: 97%* ARM: 95% 2 Units FRM/ARM: 85% 3-4 Units FRM/ARM: 75% Second Homes Purchase or 1 Unit FRM/ARM: 90% Limited Cash-Out Refinance Investment Property Purchase 1 Unit FRM/ARM: 85% Limited Cash-Out Refinance 1 Unit FRM/ARM: 75% *For LTVs > 95%, on purchase transactions, at least one borrower must be a first-time home buyer unless combined with HomeReady; for LCOR transactions, the loan must be owned or securitized by Fannie Mae. Note: This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide. In the event of any conflict with this document, the Selling Guide and/or Servicing Guide will govern. 29
30 Combining all 3 loans together can help convert your clients dreams into reality HomeReady Mortgage Simple HomeStyle Renovation HomeStyle Energy Affordable Flexible 30
31 HomeStyle Resources All resources for HomeStyle Renovation and HomeStyle Energy can be found on Fannie Mae s website Fanniemae.com/hsrenovation Fanniemae.com/hsenergy 31
32 Responding to Changing Market Needs
33 Final Duty to Serve Plan Now Available Fannie Mae's Duty to Serve Underserved Markets Plan is focused on improving the availability of home financing for very low- to moderateincome families in three underserved markets: Manufactured Housing Exploring financing options for one of the largest affordable housing opportunities Affordable Housing Preservation Helping keep established affordable properties available as low-cost housing alternatives Rural Housing Supporting the financing of housing for targeted high-needs rural regions and populations For more information visit:
34 Why is Duty To Serve (DTS) important? Helps homeowners and communities Targets families of modest means Focuses on underserved market segments Sets the stage for broader economic benefits Creates growth opportunities for the industry Explores unrealized market opportunities Encourages innovation to address market challenges and reduce costs Aligns with Fannie Mae s mission Builds on what we do best tackling tough housing challenges Promotes access to safe, sustainable, and affordable housing options Manages risk to protect lenders, homeowners, and taxpayers Low Down Payment Options for Today s Home Buyers
35 Who and where are we trying to help? Nationwide We re serving very low- to moderate-income families (earning Area Median Income) in each of the three underserved housing markets Rural Housing Market We re targeting specific high-needs populations and regions, including: Middle-Appalachia, Lower Mississippi Delta, and Colonias Rural tracts in persistent poverty counties Native Americans and agricultural workers
36 Duty to Serve: How can you help? Look for opportunities to help us implement our plan in 2018 and beyond: Engage and innovate with Fannie Mae representatives and industry partners Support future research, outreach, and pilots. We welcome your ideas and creativity!
37 Where can you get more information on DTS? fanniemae.com/dutytoserve
38 Thank you for attending We value your opinion. Please reach out to me with any feedback or questions. 38
Doing More for Underserved Housing Markets
Doing More for Underserved Housing Markets Overview of the Duty To Serve Rule 2018 Fannie Mae. Trademarks of of Fannie Mae. 1 Agenda What is the Duty To Serve Rule? Why is the Duty To Serve important?
More information***UPDATED 9/5/18*** TPO Fannie Mae HomeStyle Renovation Product
***UPDATED 9/5/18*** Updated items have been highlighted in yellow. TPO Fannie Mae HomeStyle Renovation Product Overview HomeStyle is Fannie Mae s renovation loan program. This loan will be locked in,
More informationClose More Loans with HomeReady Mortgage
Close More Loans with HomeReady Mortgage Overview for Loan Officers May 2, 2017, 2 3:30 p.m. ET Dial-in number: 800-779-8492 Participant passcode: 4344988 2017 Fannie Mae. Trademarks of Fannie Mae. 1 Seminar
More informationHomeReady. Eligibility 1 UNIT 2 TO 4 UNITS. Purchase or Limited Cash-Out Refinance. Loan Purpose. Occupancy and Property Type Borrower Income Limits
HomeReady 1 UNIT 2 TO 4 UNITS Loan Purpose Purchase or Limited Cash-Out Refinance Eligibility Occupancy and Property Type Borrower Income Limits Minimum Borrower Contribution Acceptable Sources of Funds
More informationHow to Originate and Deliver HomeReady Mortgages
How to Originate and Deliver HomeReady Mortgages 2016 Fannie Mae. Trademarks of Fannie Mae. An Important Note about the Seminar Content While every effort has been made to ensure the reliability of the
More informationNIFA Lender Workshop. North Platte, NE April 24, 2018 LaVista, NE April 25, 2018
NIFA Lender Workshop North Platte, NE April 24, 2018 LaVista, NE April 25, 2018 An important note about the seminar content While every effort has been made to ensure the reliability of the session content,
More informationELIGIBILITY MATRIX. Effective Dates: Refer to the Selling Guide for effective dates applicable to high LTV refinances.
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationClose More Loans with HomeReady Mortgage An Overview for Loan Officers. Dial- in for audio:
Close More Loans with HomeReady Mortgage An Overview for Loan Officers Dial- in for audio: 1-866-845-1266 Seminar guidelines Please do not place the call on hold at any time. Please place your phone on
More informationELIGIBILITY MATRIX. Effective Dates: Refer to the ARM Enhancements section of Selling Guide Announcement SEL
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationClose More Loans with HomeReady Mortgage An Overview for Loan Officers. Dial- in for audio: Attendee passcode:
Close More Loans with HomeReady Mortgage An Overview for Loan Officers Dial- in for audio: 1-800-779-8492 Attendee passcode: 4344988 Seminar guidelines Please do not place the call on hold at any time.
More informationExpanding Homeownership Responsibly National Federation of Community Development Credit Unions. Sandra Heidinger September 2017
Expanding Homeownership Responsibly National Federation of Community Development Credit Unions Sandra Heidinger September 2017 A Better Freddie Mac and a better housing finance system For families...innovating
More informationHomeReady Mortgage. Overview for Loan Officers May Fannie Mae. Trademarks of Fannie Mae. 1
HomeReady Mortgage Overview for Loan Officers May 2017 2016 Fannie Mae. Trademarks of Fannie Mae. 1 An Important note about the seminar content While every effort has been made to ensure the reliability
More informationELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2
The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix also includes credit
More informationELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationHit the Books: First Time Homebuyer Programs from FNMA and FHLMC
Hit the Books: First Time Homebuyer Programs from FNMA and FHLMC Two common first time homebuyer programs are MyCommunityMortgage from FNMA and Home Possible from FHLMC. This reference will help you understand
More informationMaximum LTV/CLTV 3 /HCLTV. Number of Units. Minimum Credit Score 4. Transaction Type 1,2. Principal Residence
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive loan-to-value (LTV) ratios, combined LTV ratios (CLTV), and home equity CLTV ratios (HCLTV) and minimum credit scores (if applicable)
More informationELIGIBILITY MATRIX Table of Contents
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive loan-to-value (LTV) ratios, combined LTV ratios (CLTV), and home equity CLTV ratios (HCLTV) and minimum credit scores (if applicable)
More informationFannie Mae HomeStyle Conforming and High Balance Fixed Rate and Adjustable Rate Mortgage
Fannie Mae HomeStyle Conforming and High Balance Fixed Rate and Adjustable Rate Mortgage General Eligibility Requirements Loans must fully comply with all requirements of this Product Guide, Desktop Underwriter
More informationHOMESTYLE ENERGY MORTGAGES & PROPERTY ASSESSED CLEAN ENERGY LOANS (FANNIE MAE ONLY)
OVERVIEW HOMESTYLE ENERGY MORTGAGES There are a number of HomeStyle Energy financing options available to a borrower who wishes to improve the energy and/or water efficiency of an existing property and
More informationChapter 9 Product Matrix
Table of Contents Chapter 9 Product Matrix... 1 CONVENTIONAL CONFORMING LOANS... 2 Secondary Market ARM (Adjustable Rate Mortgage) Loans... 4 HARP (Fannie DU Refi Plus and Freddie Open Access)... 5 FHA/VA
More informationHOMEREADY. Table of Contents
Table of Contents 1. Table of Contents... 1 2. Overview... 2 3. Product Codes... 2 4. Accessory Unit Income... 2 5. Boarder Income... 2 6. Borrower Income Limits and Calculations... 3 7. DU Loan Case Files:
More informationBenefits to Borrower - Why Renovation?
Whether your borrower is looking to purchase a home that needs renovations or repairs or are refinancing an existing mortgage and looking to make home improvements, the Fannie Mae Homestyle Renovation
More informationLow down payment option; qualify with as little as 3.5% down
Not every home is move-in ready. The FHA 203(k) Renovation Loan allows you to broaden your home shopping horizons and create the home you want from the start. The FHA 203(k) Renovation Loan combines the
More informationRenovation Lending Suite
Renovation Lending Suite M A R C H, 2 0 1 9 4/10/2019 1 Agenda Renovation Loans FHA 203(k): Limited & Standard FNMA HomeStyle Renovation Need to Knows Processing Renovation Loans Reference Materials Why
More informationsolid, established, reliable - since 1959 All appraisals must be ordered through Nationwide Property & Appraisal Services
Conforming Overlays solid, established, reliable - since 1959 1/5/17 All appraisals must be ordered through Nationwide Property & Appraisal Services All loans must be DU underwritten and receive an Approve
More informationExpanding Homeownership Responsibly with Freddie Mac Home Possible. February 2017
Expanding Homeownership Responsibly with Freddie Mac Home Possible February 2017 Presenter Dennis J. Smith Joined Freddie Mac in September 2015 as Affordable Lending Manager Works with lenders, nonprofits
More informationWCDA LOAN PRODUCT MATRIX
The matrix below compares the components of the various first mortgage loan and down payment assistance loan products offered by WCDA. This matrix is designed to provide guidance for these products and
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit
More informationFannie & High BalanceGuidelines
Fannie & High BalanceGuidelines Agency Finance Type Occupancy Term High balance and transactions with non-occupant coborrowers are limited to 95% LTV/CLTV. High Balance Cash Out Transactions are limited
More informationditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10-30 year term in annual increments Fully amortizing
More informationNative American Indian Housing Council 2018 Annual Conference. San Diego, CA May 30, Collaborating with Fannie Mae to Expand Affordable Housing
Native American Indian Housing Council 2018 Annual Conference San Diego, CA May 30, 2018 Collaborating with Fannie Mae to Expand Affordable Housing 2017 Fannie Mae. Trademarks of Fannie Mae. 1 Agenda Who
More informationFannie Mae (DU) Conventional Loan Matrix
PURCHASE/ LIMITED CASH OUT REFINANCES STANDARD and HIGH BALANCE LOAN AMOUNTS Occupancy Maximum* LTV Maximum* CLTV Min FICO* Max Ratios Minimum Cash Investments Mortgage/ Rental History Reserves 1 Unit
More informationDuty to Serve. Single Family Affordable Lending and Access to Credit May 2018
Duty to Serve Single Family Affordable Lending and Access to Credit May 2018 Freddie Mac s Mission A Better Freddie Mac and a better housing finance system For families...innovating to improve the liquidity,
More informationGuide to Home Loans: Finding the Right One 7 DIFFERENT LOAN TYPES
Guide to Home Loans: Finding the Right One 7 DIFFERENT LOAN TYPES ?? There are a lot of loan choices so how do you figure out which is best? If you re looking to buy your first home, refinance or cash
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationHomeStyle Renovation Product Offering 8/29/14
HomeStyle Renovation Product Offering 8/29/14 Overview of HomeStyle Offering Define the HomeStyle product and features Discuss benefits of the HomeStyle renovation loan Learn how to determine eligibility
More informationConventional 97% LTV Options updated 12/5/2018 Freddie Mac HomeOne Mortgage 97% LTV
Max Mortgage Credit Score Max 620, but due to MI requirements borrowers under 680 may benefit from FHA Financing due to MI amounts price comparison is strongly suggested 97% 1 unit 95% for 2 4 unit owner
More informationConventional and Government Program Overlays
Financed Properties Minimum Loan Amount $60,000 OVERLAYS All Programs Limited to a maximum of 4 loans to one borrower and up to $1.5MM. Power of Attorney Texas 50(a)(6) & 50(f) Allowed for active duty
More informationStockton Mortgage Funding HomeReady Fixed Rate Mortgage Product
1. PRODUCT DESCRIPTION Conventional C onforming fixed rate m ortgage DU Version 9.3 10, 15, 20, or 30 year terms for product 30 year term only for product Fully amortizing Qualified Mortgage (QM) Safe
More informationSpecial Feature Codes
Special Feature Codes The following is a list of Fannie Mae s published special feature codes (SFC) applicable to delivery of single- family mortgage loans. Lenders should also review their Master Agreement
More informationHigh-Cost Area (High Balance) Loan Amounts
Program Qualifications Eligible loans are conforming and high balance loans receiving a DU Version 10.0 or later Approve/Eligible. Maximum Loan Amounts Conforming Maximum Loan Amounts Units Continental
More informationHomeReady Conforming Fixed Program Summary
HomeReady Conforming Fixed Program Summary HomeReady Matrix with Mortgage Insurance Guideline Overlays: PURCHASE AND RATE TERM REFINANCE Occupancy Units FICO/Score LTV/CLTV/HCLTV Primary Residence 1 620
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationHome Possible and Home Possible Advantage
Home Possible and Home Possible Advantage 1 Freddie Mac Home Possible and Home Possible Advantage mortgages (collectively referred to as Home Possible mortgages) are Freddie Mac s Affordable Mortgage products.
More informationFHA 203(k) () streamline mortgage Program. make improvements all with a single loan
FHA 203(k) () streamline mortgage Program Help qualified borrowers purchase or refinance and make improvements all with a single loan Why FHA 203(k) Through the Federal Housing Administration (FHA) 203(k)
More informationWholesale Overlay Matrix
Wholesale Matrix The Matrix is a summary of Pacific Union Financial, LLC, dba thelender (Pacific Union, dba thelender) guideline overlays. This document should be used in conjunction with Pacific Union,
More information85/85/85 No Co-ops 620 if 75% 1 Unit Co-op 85%/NA/NA 620 if 75% 3-4 Units 75/75/75% 680 Second Home. 1 Unit Co-op LCOR: 75%/NA/NA
ELIGIBILITY MATRIX Standard Eligibility Criteria Maximum Allowable LTV Ratios and Minimum Credit Scores for Manual Underwriting (Excludes MyCommunityMortgage, HomeStyle Renovation, Streamlined Refinance
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationFNMA s HomeReady Program
FNMA s HomeReady Program (rev. 6/30/2016) Presented by J.J. Sawicki, CMP Merrimack Mortgage Co. LLC Overview Help meet the diverse needs of today s buyers with FNMA s enhanced affordable lending program,
More informationM&T National Correspondent Product Matrix
M&T National Correspondent Product Matrix Look to M&T Bank for your Correspondent Services. Renovation Lending Specialists and much more. Ask us today! Renovation Programs Renovation Programs FHA 203(k)
More informationProducts. Loan Amount
Freedom Mortgage FHA 203(k) FRM & ARM Product Guide Loan Program Overview This document is not all encompassing. It is a summary reference tool to be utilized in conjunction with Agency guidelines and
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit
More informationCONFORMING LIBOR ARMS PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A 30 year conforming conventional LIBOR ARM that is fixed for the initial 3, 5, or 7 years then rolls into a one year ARM for the remainder of the loan term.
More informationOne loan to renovate. Your homebuyer guide to renovation
One loan to renovate Your homebuyer guide to renovation Maybe you ve found the perfect location, but the house needs improving. Maybe staying in your current (but outdated) home is what s important. Either
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationFull/Alternative Documentation PRIMARY RESIDENCE - PURCHASE & RATE/TERM REFINANCE Property Type Max. LTV Max. CLTV
Click here for PDF version Full/Alternative Documentation PRIMARY RESIDENCE - PURCHASE & RATE/TERM REFINANCE Maximum Loan Credit Score 3 Program 1- to 2-unit 95% 1 n/a $300,000 28/36 2 months 660 Standard
More informationColorado Housing Assistance Corporation Mortgage Assistance Program for the State of Colorado.
DATE: 4/4/2018 SUBJECT: Colorado Housing Assistance Corporation Mortgage Assistance Program for the State of Colorado. Attached is a Fact Sheet for the above referenced program, available for homes purchased
More informationCONFORMING FIXED FNMA HOMESTYLE RENOVATION GUIDELINES
PRODUCT DESCRIPTION 15 and 30 year Fixed Rate PRODUCT CODE CF15-HS (15 year Fixed Rate Conforming HomeStyle Renovation Loan ) CF30-HS (30 year Fixed Rate Conforming HomeStyle Renovation Loan ) CF30-HSHP
More informationFANNIE MAE MATRICES & GUIDELINES
FANNIE MAE MATRICES & GUIDELINES LSMG Fannie Mae Matrices & Guidelines Page 1 of 37 Revised 06/17/2016 Fannie Mae Matrices & Guidelines... 1 LSMG Fannie Mae Purchase Matrix and Guidelines... 5 Qualifying
More informationConventional and Government Program Overlays
Financed Properties OVERLAYS All Programs Limited to maximum 2 loans to one borrower, one must be primary residence Minimum Loan Amount $60,000 Allowed for active duty military personnel, military contractors,
More informationCONFORMING FIXED FNMA HOMESTYLE RENOVATION GUIDELINES
PRODUCT DESCRIPTION 15 and 30 year Fixed Rate PRODUCT CODE CF15-HS (15 year Fixed Rate Conforming HomeStyle Renovation Loan ) CF30-HS (30 year Fixed Rate Conforming HomeStyle Renovation Loan ) CF30-HSHP
More informationFNMA Jumbo Conforming Fixed & ARM (HIGH BALANCE LOANS) T300J 30 Year Fixed & T301J 15 Year Fixed A341J 5/1 ARM & A342J 7/1 ARM 30 Year Adjustable
High Balance loan limits (including 2013) are posted on E Fannie Mae website. Link: https://www.efanniemae.com/sf/refmaterials/loanlimits/xls/loanlimref.xls The following link can also be used for specific
More informationFHA 203(k) () streamline mortgage Program
FHA 203(k) () streamline mortgage Program Help qualified borrowers purchase or refinance and make improvements all with a single loan Presented by: Mountain West Financial Why FHA 203(k) Through the Federal
More informationYour Home Should Be YOUR WAY. That s the FAIR WAY! A Renovation Guide Made Simple
Your Home Should Be YOUR WAY That s the FAIR WAY! A Renovation Guide Made Simple Table of Contents The Renovation Loan: A Solution to a Problem... 3 Options for Renovation... 4 10 FHA 203k Standard FHA
More informationUnder Construction. Construction and Rehab Loan Programs
Under Construction Construction and Rehab Loan Programs Sources: FNMA FHA Portfolio Lenders Home equity lines of credit for homes already owned FNMA Homestyle Renovation Loan Loan Purpose Purchase Terms
More information10, 15, 20, 25 & 30 YR Fixed Rates
Agency Correspondent Lending Fannie Mae Standard Fixed Rate and ARM Product Profile excludes: DU Refi Plus, High-Balance, HomeStyle Renovation and MyCommunity Mortgage ELIGIBILITY MATRIX & SUMMARY GUIDELINES
More informationOne-Close Construction
RESTRICTED USE PROGRAM All loan originators must complete Flagstar s Construction Loan training course prior to originating any loans under this program. Originators will not be able to register construction
More informationPennyMac Correspondent Group Fannie Mae HomeReady Product Profile Overlays to Fannie Mae are underlined
PennyMac Correspondent Group Fannie Mae HomeReady Product Profile 06.15.18 Overlays to Fannie Mae are underlined Fannie Mae - DU Approval Owner-Occupied Only, Purchase and Rate & Term Refinance, Fixed
More informationCONFORMING FIXED LENDER PAID MORTGAGE INSURANCE PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A conforming conventional loan with a fixed interest rate for the term of the loan. Loan Term Program Category 30-year Conf Fixed 30 15-year Conf Fixed 15 Transaction
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationto Renovation Financing
YOUR GUIDE to Renovation Financing IT S MORE THAN A MORTGAGE It Can Be Your Custom Home If you re shopping for a home, you likely have a wish list and with each house you enter, you re wondering if you
More informationditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments
More informationFNMA Conforming Mortgage
Topic Program Description Products AUS method Eligible States Maximum Loan Amounts Agency Conforming Loan Limits Product Guideline This is base Fannie Mae mortgage parameters for primary, second and investor
More informationAnnouncement May 16, National Down Payment Policy Replaces Maximum Financing in Declining Markets Policy
Announcement 08-10 May 16, 2008 Amends these Guides: Selling National Down Payment Policy Replaces Maximum Financing in Declining Markets Policy Introduction With this Announcement, Fannie Mae is introducing
More informationRenovate your Real Estate Business
Renovate your Real Estate Business Shawn Barsness NMLS ID #67292 Renovation Lending This class is to help real estate agents better serve their clients by understanding how renovation loans work to solve
More informationFNMA HomeReady & Loan Programs 97%
HomeReady FNMA Standard 97% Description Program DU Eligibility Huron Valley Financial product offering for Fannie Mae 97% is three products offered: 97% Fannie Mae Home Ready Fannie Mae Standard 97% Fannie
More informationFAQ on ML Effective Date of the Mortgagee Letter (ML): When is the ML effective?
FAQ on ML 2011-11 1. Effective Date of the Mortgagee Letter (ML): When is the ML effective? The ML effective dates may vary depending on whether the policy section clarifies existing guidance; issues new
More informationHIGH BALANCE CONFORMING (DU) See last page for 7-10 Financed Properties OK on DU 100, 300, 500, & 800 Series
HIGH BALANCE CONFORMING (DU) See last page for 7-10 Financed Properties OK on DU 100, 300, 500, & 800 Series 100 Series does not allow s Product Description Conventional Conforming Fixed and High Balance
More informationBuy a home, plus make improvements, with just one loan
Homebuyer guide to a mortgage with built-in renovation financing Buy a home, plus make improvements, with just one loan Learn how Are you thinking of buying a home that needs work? Well Fargo is here to
More informationAssistance Program: Pima County HOME Down Payment Assistance Loan Code: DAZFHRDPA
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Program Approval Expiration Housing Authority Second mortgage loan program to be used in conjunction
More informationprogram compliance loan operations training chfa conventional loan programs for processors and underwriters
program compliance loan operations training chfa conventional loan programs for processors and underwriters Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training
More informationRevised 4/6/18. FHA 203K Renovation
Revised 4/6/18 FHA 203K Renovation Important Notice While every effort has been made to ensure the reliability of the training content, PRMG s product profiles and their updates, are the official statements
More informationJumbo Non-Conforming Products (Series-49)
Jumbo Non-Conforming Products (Series-49) This guide provides parameters for standard fixed rate and 5/1, 7/1, and 10/1 adjustable rate, fully amortizing, nonconforming products for primary residence up
More informationLPA HOME POSSIBLE. Home Possible
LPA HOME POSSIBLE Description: Product Term HPML Loan Purpose Acceptable Property Types Home Possible Home Possible (HP) is a Freddie Mac Community Lending program is designed to meet the needs of low-
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More informationShared Equity Portfolio Analysis January November Fannie Mae. Trademarks of Fannie Mae.
Shared Equity Portfolio Analysis January 2014 - November 2018 2019 Fannie Mae. Trademarks of Fannie Mae. Introduction Shared equity programs preserve affordable homeownership opportunities by allowing
More informationKnow Your Products. Marc Kaplan, Sr. VP Retail Sales
Know Your Products Marc Kaplan, Sr. VP Retail Sales 1 Product Overview Agenda 1. Fannie Mae Federal National Mortgage Association (FNMA) 2. Freddie Mac Federal Home Loan Mortgage Corp. (FHLMC) 3. FHA Federal
More informationSONYMA Conventional Plus Correspondent Term Sheet
Product Type 30 Year Fixed Rate Mortgage. Sales Focus This program combines the flexibility offered by Fannie Mae s HomeReady Mortgage along with SONYMA s Down Payment Assistance Loan (DPAL). It is designed
More informationHomeReady vs. Home Possible Comparison
Occupancy At least one of the borrowers must occupy as their Principal residence All borrowers must occupy as their Principal residence Primary Residence only Non-occupant Non-occupant borrowers permitted
More informationAssistance Program: Marion County Homebuyer Purchase Assistance Program Code: DFLMARION
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationLenders must be approved by PennyMac prior to delivering HomeStyle loans.
PennyMac Correspondent Group Fannie Mae HomeStyle Product Profile 03.19.18 Overlays to Fannie Mae are underlined Lenders must be approved by PennyMac prior to delivering HomeStyle loans. Agency Finance
More informationAssistance Program: City of Tuscaloosa Home Purchase Assistance Program Code: DALTUSHPP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More information203(k) Program Full and Streamline
General Description Renovation Lending is simply adding the cost of repairs and improvements into the mortgage used to purchase or refinance a home The new first mortgage includes the purchase price or
More informationMoving Single-Family Financing Initiatives Forward I m HOME Conference October 2-4, 2017
Moving Single-Family Financing Initiatives Forward I m HOME Conference October 2-4, 2017 Where Fahe Works Fahe and our Members create transformational change in: KY, TN, VA, WV, AL, MD Fahe is on a mission
More informationLender Letter LL
Lender Letter LL-2017-05 To: All Fannie Mae Single-Family Sellers High Loan-to-Value Refinance Option September 08, 2017 At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae will offer
More informationUSDA Guaranteed Rural Housing Product Profile
USDA Guaranteed Rural Housing Product Profile PROGRAM CODES: 30RH Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 620 100%* 620 *exclusive
More informationBUYING YOUR FIRST HOME
BUYING YOUR FIRST HOME Finding the home of your dreams is the tough part, the mortgage process shouldn t be. That s why we ve created a guide to make your first-time home buying experience easier. This
More information