|
Program Overview |
CalHFA |
NHF
First House |
NHF
Access |
|
Conventional |
FHA |
Conventional |
FHA |
Conventional |
FHA |
|
Program Summary / Guidelines |
Conventional |
FHA |
First
House Program Summary |
Access
Program Summary |
|
Transaction Types |
Purchase Only |
Purch. / Refinance |
|
Available States |
CA |
CA (specific areas) |
CA,NV,WA,OR,AK TX,NM,UT,MO,CO, |
CA, NV |
|
Allowable Loan Terms |
30 - 35 - 40 Yr. Fixed (35 Yr is I / O) |
30 Yr. Fixed |
30 & 40 Yr. Fixed |
30 Yr. Fixed |
30-40 Yr. Fixed |
30 Yr. Fixed |
|
40 Yr. = .125% Cost |
5/1 - 7/1 ARM |
|
Allowable Loan Types |
My Community Home Possible |
FHA VA USDA |
My Community Home Possible |
FHA / VA |
MCM / Flex 100 Home Possible CalPERS |
FHA |
|
Interest Only Feature Permitted |
Interest only + 35 |
NO |
40 Yr. W / 620 Fico. 10 Yr. Int. Only period. FNMA 1st loan Only |
NO |
30 Yr. W / 620 Fico |
NO |
|
Maximum Loan To Value |
100% |
97.15% FHA 100% VA |
100%* |
97.15%* FHA 100%* VA |
100%* 5/1 ARM 97%* |
97.15%* |
|
Maximum Combined Loan To Value (Must follows the lesser
of NHF guides, or FNMA, FHLMC, FHA, or VA when using the NHF First House
Program) |
107% (103% when using CalHFA downpayment assistance) |
103% |
105%* (103%* when 2nd and grant option are used in
combination) |
104%* (or the lesser of FHA guidelines) |
105%* |
103%* 104%* When 1% fee adjustment applies for
fico, or n/o co signers |
|
*Maximum LTV/CLTV for the following counties experiencing declining
values and now deemed "declining markets" must be reduced by at least
5%: |
|
Contra Costa, El Dorado, Fresno, Humboldt, Imperial, Kern, Kings,
Merced, Monterey, Placer, Sacramento, San Diego, San Joaquin, San Luis
Obisbo, Santa Barbara, Solano, Sonoma, Stanislaus, Tulare, Ventura, Yolo |
|
Current Interest Rates |
CalHFA
Rates |
First
House Rates |
Access
rates |
|
CalPERS Rates |
|
Occupancy |
Owner Occupied Only |
|
Temporary Buydowns Permitted |
3 / 2 / 1 - 2 / 1 & 1 / 1 (Buydowna not permitted on I / O) |
2 / 1 & 1 / 1 |
2 / 1 & 1 / 1 (Buydowns not permitted on 40 Year with I / O Feature) |
2 / 1 & 1 / 1 |
NOT ALLOWED |
|
Qualifying Rate For Temporary Buydowns |
LTV > 95% note rate |
Note rate regardless of LTV |
Follow Agency Guidelines. Fico and LTV driven depending on Agency |
Note rate regardless of LTV |
Follow Agency Guidelines. Fico and LTV driven depending on Agency |
N/A |
|
LTV < = 95% buydown rate + 1% |
|
Permanent Buydowns Permitted |
NO |
YES (qualify at bought down rate) |
|
Non Occupying Co Borrowers Permitted |
NOT ALLOWED |
YES |
NOT ALLOWED |
YES W / 1% FEE |
|
Non Occupying Co Signors Permitted |
YES with LTV < = 90% LTV |
|
First Time Home Buyer Restrictions |
YES |
YES |
NO |
|
(Waived in Targeted Areas when CalHFA Down Payment Assistance is not
used) |
Waived in Targeted Areas |
|
First Time Home Bbuyer Education |
None Required |
Required for FTHB's purchasing 2 unit properties |
Refer to FHA Guidelines |
|
Sales Price Limits |
Sales
Price Limits |
Sales
Price Limits |
No Sales Price Limits |
|
Income Limits |
Income
Limits (main program chap) |
Income
Limits |
Income
Limits |
|
Loan Limits |
Agency / Insurers Guidelines |
FHA
Loan Limits |
$417,000 |
FHA
Loan Limits |
$417,000 |
FHA
Loan Limits |
|
Pre Payment Penalty |
NONE |
|
Subject To Federal Recapture |
YES /
A Guide To Recapture |
NO |
|
Targeted Areas / Fannie Neighbors Areas |
Targeted Areas / Census Tract Locator |
FannieMae Property Geo Coder |
|
Census Tract Chart |
Census
Tract Chart for both NHF and CalHFA based on census 2000 |
N / A |
|
Documentation Types |
Full Documention required on all programs |
|
Max Origination Points Allowed |
1.50% |
1.00% |
1.50% |
1% |
1.50% |
1% |
|
Max Discount Points Allowed |
NONE |
0.500% |
NONE |
CUSTOMARY & REASONABLE |
|
Cash Reserves |
Follow AUS Finding. On a manual underwrite 1 Mo. With DTI = < 45% 2
Mos. With DTI > 45%. Gift funds may be used to satisfy reserve
requirements |
None required with AUS Approval. For manual underwrite follow agency
standards. |
Follow AUS Findings (No reserves for Manual UW) |
None Required |
|
Max Seller Contributions |
3% > 90% LTV |
6% |
3% |
3% |
|
6% = < 90% LTV |
|
Minumum Home Buyer Contribution |
None Required |
3% equity is required. CHAP/CHDAP can pay for 3% down payment |
Depends on Series Option being used |
3% equity is required. NHF can pay for 3% down payment |
1 Unit NONE |
3% equity is required. Access can pay for 3% down payment |
|
2 Units 3% |
|
Eligible Property Types |
SFRs, PUDs, & Condos. 5 Acre Max. MFHs limited to 90% CLTV with 10%
down payment from borrowers own funds. |
SFRs, PUDs, condos, 2 units (with restrictions). MFHs, are permitted
with FHA and VA loans, subject to agency Guidelines and are not
permitted with FNMA, or FHLMC programs. |
SFRs, PUDs, condos, 2 units (with restrictions). MFHs, are permitted
with FHA loans, subject to agency Guidelines. MFHs not permitted on 40
Yr. |
|
Quallfying Income |
Mortgagor's annualized income is based on "household" income.
"Household" income includes income from any adult person expected to
live in the home, regardless if they are on the loan application. |
Mortgagor's annualized income is based on "household" income.
"Household" income includes income from any adult person expected to
live in the home, regardless if they are on the loan application. |
Income calculated based on Fannie Mae and Freddie Mac guidelines. The
income derived at by underwriting will also be used by Access. |
|
AUS Section |
COVERS AUS ENGINES ALLOWED AND ACCEPTABLE RECOMMENDATIONS |
|
On First House please refer to the suberies being used as they have
different recommendations allowed. |
DU |
Approve / Eligible (EA I-II-II, or Refer With Caution IV will need to be
submitted for manual underwriting to dtermine eligibility |
Approve / Eligible EA-I |
Approve / Eligible |
Approve / Eligible EA-I & EA-II |
Approve / Eligible |
|
On First House please refer to the suberies being used as they have
different recommendations allowed. |
LP |
Accept |
Refer to Subseries Option being used. |
Accept |
Accept A-Minus |
Accept |
|
Maximum Debt to Income Ratios Permitted |
DU |
55% |
Qulalifying Ratios are determined by AUS findings. |
|
LP |
|
Manual U/W |
45% |
Determined by FMC Underwriting |
41% |
Determined by FMC Underwriting |
43% Sinlge DTI Ratio |
Determined by FMC Underwriting |
|
Minimum Fico Score Requirement |
DU |
620 |
Determined by AUS findings |
No minimum credit score required with aus approval. (40 Yr. interest
only requires a minimum 620 credit score) |
No min. credit score required with aus approval |
No min. credit score with AUS approval, however a 1% fee adjustment
applies when fico < = 600 |
|
LP |
|
Manual U/W |
620 |
Determined by FMC Underwriting |
None with acceptable forms of alternative credit |
600 for 97% LTV 620 for 100% LTV |
|
Mortgage Insurance |
MI
Programs |
FHA Insured MMI |
YES /
Rate Card |
FHA Insured MMI |
YES /
Rate Card |
FHA Insured MMI |
|
Split Level Mortgage Insurance Permitted |
NOT ALLOWED |
NOT ALLOWED |
NOT ALLOWED |
|
Program Overview 2ND T.D. |
|
CHDAP 3% Sleeping 2nd. |
Permitted with Max CLTV of 103% |
|
|
CHAP 3% Sleeping 2nd |
|
Permitted with Max CLTV of 103% |
|
School Facililty Fee Down Payment Assistance Program |
Permitted on all programs |
|
First House Second Loan Terms 20Yr. Fixed (8%
Rate) 10Yr. Fixed (5% Rate) Both loans are calculated from sales
price. |
|
10% Maximum 2nd Allowed. Follows same income and sales price limits as
first mortgage. |
|
|
First House 3.5% Grant Program (calculated
off the loan amount not sales price) |
May be used in conjunction with a First House Conventional, FHA and VA
First. The grant is (FREE MONEY) and never has to be paid back. |
|
Access 2nd TD |
|
Up to 8% of sales price. Follows same income limits as first mortgage.
20 Yr. Fixed rate seconds currently @ 8%. May not be used for DP
Assistance on FHA Loans |
|
The subordinate financing options listed above are the most common
used. Many other subordinate options may be available through local
City and Stage Agencies. Ensure the terms are acceptable for NHF and
CalHFA. |
