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Next home. INTRODUCING NEXT HOME. AVAILABLE SUMMER 2011 DOES ANYONE NEED DOWN PAYMENT ASSISTANCE? HOW ABOUT MONEY FOR CLOSING COST AND OR PREPAIDS? HOW ABOUT A BIGGER TAX REFUND? HOW ABOUT ALL OF THE ABOVE ?. Program highlights. 650 Minimum FICO score

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Presentation Transcript
introducing next home
INTRODUCING NEXT HOME

AVAILABLE SUMMER 2011

DOES ANYONE NEED DOWN PAYMENT ASSISTANCE?

HOW ABOUT MONEY FOR CLOSING COST AND OR PREPAIDS?

HOW ABOUT A BIGGER TAX REFUND?

HOW ABOUT ALL OF THE ABOVE?

program highlights
Program highlights

650 Minimum FICO score

FHA conforming loan, 30-year fixed only

4% DPA, closing cost and/or pre-paids

.125% or .50% reservation fee

First-time homebuyer requirement waived

  • Next Home ONLY

Federal tax credit when combined with MCC

  • when combined with MCC, must follow first-time homebuyer requirements

IHCDA University certificate

  • first-time homebuyers, ONLY

No 3rd party inspections

No Lead Based Paint requirements

program highlights cont d
Program highlights (CONT’D.)

No Recapture Tax

Soft 2nd mortgage - No interest, no payments

  • Forgivable in two years

Follow Investor Guidelines

Bank of America is the Master Servicer

  • 1st mortgage sold to BOA, 2nd mortgage serviced by IHCDA
  • Lenders must be signed up with BOA and IHCDA to participate in the Next Home program
    • BOA Contact: Carolyn Dawson 440.247.5806
    • IHCDA Contact: Marquet Smith 317.232.3566
what underwriting criteria will ihcda use
What underwriting criteria will IHCDA use?

Income Limits of 115 AMI

No purchase price restrictions, except with MCC

Purchase price cannot exceed appraised value

Verification of all household income

No manufactured homes

next home w mcc
NEXT HOME w/mcc

Must follow 1st time homebuyer guidelines of most recent MCC income and acquisition limits

Reservation fee of .50%

Ability to receive DPA of 4% on FHA loans and an MCC credit

2 year forgivability applies on the DPA

No Cash back to the borrower

Lender fee’s are limited to $1,000

program comparisons
Program comparisons

First Home/MCC

Tax compliance guidelines

1st time homebuyers only

115/140 AMI income limits

Acquisition limits

Funded with MRB

Set Interest rate (FH)

30-yr fixed mortgages (FH)

Reservation fee applicable

1% origination & $600 limit on lender fees (FH)

Master servicer (FH)

DPA qualify (FH)

Disability DPA (FH)

Primary residence

*FH-First Home

*NH-Next Home

*MCC-Mortgage credit cert

Next Home/MCC

Next Home guidelines

1st time homebuyers (MCC)

  • Must follow MCC guidelines

Non 1st time homebuyers (NH)

115 AMI income limits

No purchase price limits (NH)

30-yr fixed mortgages only

Reservation fee applicable

1% origination & $1,000 limit on lender fees

4% DPA (NH & NH/MCC)

Master Servicer

No Disability DPA

Primary residence

locks
locks

Lender will lock loan for 60 days with IHCDA

  • Extensions will be granted in 30 day increments at the discretion of the Master Servicer, as well as the fee for extending

Property changes will only have to be relocked if it is outside of 60 day window

Relocks must occur and will be at worst case pricing if…

  • a lock expires
  • a cancellation occurs outside of the original lock
  • a borrower changes lenders
what will ihcda need from you
What will IHCDA need from you

Next Home application package, consisting of the following

NH-1

Applicable reservation fee

1003

NH-ALL (unsigned)

Current paystub (30 days)

Last 3 years tax returns (borrower & co-borrowers)

Purchase agreement

Appraisal

Next Home closing package, consisting of the following

NH-7

Final 1003

Final NH-ALL (signed)

Settlement statement

Copy of 2nd mtg

Copy of promissory note

Any conditions needed for final approval

just to reiterate these are the benefits to your borrower
Just to reiterate…these are the benefits to your borrower

Forgivable 2nd mortgage if borrower resides in home for 2 years

  • repaid in full if home is sold or refinanced prior to 2 year affordability period

Immediate down payment

DPA may be used for closing cost and/or pre-paids

Ability to use Next Home with MCC for a double benefit of DPA and Tax Credit

  • Option only to 1st time homebuyers
staff
staff

Homeownership Director - Kim Harris 317-233-5367

Homeownership Assistant Director - Lee McClendon 317-232-2582

Underwriters:

Liann Doyle 317-233-1826

Marianne Fraps 317-232-7023

Sara Hawk 317-233-0702

Operations staff

Homeownership Analyst - Jason Cane 317-233-3895

System Specialist - Marquet Smith 317-232-3566

Please visit the following link and complete our online survey and send to Marquet Smith

https://www.surveymonkey.com/s/2ZDPR3H

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