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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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Next home

Next home


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 Harris317-233-5367

Homeownership Assistant Director - Lee McClendon317-232-2582

Underwriters:

Liann Doyle317-233-1826

Marianne Fraps317-232-7023

Sara Hawk317-233-0702

Operations staff

Homeownership Analyst - Jason Cane317-233-3895

System Specialist - Marquet Smith317-232-3566

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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