government loan seminar l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Government Loan Seminar PowerPoint Presentation
Download Presentation
Government Loan Seminar

Loading in 2 Seconds...

play fullscreen
1 / 22

Government Loan Seminar - PowerPoint PPT Presentation


  • 262 Views
  • Uploaded on

Government Loan Seminar Sponsored by: Home Builders Association of Lincoln Realtors Association of Lincoln Nebraska Mortgage Association Why FHA? Not income sensitive $271,050 max. loan amount January 1, 2009 – simplified loan calculation 3.5% down payment

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Government Loan Seminar' - niveditha


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
government loan seminar

Government Loan Seminar

Sponsored by:

Home Builders Association of Lincoln

Realtors Association of Lincoln

Nebraska Mortgage Association

why fha
Why FHA?
  • Not income sensitive
  • $271,050 max. loan amount
  • January 1, 2009 – simplified loan calculation
    • 3.5% down payment
      • Minimum total investment from borrower
      • Can be local DPA program or
      • Gift funds from immediate family member
  • Builder / Seller can pay closing cost/prepaids up to 6% maximum
fha loan
FHA Loan
  • Government Insured First Mortgage for 15 or 30 year permanent financing
  • A. Purchase Price X 96.5% = Pre-MIP Loan
  • B. Pre-MIP Loan X 1.75% = UpFront MIP
  • A+B above = Total Loan
  • Monthly MI = Pre-MIP Loan X .55% ÷ premium due monthly
  • Guideline Ratios – 31% and 43%
    • Slightly higher with compensating factors
fha new construction
FHA New Construction
  • Plans & Specs not required if home over 90% complete. Need:
    • Builder Certification – HUD 92541
    • Builder’s one year warranty – HUD 92544
    • Termite statement – NPCA 99A & 99B (wood is acceptable for a pre-treatment)

http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-8d.cfm

Go to “General Requirements”

what are the new construction stages
What Are the New Construction Stages?
  • Proposed Construction: Property is approved for mortgage insurance prior to the beginning of construction (no construction has started/no footings poured).
  • Under Construction: Building has started, but is not complete at the time of appraisal.
  • Existing Property Less Than 1 Year Old: Building is complete, but the final completion date (date Cert of Occupancy issued) is less than 1 year old. Still need Builder’s certification 92451 and 1-yr builder warranty from original builder (one year from date of Cert of Occupancy).
acceptable forms of documentation to obtain a high ratio loan with regards to inspection options
Acceptable forms of documentation to obtain a high ratio loan with regards to Inspection Options.
  • Option 1 – available with High-Ratio Proposed Construction, Under Construction, or Existing Construction less than 1 Year Old:
    • A copy of the Building Permit, and
    • A Certificate of Occupancy showing clear, and
    • A Final inspection or Appraisal Report – either of these would need to show documentation that the property is 100% complete
    • Not available for Condominiums or Manufactured Housing
acceptable forms of documentation to obtain a high ratio loan with regards to inspection options8
Acceptable forms of documentation to obtain a high ratio loan with regards to Inspection Options.
  • Option 2 – available with High Ratio Proposed Construction, Under Construction, or Existing Construction less that 1 Year Old:
    • HUD-Approved 10-Year Warranty
    • Final inspection signed by a Fee Inspector and DE Underwriter or Appraisal Report indicated 100% complete.
acceptable forms of documentation to obtain a high ratio loan with regards to inspection options9
Acceptable forms of documentation to obtain a high ratio loan with regards to Inspection Options.
  • Option 3 – available with High Ratio Proposed Construction:
    • Early start letter or conditional commitment from DE Underwriter prior to footing being poured, and
    • Three inspections from a Fee Inspector documenting that the property is 100% complete, and
    • Final inspection signed by DE Underwriter
slide10
VA
  • What’s new ($417,000) with no down
  • Funding fees
    • Waived if receive VA disability
    • Disability Grant Program for N/C
  • New Construction Documents
    • Builder Certification – HUD 92541
    • Builder’s one year warranty – HUD 92544
    • Termite statement – NPCA 99A & 99B (wood is acceptable for a pre-treatment)
  • VA Builder ID# Assigned
va website www va gov benefits home loans construction valuation builder registration
VA Websitewww.va.govBenefits→Home Loans→Construction&Valuation→Builder Registration

Three forms required:

  • Builder Information and certification: Click here to download required format
  • Form 26-421 (Equal Employment Opportunity Certification)
  • VA Form 8791 (VA Affirmative Marketing Certification)

Builder ID# Already Assigned – 217 statewide now

http://condopudbuilder.vba.va.gov/2.2/frames.html

usda rd
USDA RD
  • Program Features
  • 100% financing
  • Non-metro only (cities < 20,000) excpt-Norfolk; Columbus
  • No monthly MIP (funding fee of 2%)
  • Low-to-moderate income qualifying
  • First-time homeownership NOT required
  • Closing cost/prepaids and funding fee can be financed if appraisal value supports 100% of total cost
  • Assumable—with credit qualifying
  • New Construciton - Similar guidelines as FHA
usda rd income chart
USDA RD Income Chart
  • http://www.rurdev.usda.gov/rhs/sfh/GSFH_Income_Limits/NE%20GRH.pdf

Proposed Change for 2009

1-4 Person 5-8 Person 70,750 93,400

down payment assistance programs
Down Payment Assistance Programs
  • Local
    • Nebraska Housing Resources
    • NIFA – HBA (when available)
    • SENCAC / Blue Valley – others
      • www.housingdevelopers.org
      • “Reach Affiliates” for listing
slide16

LMI Owner-Occupied Impact Exemption Refund

City of Lincoln Public Works & Utilities

requirements
Requirements
  • Builder initially paid an Impact Fee on subject property
  • Purchase price of the home can not exceed the FHA mortgage limit for Lincoln MSA.

Single-family $271,050

requirements18
Requirements
  • Homebuyer verified income must be at 60% or 80% of median taxable income adjusted for household size.
    • Must have income verification
    • Provide previous years 1040 tax return form
    • Most recent 30 day pay stubs
    • Both signed & dated
requirements20
Requirements
  • Homebuyer may only receive this reimbursement once in a five year period.
  • Application must be made no later than 10 days following the execution of the Purchase Agreement.
for more information
For more information….

Visit: www.Lincoln.ne.gov – search for keyword “Impact Fee”

for more information questions
For more information & questions:
  • Michaela DuganAssistant Public Works/Utilities Business ManagerPublic Works and Utilities Department555 South 10th Street, Suite 203Lincoln, NE 68508-3994(office) 402-441-7559(fax) 402-441-8609(cell) 402-429-2897mdugan@lincoln.ne.gov
  • Visit: www.Lincoln.ne.gov – search for keyword “Impact Fee