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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

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Government loan seminar l.jpg

Government Loan Seminar

Sponsored by:

Home Builders Association of Lincoln

Realtors Association of Lincoln

Nebraska Mortgage Association


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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


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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


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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”


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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).


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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


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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.


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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


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VA loan with regards to Inspection Options.

  • 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


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VA Website loan with regards to Inspection Options.www.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


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USDA RD loan with regards to Inspection Options.

  • 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


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USDA RD Income Chart loan with regards to Inspection Options.

  • 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


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Down Payment Assistance Programs loan with regards to Inspection Options.

  • Local

    • Nebraska Housing Resources

    • NIFA – HBA (when available)

    • SENCAC / Blue Valley – others

      • www.housingdevelopers.org

      • “Reach Affiliates” for listing


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LMI Owner-Occupied Impact Exemption Refund loan with regards to Inspection Options.

City of Lincoln Public Works & Utilities


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Requirements loan with regards to Inspection Options.

  • 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


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Requirements loan with regards to Inspection Options.

  • 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


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Requirements loan with regards to Inspection Options.

  • 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.


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For more information…. loan with regards to Inspection Options.

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


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For more information & questions: loan with regards to Inspection Options.

  • 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