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Oklahoma Housing Finance Agency

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All Manufactured Home Loans must meet product guidelines ... Government Loan Types: FHA & VA loans (DU or LP) ... U.S. Bank Home Mortgage (Master Servicer) does ... – PowerPoint PPT presentation

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Title: Oklahoma Housing Finance Agency


1
Oklahoma Housing Finance Agency
Underwriting Presentation
June 16, 2008
2
Disclaimer
This presentation is for basic informational
purposes only. It is the originating lenders
responsibility to follow all specific Agency,
(FHA/VA/RD) as well as all bond program
guidelines.
3
Government-Eligible Loan Products
  • FHA Products
  • 203b - FHA
  • 203k - Rehab
  • 203h - Disaster Victims
  • 234c - Condo
  • FHA loan for Veterans
  • HUD 184 Native American

4
FHA Products
  • Easier to qualify
  • Low borrower investment (currently 3)
  • Closing occurs more quickly
  • Fully assumable
  • No prepayment penalties
  • Various loan products to meet borrowers needs
  • New or existing homes
  • Works well with bond products

5
Government-Eligible Loan Products
  • VA
  • Rural Housing
  • 502 Guaranteed Rural Housing Loan Product
  • Mortgages

6
Manufactured Housing
  • Government
  • Manufactured Homes are permitted in the program
    under FHA,
  • VA and Rural Housing products. (ONLY
    doublewides are
  • permitted)
  • All Manufactured Home Loans must meet product
    guidelines
  • (Reference additional information on USBHMs
    product bulletin)
  • Must meet specific size and structural
    requirements
  • Remain permanently affixed to a foundation and be
    taxed as real estate

7
FHA Updates
  • Mortgagee Letter 2008-15 dated 5/22/08
  • HUD-92900-LT FHA Loan Underwriting and
    Transmittal
  • Summary
  • Lenders may begin using now
  • Effective with all applications taken after
    10/1/08
  • Form replaces the MCAW
  • Secondary financing section list EIN73-0999618
  • amount and check appropriate box for OHFAs
  • deed restriction

8
FHA Risk-Based Pricing Overview
  • Mortgagee Letter 2008-16 Risk Based Premiums for
    FHA
  • Insurance dated (6/11/08) Read for complete
    details
  • Effective for new FHA case number assignments
    made on
  • or after July 14, 2008
  • UFMIP will range from 1.25 of loan amount for
    low risk
  • borrowers to 2.25 for riskier borrowers
  • No borrower who qualifies will pay more than
    2.25
  • Reference premium matrix grid shown in 2008-16
    for full
  • details which is based on credit score and
    LTV
  • First-time homebuyers with LTV greater than 95,
    with
  • credit scores in 559-500 range are entitled
    to reduction
  • in UFMIP from 2.25 to 2.00 if homebuyer
    completes HUD
  • approved pre-purchase counseling

9
Automated Underwriting Systems
  • The following automated systems are approved for
    use in the bond programs.
  • Government Loan Types
  • FHA VA loans (DU or LP)
  • If manual underwrite is necessary, full
    documentation is required
  • Other customized automated underwriting systems
    are not acceptable at this time.

10
Underwriting Guidelines
  • Credit Underwriting is the responsibility of the
    originating lender
  • U.S. Bank Home Mortgage (Master Servicer) does
    not re-underwrite your loans
  • All loans are subject to both internal and agency
    audits
  • Underwriters should make
  • Sound credit decisions
  • Assure data integrity
  • Include all necessary documents in support of
    the underwriting decision.

11
Underwriting Guidelines
  • All loans should be underwritten in compliance
    with the most current underwriting guidelines for
    FHA, VA, Rural Housing
  • The loan file must comply with the
  • Bond program guidelines
  • Income limits
  • Sales/Acquisition price limits
  • Property types
  • Location of the property

12
Underwriting References
  • FHA References
  • Guide 4155.1 rev 5
  • FHA website www.hud.gov
  • Other References
  • Allregs www.allregs.com
  • VA www.homeloans.va.gov
  • USDA-RD www.rurdev.usda.gov

13
Contact Information
Participating Lenders Prior to contacting
USBHM, please reference specific Agency
guidelines relative to product you are
underwriting. If further clarification is still
needed UNDERWRITERS ONLY can send questions
via e-mail bedfordmrb_at_usbank.com Phone
1-800-562-5165
6.11.08
3.18.08
3.18.08
3.18.08
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