Title: Oklahoma Housing Finance Agency
1Oklahoma Housing Finance Agency
Underwriting Presentation
June 16, 2008
2Disclaimer
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.
3Government-Eligible Loan Products
- FHA Products
- 203b - FHA
- 203k - Rehab
- 203h - Disaster Victims
- 234c - Condo
- FHA loan for Veterans
- HUD 184 Native American
-
4FHA 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
5Government-Eligible Loan Products
- VA
-
- Rural Housing
- 502 Guaranteed Rural Housing Loan Product
- Mortgages
6Manufactured 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
7FHA 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
8FHA 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
9Automated 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.
10Underwriting 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.
11Underwriting 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
12Underwriting 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
13Contact 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