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Fha Training For Loan Originators Oct 08
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4. For Your Protection: Get a Home Inspection – Form HUD-92564-CN 3 FAMC FHA Training for Loan Originators – 10/08
5. Real Estate Certification and Amendatory Clause – Language from the FHA Handbook 4 FAMC FHA Training for Loan Originators – 10/08
6. HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 1 5 FAMC FHA Training for Loan Originators – 10/08
7. 6 HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 2 FAMC FHA Training for Loan Originators – 10/08
8. 7 HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 3 FAMC FHA Training for Loan Originators – 10/08
9. 8 HUD/VA Addendum to the URLA – Form HUD-92900-A pg. 4 FAMC FHA Training for Loan Originators – 10/08
10. Important Notice to Homebuyers Form HUD-92900-B pg. 1 9 FAMC FHA Training for Loan Originators – 10/08
11. Important Notice to Homebuyers – Form HUD-92900-B pg. 2 10 FAMC FHA Training for Loan Originators – 10/08
12. Informed Consumer Choice Disclosure – No Form # - See ML 99-23 Pg. 1 11 FAMC FHA Training for Loan Originators – 10/08
13. Informed Consumer Choice Disclosure – No Form # - See ML 99-23 Pg. 2-instructions 12 FAMC FHA Training for Loan Originators – 10/08
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24. Calculating Total Loan Amounts (for purchase transactions) Base Loan Amount: May not exceed the county's "Statutory" loan limit. (see https://entp.hud.gov/idapp/html/hicostlook.cfm ) Total Loan Amount: May exceed the county's loan limit, but only by the amount of financed Up-Front MIP (UFMIP). 23 FAMC FHA Training for Loan Originators – 10/08
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27. Step #2 Select UFMIP Factor and Multiply by Base Loan Amount Total Loan Amount Calculation (cont’d) 26 FAMC FHA Training for Loan Originators – 10/08 30-Year Loan 15-Year Loan Base Loan Amount X 1.75 = Upfront MIP + Base Loan Amount = Total Loan Amount Base Loan Amount X 1.75 = Upfront MIP + Base Loan Amount = Total Loan Amount
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51. Required New Construction Exhibits – UNDER CONSTRUCTION “ High Ratio”: LTV > 90% “Low Ratio”: LTV ≤ 90% 50 FAMC FHA Training for Loan Originators – 10/08 ONE OF THE FOLLOWING: ONE OF THE FOLLOWING: Building Permit (or equivalent) AND Certificate of Occupancy (or equivalent) by the local authority. BOTH ARE REQUIRED : If the local authority does not issue both a BP and CO, then a 10-yr Warranty must be provided. THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Final Inspection by HUD Fee Inspector (appraiser may not perform the final inspection) Final Inspection by HUD Fee Inspector PLUS ALL OF THE FOLLOWING: PLUS ALL OF THE FOLLOWING: In Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used In Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used Health Authority Approval on well and septic, if applicable Health Authority Approval on well and septic, if applicable Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builder’s 1-Year Warranty (HUD-92544) “Warranty of Completion of Construction”
52. Required New Construction Exhibits – PROPOSED CONSTRUCTION “ High Ratio”: LTV > 90% “Low Ratio”: LTV ≤ 90% 51 FAMC FHA Training for Loan Originators – 10/08 ONE OF THE FOLLOWING: ONE OF THE FOLLOWING: Building Permit (or equivalent) AND Certificate of Occupancy (or equivalent) by the local authority. BOTH ARE REQUIRED : If the local authority does not issue both a BP and CO, then a 10-yr Warranty must be provided. THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Certificate of Occupancy (or local equivalent) THIS OPTION IS NOT ACCEPTABLE FOR CONDOS. 10-yr Warranty Acceptance Letter AND Final Inspection by HUD Fee Inspector Final Inspection by HUD Fee Inspector 3 Inspections by HUD Fee Inspector (footing/ framing/final). 1 st & 2 nd inspections must be cleared by FAMC prior to docs. Only the 3 rd (final) inspection may be cleared at funding . APPRAISAL MUST BE COMPLETED PRIOR TO START OF CONSTRUCTION. If construction was underway at the time of appraisal, LTV is limited to 90% unless the builder provides a 10-yr warranty or Early Start Letter. PLUS ALL OF THE FOLLOWING: PLUS ALL OF THE FOLLOWING: Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used Termite States : NPCA-99a (always) Add NPCA-99b if soil treatment method is used Health Authority Approval on well and septic, if applicable Health Authority Approval on well and septic, if applicable Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builders Certification (HUD-92541) signed & dated up to 30 days prior to appraisal date Builder’s 1-Year Warranty (HUD-92544) “Warranty of Completion of Construction”
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