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thirteen Eligibility – Properties Properties Greeting: ? Unmarried Loved ones Units ? FHA Approved Condominiums ? Planned Tool Improvements (PUDS) ? 2-Product services Ineligible Properties: ? 3-cuatro Product properties ? Are created casing ? Capital attributes ? Leasing Residential property ? Co-ops ? Relaxation, vacation, or 2 nd belongings

15 SAPPHIRE Program Matter System Description State RestrictionAvailable about Claims Out of Ca, Vegas, Washington, Colorado And you will UTAH Simply! System Systems ? FHA 30 Year Fixed loans in Millry ? Va 31 Season Repaired Maximum LTV ? FHA – % ? Virtual assistant – 100% Max CLTVFollow FHA and you will/or Va direction Limit Amount borrowed FHA: The latest lesser away from $417,000 (not including MIP) otherwise FHA allowable limit Va: The newest decreased away from $417,000 (and additionally VAFF) otherwise Va deductible maximum Financing PurposePurchase OccupancyOwner Filled Down payment Guidance Offer : 3% or 5% offered Can be used to fulfill the borrower’s guarantee share called for into the FHA 1 st Home loan, closing costs, pre-paids, Virtual assistant deductible costs for each and every Virtual assistant recommendations

17 Underwriting Assistance TopicGuidelines Underwriting Method Allowable underwriting means: ? Federal national mortgage association Pc Underwrite (DU) acceptance – ? Have to be exposure scored because of the FHA Scorecard ? Approve/Qualified testimonial ? Guidelines UW welcome – FMC Overlays apply **Unless of course specifically given, follow important FHA recommendations As well as First-mortgage FHA overlays** Minimal Credit ratings ? 620 ? (more…)