NOFA - MFA - Housing New Mexico

More documents

Recommendations

Info

available and sufficient to purchase MBS backed by Eligible Mortgage Loans. 2. ACCEPTABLE LOAN TYPES Each Mortgage Loan delivered for purchase must be Federally Insured (FHA) and must be eligible for pooling as a GNMA MBS, as set forth in the applicable guidelines of GNMA. Targeted Occupation Definitions 3. Initial Allocation At least one borrower must qualify under one of the following options; teacher, safety worker, health care worker or a member of the United States Armed Forces. Following are the definitions: Teacher – One of the borrowers must be an employee of an accredited or state chartered private or public school; a certified teacher or administrator in an education agency; or an employee of a post-secondary level educational institution. Safety Worker – One of the borrowers must be an employee of a law enforcement agency or fire department administered by an agency or subdivision of a state or local government; or a sworn law enforcement officer responsible for crime prevention and detection, law enforcement, or criminal incarceration; or a sworn member of a fire department involved in the fire suppression or prevention, emergency medical response, hazardous materials response, or management or response to terrorism. Health Care Worker – One of the borrowers must be a certified, accredited, or licensed health care worker who is a medical resident or fellow; a nurse, nursing assistant, pharmacist, pharmacy technician, physician's assistant, or medical technician, technologist, or therapist. Active Member of Armed Forces – One of the borrowers must be a current member of the United States Armed Forces (Active or Reserve). $10,000,000.00 will be made available to finance the HERO TBA Program. Additional allocations will be made available as dictated by market conditions and program demand. 4 - 8
4. UNDERWRITING a. Mortgage Lenders are responsible for credit and collateral underwriting and for determining whether a loan qualifies under FHA guidelines. Lenders may run the loan through Desktop Underwriter, Loan Prospector or manually underwrite the loan. Non-occupying co-signers are allowed according to applicable guidelines of FHA/MFA. Temporary Buydowns are not allowed according to the TBA Program Guidelines. The Master Servicer will not re-underwrite the loans for eligibility but will provide post-closing review for compliance with MFA guidelines. b. Maximum LTV guidelines are as defined in the FHA handbook regarding Mortgage Credit Analysis for Mortgage Insurance on One-to-Four Units Mortgage Loans (section 4155.1). c. Maximum CLTV is as defined in section 4155.1 and Mortgagee Letter(s) 1994-03 and 2002-22. d. A minimum contribution of $1,000 from the borrower’s own funds is required and cannot be derived from any type of gift, grant or down payment assistance. The Mortgage Lender will be required to provide proof of the borrower’s own funds. 5. COMPLIANCE REVIEW A Compliance Review is required on all HERO TBA Program Mortgage Loans, prior to closing. MFA will provide pre-closing Compliance Review services on all Mortgage Loans and will issue a Compliance Approval for all Mortgage Loans. The Compliance Review will involve compliance with the HERO TBA program guidelines, including, but not limited to Household Income, Acquisition Cost, Targeted Occupation and prior homeownership. Mortgage Lenders must have proof of Compliance Approval in the Mortgage Loan file prior to loan purchase by the Master Servicer. 4 - 9
Page 1: NOTICE OF FUNDS AVAILABILITY (“NO
Page 5 and 6: Master Servicer will purchase loans
Page 7 and 8: equirements of RESPA and all other
Page 9 and 10: 23. RESERVATION REQUEST All Reserva
Page 11: 2. ACQUISITION COST LIMITS The Acqu

NOFA - MFA - Housing New Mexico

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?