MORTGAGE REVENUE BOND PROGRAM BULLETIN #366 Via ...

MORTGAGE REVENUE BOND
PROGRAM BULLETIN #366
Via Email
Date: October 31, 2012
To:
From:
Re:
Participating Lenders/Servicers
Melissa West, Vice President
Single Family Program Operations
MRB 2012A-2 Statewide Bond Issue
The Mississippi Home Corporation is releasing the new 2012A-2 Mortgage Revenue Bond issue coupled
with an optional 2 nd mortgage. The first release will be for $1,000,000 with a 4.00% rate for the 1 st mortgage and the
optional 2 nd mortgage.
The Program Notice, MRB Reservation Form (MRB 001) and MRB Checklist (MRB002) are attached. The
following loan programs are allowable under the issues:
- Federal Housing Administration (FHA): In addition to FHA Section 203/7(b), MHC also allows the
following FHA options:
(i)
(ii)
(iii)
203(k) Rehab.
203(h) Disaster Relief 100% loan and
FHA 2-1 Buydown
- Veterans Administration Loan Program (VA);
- Rural Development 502 Guaranteed Loan Program (RD);
- Fannie Mae Conventional Products – 2 nd mortgage assistance not available with the Fannie Mae products.
- Freddie Mac Conventional Products - 2 nd mortgage assistance not available with the Freddie Mac products

PROGRAM NOTICE
MORTGAGE REVENUE BOND with OPTIONAL 2 ND MORTGAGE ASSISTANCE PROGRAM
ISSUE/SERIES 2012A-2 Statewide Bond Issue
$1,000,000
1 st & 2 nd MORTGAGE LOAN RATE: 4.00% (Subject to change)
1 st & 2 nd MORTGAGE P&I FACTORS: 4.75829198
LOAN TYPE:
FHA, VA, Rural Dev., Fannie Mae* & Freddie Mac*
Conventional Products *May only use the rate for the
30-year loan, but cannot have use the 2 nd mortgage 10-
year loan assistance.
1 st MTG. LOAN TERM: 30 Years
2 nd MTG. LOAN TERM: 10 Years
BOND MATURITY DATE: December 1, 2041
1 st MTG. LOAN TERM: 30 Years
2 nd MTG. LOAN TERM: 10 Years
BOND MATURITY DATE: December 1, 2041
2 nd MORTGAGE LOAN: Equates to 3% of the 1 st mortgage full loan amount can be
applied to the applicable loan type required down payment,
if applicable, a 1% or 1.5% Origination fee (not required to
be charged) & buyer paid closing costs (excluding prepaid
items). Discount points cannot be charged to buyer or
seller. Any funds remaining at time of closing must be
applied as a principal reduction to the 1 st mortgage &
reflected as such on the HUD-1, pg. 2 under Borrower
Funds column.
POOL NOTIFICATION CONTACTS:
Blair Bingham, CFO – Blair.Bingham@mshc.com
Carol Edmonds, Controller – Carol.Edmonds@mshc.com
MS Home Corporation
735 Riverside Drive
Jackson, MS 39202
Ph. # (601)718-4642
Fax # (601)718-4643
DVP DELIVERY INSTRUCTIONS
BK OF NYC/MLGOV
FOR Ginnie Mae, Fannie Mae ABA: 021000018
Securities or Freddie Mac Certificates ML Acct #16H-01604
TIMETABLE - (Subject to change)
SEPTEMBER 7, 2012
FEBRUARY 13, 2013
FEBRUARY 21, 2013
FEBRUARY 26, 2013
MARCH 5, 2013
MARCH 12, 2013
MARCH 19, 2013
First Day of Reservations
Final Day to Reserve Funds
Final Day to Submit a Package for Compliance
Review
Final Day to Close Loans
Final Day to Submit Purchase Certification Package for
Review
Final Day to Issue Purchase Certificate
Final Day to Sell Loans to Servicing Lender
APRIL 8, 2013 Final Day to Notify MHC of Pool Delivery (MRB 012)
APRIL 17, 2013
Final Day to Deliver Pool to Purchase Security
/Rev. 11/12/12

MISSISSIPPI HOME CORPORATION
MORTGAGE REVENUE BOND
& DOWN PAYMENT ASSISTANCE RESERVATION FORM
INSTRUCTIONS TO LENDER:
This form must be fully completed prior to faxing in for a MRB w/2 nd Mortgage reservation to (601) 718-4672. The
following documents must be submitted within three (3) business days of receiving your reservation or the reservation
will be canceled.
1. MRB with Down Payment Assistance Reservation Form (MRB 001)
2. MRB with Down Payment Assistance Checklist (MRB 002)
3. Executed copy of Sales Contract
4. Reservation fee of $200, excludes HAT/HOYO, payable to MHC (Non-Refundable)
5. Copy of Executed Loan Application
6. Original Executed MRB Potential Recapture Tax Form
7. Original MRB Assistance and Fee Disclosure Form (Excludes HAT/HOYO loans)
8. Copy of Homebuyer Education Certificate
9. Original HAT Loan Agreement (If Applicable)
INTEREST RATE: 4.00% MRB RESERVATION NUMBER: 2012A-2____________
2 Nd MORTGAGE NUMBER: _________________________
SERVICER: _______________________________________________________
COMPANY NAME: _____________________________________________________________________________________________
BRANCH ADDRESS: ____________________________________________________________________________________________
COMPLETED BY: ______________________________________ DATE: _________________________________________________
PHONE NUMBER: _____________________________________ FAX NUMBER: __________________________________________
___________________________________ ___________________________________ ________________________________
:
BORROWER (S) NAME: _________________________________________________________________________________________
COMPLETE PROPERTY ADDRESS: ______________________________________________________________________________
APPLICATION DATE: _____________________________ ESTIMATED CLOSING DATE: _________________________________
SALES PRICE: ____________________________________ COUNTY NAME: _____________________________________________
TARGET: _____ NON-TARGET: ______
**LOAN AMOUNT: $______________________________ (Including MIP, PMI, VA Funding or RD Guarantee Fee)
OPTIONAL 3% SECOND MORTGAGE $ ______________________ (Calculated on the Full Loan Amount**)
GRANT ASSISTANCE PROGRAMS – Name of Program, i.e. HAT, HOYO, HLP, City Grant: _______________________________
GROSS HOUSEHOLD ANNUAL INCOME: $____________________
COUNTY INCOME LIMIT: $___________________________
REPRESENTATIVE CREDIT SCORE: __________ __________
Check if Non-Traditional Credit Approval – With No Score (___)
LOAN TYPE: ( )FHA ( )VA ( )RD ( )Fannie Mae Conventional Products* ( )Freddie Mac Conventional Products*
*Only if NO Down Payment Assistance is being used
_
_____
: :
___SINGLE FAMILY DETACHED
___CONSTRUCTION
___SINGLE FAMILY ATTACHED
___NEW (LESS THAN 1 YEAR OLD)
___CONDOMINIUM OR PUD
___EXISTING
___"DE MINIMUS PUD"
___MANUFACTURED HOUSING
_________________________________________________________________________________________________________________
CLOSING ATTORNEY (Name, Physical Address, Phone and Fax Numbers):
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
CONTACT PERSON: _______________________________ ESTIMATED CLOSING DATE: _______________________________
___________________________________________________ _____________________________________________________
:
RECEIVED BY: __________RESERVATION DATE: _______________ RESERVATION EXPIRATION DATE: _______________
MRB 001 Rev. 10/31/12

MRB with Optional Down Payment Assistance
______________________________________
Borrower
PROGRAM CHECKLIST
Statewide Rate: 4.00%
P & I Factors Respectively: 4.75829198
2012A-2_______________________
MRB Reservation Number
2 ND Mtg. No: _________________
RESERVATION PACKAGE
RESERVATIONS ACCEPTED FROM SEPTEMBER 7, 2012 TO FEBRUARY 13, 2013
_____1. MRB with Down Payment Assistance Reservation Form (MRB 001)
_____2. MRB with Down Payment Assistance Checklist (MRB 002)
_____3. Reservation fee of $200, except for HAT/HOYO (Non-Refundable and No Personal Checks allowed)
_____4. Copy of Executed Sales Contract or for HUD Repo’s. the HUD Property Disposition Form 9548
_____5. Copy of Complete/Executed Loan Application
_____6. Original Executed Potential Recapture Tax Form
_____7. Original MRB Assistance and Fee Disclosure (MRB/DISC, Excludes HAT/HOYO)
_____8. Copy of Homebuyer Education Certificate
_____9. Original HAT Loan Agreement (If Applicable)
CONDITIONS: ____________________________________________________________________________________________________
__________________________________________________________________________________________________________________
MHC must receive the Reservation package within three (3) business days of receiving the reservation.
COMPLIANCE PACKAGE
FINAL DAY TO SUBMIT A COMPLIANCE PACKAGE WILL BE FEBRUARY 21, 2013
FINAL DAY TO CLOSE LOANS WILL BE FEBRUARY 26, 2013
_____1. MRB with Down Payment Assistance Checklist (MRB 002)
_____2. FHA Transmittal Summary or VA Loan Analysis or Fannie Mae 1008 (Dependent upon loan type)
_____3. Verification of Employment (s) and pay stub (s) (All Applicable Household Members)
_____4. MHC Income Calculation Worksheet
_____5. Federal Tax returns-Previous 3Yr.’s for ALL applicable household members with original signatures of each tax payer on ea.
Years Federal tax returns (Not applicable for Target Counties)
_____6. Original Borrowers Affidavit Part I (MRB 003)
_____7. Copy of Appraisal (URAR or Conditional CRV)
_____8. Notification of Change Form (MRB 011, if applicable)
_____9. Attorney Information Form (MRB 010) and Completed Air Bill (if applicable)
____10. Exception Documentation (if applicable)
____11. Copy of FHA Buydown Agreement (if applicable)
____12. 203(k) Maximum Mortgage Worksheet (if applicable)
____13. Copy of HUD-1 (HAT Only)
CONDITIONS: ___________________________________________________________________________________________________
_________________________________________________________________________________________________________________
MHC requires three (3) business days for the compliance review. Once MHC has reviewed the file, a Conditional Commitment approval
or list of conditions will be faxed to the lender contact.
PURCHASE CERTIFICATION PACKAGE
FINAL DAY TO SUBMIT A PURCHASE CERTIFICATION PACKAGE WILL BE MARCH 5, 2013
FINAL DAY PURCHASE CERTIFICATIONS WILL BE ISSUED WILL BE MARCH 12, 2013
_____1. MRB with Down Payment Assistance Checklist (MRB 002)
_____2. Original Lenders Closing Certificate (MRB 006)
_____3. Original Borrowers Affidavit Part II (MRB 007)
_____4. Original Affidavit of Seller (MRB 004) N/A on HUD Repo.
_____5. Copy of Executed HUD-1
_____6. Copy of Executed First Mortgage Note
_____7. Copy of Executed First Mortgage Deed of Trust
_____8. Original DPA Note
_____9. Original Recorded DPA Deed of Trust
____10. Original DPA Truth-in-Lending
____11. Original DPA Disclosure
CONDITIONS: ___________________________________________________________________________________________________
_________________________________________________________________________________________________________________
Once MHC has reviewed the closing documents, a Purchase Certification or a list of conditions will be issued. If the PC is issued the
mortgage loan may be pooled to back a Ginnie Mae or Fannie Mae Mortgage Backed Security or Freddie Mac Certificate.
FINAL DAY LOAN CAN BE SOLD TO THE SERVICER WILL BE MARCH 19, 2013
FINAL DAY TO NOTIFY TRUSTEE OF DELIVERY (MRB 012) APRIL 8, 2013
FINAL DAY TRUSTEE TO PURCHASE SECURITY WILL ALSO BE APRIL 17, 2013
MRB 002 Rev. 10/31/12