The FHA 203(b) Loan Program - STM Partners

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Refinances, Continued FHA-to-FHA Refinance Transactions May Not Exceed County Loan Limits SunTrust Mortgage currently does not permit FHA-to-FHA refinance transaction to exceed the new county loan limits. Section 2.22 July 27, 2012 FHA 203(b) Loan Program Page 46 of 217 Correspondent Seller Guide
Cash-Out Refinances General • HUD considers cash out refinances for debt consolidation a high risk, especially if borrowers have not demonstrated a significant increase in income and appear to be heavy credit users. • These transactions should be scrutinized more carefully. Delinquent Mortgages Eligible Borrowers • Borrowers who are delinquent or in arrears with their existing mortgage, or had a late payment in the last 12 months (no payment may have been more than thirty [30] days late) are NOT eligible for cash-out financing. • Verification of a satisfactory mortgage payment history must be provided through the month prior to closing, ensuring that all payments have been made within the month due for the previous 12 months. • An updated credit report or Verification of Mortgage (VOM) is required, if the mortgage payment history provided in the loan file is not reporting through the month prior to loan closing. • A prior to closing condition, code CLS54, will be issued requiring evidence that the existing mortgage is less than 30 days past due at closing with 0 x 30 day late payment in the last 12 months. • Loan Officers must inform their clients that all mortgage payments must be made within the month due on their current mortgage, until the date of closing for their new transaction. Notes: • Payoff statements are not an acceptable means to document a mortgage payment history. • Cancelled checks may be an acceptable source of documentation for a mortgage payment history, at the underwriter’s and/or MLC’s discretion, on a case-by-case basis Reference: See the Mortgage/Rental Payment Histories subtopic subsequently presented in the Credit Requirements topic for additional requirements when using TOTAL Scorecard for borrowers that have any mortgage tradelines with a delinquency in their credit history. • Any co-borrower or co-signer being added to the Note must be an occupant of the subject property. • Non-occupant co-borrowers or co-signers are not permitted. Continued on next page Section 2.22 July 27, 2012 FHA 203(b) Loan Program Page 47 of 217 Correspondent Seller Guide
Page 1 and 2: In This Product Description Section
Page 3 and 4: Overview, Continued Product Summary
Page 5 and 6: Overview, Continued Case Number Ass
Page 7 and 8: Overview, Continued Helpful Website
Page 9 and 10: Related Bulletins General Related b
Page 11 and 12: Loan Terms, Continued Assumptions,
Page 13 and 14: Loan Terms, Continued Maximum Loan
Page 15 and 16: Loan Terms, Continued Transactions
Page 17 and 18: Loan Terms, Continued Transactions
Page 19 and 20: Loan Terms, Continued Maximum Numbe
Page 21 and 22: FHA Jumbo, Continued Underwriting M
Page 23 and 24: FHA Jumbo, Continued Down Payment A
Page 25 and 26: Eligible Transactions, Continued Te
Page 27 and 28: New Construction, Continued General
Page 29 and 30: New Construction, Continued HUD Spe
Page 31 and 32: New Construction, Continued Archite
Page 33 and 34: New Construction, Continued Archite
Page 35 and 36: New Construction, Continued 10 Year
Page 37 and 38: New Construction, Continued Affirma
Page 39 and 40: New Construction, Continued Propert
Page 41 and 42: Ease-In Payment Reduction Feature,
Page 43 and 44: Energy Efficient Mortgage (EEM) Pro
Page 45: Refinances, Continued FHA Refinance
Page 49 and 50: Cash-Out Refinances, Continued Maxi
Page 51 and 52: No Cash-Out with an Appraisal (Rate
Page 53 and 54: Streamline Refinances, continued Ma
Page 55 and 56: Streamline Refinances, continued Ne
Page 57 and 58: Streamline Refinances, continued Em
Page 59 and 60: Secondary Financing General • Any
Page 61 and 62: Secondary Financing, Continued Fede
Page 63 and 64: Secondary Financing, Continued Othe
Page 65 and 66: Secondary Financing, Continued SunT
Page 67 and 68: Geographic Restrictions Introductio
Page 69 and 70: Occupancy/Property Types, Continued
Page 75 and 76: Eligible Borrowers AUS Information
Page 77 and 78: Eligible Borrowers, Continued First
Page 79 and 80: Eligible Borrowers, Continued Non-P
Page 81 and 82: Eligible Borrowers, Continued Perma
Page 83 and 84: Income, Continued General, (continu
Page 85 and 86: Income, Continued Automobile Allowa
Page 87 and 88: Income, Continued Section 8 Home Ow
Page 89 and 90: Income, Continued Part-Time Income
Page 91 and 92: Income, Continued Rental Income, (c
Page 93 and 94: Income, Continued Self-Employed Bor
Page 95 and 96: Income, Continued Temporary Leave a
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Income, Continued Borrowers on Stri
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Liabilities and Qualifying Ratios A
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Liabilities and Qualifying Ratios,
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Credit Requirements, Continued Bank
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Credit Requirements, Continued Coll
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Credit Requirements, Continued Cred
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Credit Requirements, Continued Cred
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Credit Requirements, Continued Debt
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Credit Requirements, Continued Mort
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Credit Requirements, Continued Rece
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FHA Social Security Number Validati
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Cash Requirements General In all ca
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Cash Requirements, Continued Cash o
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Cash Requirements, Continued Large
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Cash Requirements, Continued Gift/G
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Cash Requirements, Continued Gift/G
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Cash Requirements, Continued Loans
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Cash Requirements, Continued Real E
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Cash Requirements, Continued Saving
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Contributions by Interested Parties
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Contributions by Interested Parties
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HUD Allowable Closing Costs, Contin
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Mortgage Insurance General An annua
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Mortgage Insurance, Continued MIP P
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Mortgage Insurance, Continued MIP P
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Mortgage Insurance, Continued UFMIP
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Appraisal Requirements General •
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Appraisal Requirements, Continued A
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Appraisal Requirements, Continued M
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Appraisal Requirements, Continued C
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Appraisal Requirements, Continued A
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Appraisal Requirements, Continued S
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Appraisal Requirements, Continued C
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Appraisal Requirements, Continued F
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Appraisal Requirements, Continued S
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Appraisal Requirements, Continued M
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Appraisal Requirements, Continued R
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Appraisal Requirements, Continued R
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Prohibition of Property Flipping, C
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Prohibition of Property Flipping, C
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Automated Underwriting Systems (AUS
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Rate, Points & Lock-Ins, Continued
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Application, Disclosures and Consum
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Application, Disclosures and Consum
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Underwriting and Loan Submission Ge
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Underwriting and Loan Submission, C
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Closing and Loan Settlement Documen
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The FHA 203(b) Loan Program - STM Partners

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