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ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

ANDP Neighborhood Stabilization Program (NSP) Program Training For Lending Professionals. Implemented by Atlanta Neighborhood Development Partnership Presented by Clyde Anderson. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org. The Initiative.

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ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

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  1. ANDP Neighborhood Stabilization Program (NSP) Program TrainingFor Lending Professionals Implemented by Atlanta Neighborhood Development Partnership Presented by Clyde Anderson ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  2. The Initiative The ANDP NSP Program is an initiative to help qualified buyers purchase a previously foreclosed home in designated areas within the Atlanta Metro. The program provides financial assistance to help lower the cost of these homes. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  3. The Team NSP Advantage: Overview NSP Second Mortgage Program Available Counties & Jurisdictions Program Structure Homebuyer Requirements Property Requirements Lenders Role ANDP’s Role To-Do or Not-To-Do Today’s Agenda ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  4. NSP Advantage Team ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  5. Christie Cade Sr. Manager of Housing Development Clyde Anderson Housing Consultant Karyl Bentley Housing Coordinator George Burgan Sr. Manager Marketing & Comm. NSP Advantage: The Team ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  6. NSP Advantage: Team ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  7. NSP Advantage: Overview • Total household income must not exceed 120% of Area Median Income. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  8. NSP Advantage: Overview • Second mortgages must be coupled with 30 year fixed rate first mortgages only (FHA, VA, Conventional) • Recapture/affordability for period with all NSP Second Mortgage loans (5-15 years) • Homebuyer must move into the home 60 days after closing subject to construction issues • Homebuyers must contribute at least 1% of their own funds towards the purchase of the home (i.e. earnest money, application fee, appraisal, etc.) ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  9. NSP Advantage: Overview • The home purchased must be the primary residence for the Homebuyer • No first time buyer requirement • Loan qualification and credit underwriting is completed by participating lenders • Homebuyer education and housing counseling is required from HUD approved housing counselors (8 hours) ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  10. NSP Advantage: Overview • All other NSP regulations and guidelines are applicable • Program may be used with other down payment assistance programs (some exceptions may apply) ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  11. NSP Second Mortgage Facts ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  12. NSP Second Mortgage Guidelines ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  13. NSP Second Mortgage Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  14. Borrower receives approved contract from ANDP Email “Loan Reservation” to the following ccade@andpi.orgclydespeaks2u@gmail.com, kbentley@andpi.org ANDP will provide Reservation Confirmation within 48 hours Lenders will process and Underwrite loan file completely NSP Advantage: Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  15. Overnight you approved loan to ANDP’s office: 235 Peachtree Street Suite 2000 2oth Floor, Atlanta, GA 30303 ATTN: Christie Cade Upon receipt ANDP will provide a “Deficiency Letter” within 48 hours of receiving file (if applicable) The file will not be fully reviewed until outstanding conditions are met NSP Advantage: Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  16. ANDP will begin “Compliance Review” Compliance Review consist of... Confirming that all documents have been signed and filled out completely Confirming household size Verifying income is correct Review Appraisal Reviewing tax returns Reviewing bank statements Forward info to Jurisdiction for review if applicable NSP Advantage: Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  17. Email Lender Approval/Declination Letter Allow 48 hours to confirm and set up closing ANDP will prepare Note, Deed, TIL and other documents for closing ANDP will provide all documentation for NSP 2nd Mortgage to Attorney NSP Advantage: Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  18. After ANDP reviews the HUD to ensure: Borrower has at least 1% invest into the transaction (Earnest deposit, application fee, inspections etc.) No excessive fee’s were charged (Max 2 discount points) Second Mortgage proceeds and closing cost were applied correctly NSP Advantage: Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  19. ANDP is the Seller of the properties and will provide homebuyers warranty and sign all seller docs at closing. ANDP will follow up on Post Closing items Fully Executed 1003 Loan Application Form Final GFE NSP Advantage: Process ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  20. HomebuyerRequirements ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  21. Homebuyer Requirements Getting Started! The Loan Process • Homebuyer will contact a NSP Participating Lender for loan application and pre-qualification. • Homebuyer will contact a HUD approved Housing Counseling agency, complete the required (8 hr) homebuyer education and housing counseling and obtain a certificate of completion prior to submittal of underwriting package to ANDP. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  22. Homebuyer Requirements Getting Started! The Loan Process • Homebuyer qualifies for a conventional, FHA or VA mortgage • Homebuyer will work with Real Estate Professional to locate an ANDP property in one of the designated Counties - Area of greatest need and present an offer contingent upon approval • Homebuyer completes the loan application process with the NSP Participating Lender, completes all NSP forms, obtains loan approval from lender, and closes on home. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  23. PropertyRequirements ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  24. Property Requirements • Must be an ANDP owned property listed on MLS and FMLS • Must be located within the designated program area in order to receive the benefits for that jurisdiction • Under renovation, unless otherwise noted • Properties online at www.ANDPHomes.org ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  25. Role of theLender ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  26. Role of the Lender • Prepare the required NSP Program closing documents • Deliver documents for the first mortgage loan, table fund 1st mortgage, ANDP will fund 2nd mortgage loan • Deliver final inspections and required funding documents to ANDP ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  27. Role of the Lender • The Lender will: • Originate, process and underwrite the first and mortgage in accordance with FHA, VA or Conventional loan requirements and credit guidelines • Lenders will be responsible for originating, underwriting and closing the NSP first mortgage Loans and for all communications with borrower about their NSP Second Mortgage Loans • Review all documentation to verify that discounts meet the NSP requirements • Review income documentation to verify that Applicants household meets the NSP income requirements of less than 120% AMI and complete the Household Income Worksheet ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  28. Role of the Lender • Obtain an appraisal to include interior and exterior photographs • Credit underwrite the loan to include second mortgage financing • Deliver a complete underwriting package to ANDP and receive ANDP compliance approval ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  29. Lender Participation • How do I become a NSP Lender? • Fannie/FNMA Certified or FHA approved lenders are invited to participate in the ANDP NSP Advantage program. • Lenders interested in participating in the Program should contact Clyde Anderson @ clydespeaks2u@gmail.com ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  30. Role of ANDP ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  31. ANDP Role & The Closing Process • ANDP will: • Reserve NSP funds as requested by lenders • Complete a compliance underwriting review of documentation presented by the lender • Approve/deny NSP funding for submitted applications • Prepare NSP second mortgage loan closing documents • Fund the NSP loan at closing • Secure NSP Second Mortgage Loan documents and service loan until payoff. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  32. How to Make it Work! ANDP’s Do's and Don'ts for Loan Submissions ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  33. Mock Loan ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

  34. Questions? For additional information visit www.ANDPHomes.org Or Clyde Anderson clydespeaks2u@gmail.com 678-500-9519 ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org

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