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NSP1

NSP1. The Five C’s of Closing. 1 st C. Calculate….. Calculate…..Calculate Calculate the NSP Sales Price Calculate the Subsidy/ DHCD Match Calculate the Borrowers Loan Amount Calculate the NSP 2 nd DOT Calculate the Program Income. 2 nd C. Compare…..Compare….. Compare

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NSP1

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  1. NSP1 The Five C’s of Closing

  2. 1st C Calculate….. Calculate…..Calculate • Calculate the NSP Sales Price • Calculate the Subsidy/ DHCD Match • Calculate the Borrowers Loan Amount • Calculate the NSP 2nd DOT • Calculate the Program Income

  3. 2nd C Compare…..Compare….. Compare • Compare the “Backing Into a Loan” Figures with the GFE • Compare the draft HUD-1 to your calculations for NSP Sales Price, 2nd DOT, closing, 3.5% Incentive • Compare the draft HUD-1 closing costs to GFE from lender

  4. 3rd C Correct….Correct…..Correct….. • Correct the 2nd DOT to reflect changes in the closing costs • Correct the draft HUD-1 to reflect correct verbage for closing costs, incentive, and 2nd DOT • Correct Borrowers Loan Amount with the lender to ensure full subsidy provided

  5. 4th C Complete….Complete…..Complete • Complete the TCR based off the HUD-1 • Complete the closeout paperwork • Complete draws for final deliverables • Complete a payment to DHD for program income

  6. 5th C Communicate.Communicate.Communicate • Communicate with Rep regarding budget/drawdowns • Communicate with Rep at acquisition • Communicate with Rep when Rehab contract signed • Communicate with Rep throughout Rehab process • Communicate with Cheri prior to signing sales contract with homebuyer • Communicate with Cheri prior to closing • Communicate with Cheri on 2nd DOT • Communicate with Cheri on Borrowers Loan Amount • Communicate with Cheri on draft HUD-1 • Communicate with Rep on Return of Program Income

  7. Forms • We will now go over closing forms • Backing Into A Loan Amount • GFE • HUD-1 • TCR ( New & Improved) • Q&A

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