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FMC Product Update Presentation

FMC Product Update Presentation.

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FMC Product Update Presentation

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  1. FMC Product Update Presentation Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and is not complete. Contact Loan Help (FMC AE for WS) for complete program guidelines. This information is for mortgage professionals only and should not be distributed to or used by consumers or other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 06/9/2009

  2. Agenda FIRST MORTGAGE • Product Update - What’s new at FMC? • CalHFA Program Update • $100 Down Program Highlights • CalSTRS Program Update • $8,000 Tax Credit Update • Property Flipping Update – FHA/VA/Conventional • FMC FHA credit overlays • FREE Online Homebuyer Education Program • Upcoming Fannie Mae changes • What’s coming next? • USDA Program • ACCESS Program

  3. CALHFA PRODUCT UPDATE1ST MORTGAGE PRODUCTS:Cal30 – Conventional SMART ProgramCSHLP Program2nd MORTGAGE PRODUCTS:CHDAPAHPPSFF FIRST MORTGAGE

  4. CalHFA Eligibility

  5. CalHFA Income Calculations

  6. Cal30 Program

  7. Cal30 Cont’d…

  8. CSHLP REO Program

  9. CSHLP REO Program Cont’d…

  10. CSHLP REO Program Cont’d…

  11. SMART REO Program

  12. SMART REO Program Cont’d…

  13. SMART REO Program Cont’d…

  14. CHDAP

  15. AHPP

  16. FHA $100 DOWN PROGRAMFHA PROPERTY DISPOSITION SALES - HUD REO’S($100 DOWN PROGRAM)GOOD NEIGHBOR NEXT DOOR PROGRAM($100 DOWN PROGRAM) FIRST MORTGAGE

  17. HUD REO Program Highlights

  18. HUD REO Sales Contract

  19. HUD REO Processing

  20. HUD REO Inspections…

  21. GNND Program Highlights

  22. GNND Program Highlights

  23. OTHER UPDATESCalSTRS UPDATE$8,000 TAX CREDIT PROGRAMPROPERTY FLIPPING RULES – FHA/VA/CONVENTIONALFMC FHA CREDIT UW OVERLAYSON-LINE HOMEBUYER EDUCATION PROGRAMUPCOMING FANNIE MAE CHANGESWHAT’S NEXT? FIRST MORTGAGE

  24. CalSTRSProgram Update

  25. $8,000 Tax Credit

  26. Property Flipping Update - FHA

  27. Property Flipping FHA cont’d…

  28. Property Flipping Update -Conventional

  29. Property Flipping Update - VA

  30. New FMC FHA overlays…

  31. FREE Online Homebuyer Education option

  32. Fannie Mae upcoming changes

  33. What’s Next? • USDA Program coming July? • Borrower’s buying/refinancing in rural areas • Population of 10,000 or fewer or < 20,000 outside of a MSA • Very low, low and moderate income • Have lower ficos or non-traditional credit • No down or closing costs • No monthly MI • Finance the Guarantee Fee into mortgage up to 102% financing • No acreage limitation (30% oftotal property value max) • NHF Access coming August? • Unlimited funds – backed by Private Financing • NOT limited to First Time Homebuyers • No Sales Price Limits • No Recapture Tax • No “Compliance Review” required • Access 2nd available for Down Payment and Closing Costs • CLTV up to 100% • Purchase or R&T refinances • Manufactured Housing Eligible • Conventional available throughout CA and 47 states; FHA only in select areas of CA

  34. FMC SUPPORT • WEB SITE • http://www.fmcretail.lpx.com • TRAINING MATERIALS • CALCULATORS • TOOLS • FORMS • MARKETING • TRAININGS • First Mortgage offers FREE Weekly ONLINE Trainings • Available every Thursday mornings @ 9:30 am PST • Next week’s Training: FHA 203(k) • SUPPORT • Contact Loan Help at • loanhelp@firstmortgage.com • for help with: • Program Guidelines • Tough Scenarios • Pricing help • Training sign ups

  35. Thank You! On behalf of First Mortgage, thank you for joining today’s training and we hope the information provided will help you build your business! FIRST MORTGAGE

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