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Essex Mortgage Brings CALHFA PRODUCTS to you!

Essex Mortgage Brings CALHFA PRODUCTS to you!. How do you know what program you want? .

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Essex Mortgage Brings CALHFA PRODUCTS to you!

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  1. Essex Mortgage Brings CALHFA PRODUCTS to you!

  2. How do you know what program you want? Do you want to work with an FHA or Conventional loan? Do you want a 1st, 2nd, and 3rdor just a 1st and 2nd? Is your borrower a FTHB; they must be! (Exception – has not had an ownership interest in any principal residence during the previous 3 years). You have several product options, but they all surround these basic descriptions! • CalHFA 1st – only allows a 2nd(Conventional or FHA) can be combined with: • My Home Assistance 2nd; or • School Program 2nd. • Cal “Plus” 1st - allows for a 2nd and 3rd(Conventional or FHA) can be combined with: • My Home Assistant 2nd • School Program 2nd • My Home Assistant 2nd and a ZIP 3rd • School Program 2nd and a ZIP 3rd(One borrower must be affiliated with a K-12 school, including public charter schools, school district offices and county/continuation schools. NOTE: My Home and School Program can only be used for down payment and/or closing cost assistance. This is not to be used to pay the difference in sales price and appraised value if the sale price is higher. It also can not be used for paying off borrower debt. ZIP can only be used to pay for closing costs and/or prepaid items only.

  3. Compare: My Home Assistance – ZIP – SCHOOL FHA or Conventional)

  4. CalHFA Made Easy

  5. Comparing Programs (cont.)

  6. Comparing Programs cont.

  7. Comparing Programs (cont)

  8. New CHANGE for 2019CalHFA Income Calculations • Calhfa no longer has a different version of how to calculate income. • CalHFA will underwrite to industry standards for FHA, Conventional and VA. REMINDER: MAX RATIO 45% (43% for manual) FICO 640

  9. Fees and Lock Periods FEES FOR THE PROGRAM L

  10. Income and Sales Price Limits • Sales Prices: $765,000 statewide. Check your max loan amounts per counties. • Income Limits effective June 17, 2019:

  11. Sample Loan Scenariohttp://www.calhfa.ca.gov/calc/scenario.html

  12. Can CalHFA liens be subordinated?Effective 7/1/2019 CalHFA will not allow for subordination. FOR MORE INFORMATION ON REFINANCING AND SUBORDINATION: https://www.calhfa.ca.gov/homeownership/forms/application-resubordination.pdf

  13. Property • 1 unit only – no units – SFR, condo or PUD’s • Guest Houses (granny units) are eligible; zoned for SFR/must meet city/county zoning Cannot be zoned for 2-4 • No income producing; personal use only • No Manufactured housing (Essex requirement) • No Leasehold • Non permitted additions/alterations per FNMA or FHA guidelines • Lot size – max 5 acres

  14. SAMPLE PRICING (subject to change)Rates found on page 8 of rate sheetManual Lock – locks @essexmortgage.com; Loan must be approved and appraisal signed off.

  15. 1ST Time Homebuyer – Homebuyer Education & First Time Homebuyer (FTHB) • For CalHFA purposes, a FTHB is defined as a borrower who has not had any ownership interest in any principal residence during the previous 3 years. • If currently owns a non owner residence, 3 years of cancelled checks would have to be provided to show paying rent elsewhere; living with parents would not suffice. This would only be require if DU calls for a VOR. If no VOR is called for, then no cancelled checks would be required.

  16. How to Submit

  17. CALHFA Addendum Submission Sheet http://www.essexwholesale.com/products/produc/calhfa/

  18. How to run DU Conventional

  19. How to run DU FHA Note: The rates and % of loan has changed from this SAMPLE See daily rate sheet for most current rates – below are sample rates and %’s ONLY. Call your AE if you have any questions.

  20. Additional required CALHFA Forms at time of submission:Forms found at: http://www.essexwholesale.com/products/produc/calhfa/ CalHFA Addendum Submission Sheet CalHFA Borrower Affidavit & Certification (1/19 – certifying 1st time HB) CALHFA Borrower Affidavit dated Tax Return Affidavit (only required if borrower not required to file 1040’s) (7/10/2013) These forms can be found at www.essexwholesale.com, click on Products - CalHFA Home Buyer Education: (required for one occupying 1st time buyer – not required for non-1sttime homebuyersif using ZIP only – it is required for all My Home Assistance products) On line: https://calhfa.ehomeamerica.org/sponsor_user/sponsor_main

  21. Conventional Mortgage Insurance

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