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FMC Product Overview Presentation

FMC Product Overview Presentation.

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FMC Product Overview Presentation

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  1. FMC Product OverviewPresentation 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. 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. 09/4/2014

  2. Agenda • Government Programs: • FHA Programs – includes Jumbo, Streamline, 203(k), EEM • VA Programs – includes VA IRRRL • USDA Program • Down Payment Assistance Programs: • Access (CA) / FirstDown (AZ, CO, NM, NV, TX, UT) • SAPPHIRE (CA) • CalHFA Program – Retail/Builder Only (CA) • Conventional Program • Other Programs: • HARP DU Refi Plus Program • HomePath Program • EB Jumbo Program • TC HELOC Program • FMC Value Added Advantages • What’s New? • Product Support Team FMC Product Offering, Niches and Overlays

  3. FHA Programs:FHA Conforming & High Balance Jumbo loans FHA Streamline Refinance FHA 203(k) Streamline Program FHA EEM Program VA Programs:VA Conforming & High Balance Jumbo loans VA IRRRLUSDA Program GOVERNMENT PROGRAMS FMC Product Offering, Niches and Overlays

  4. FHA FMC Product Offering, Niches and Overlays

  5. FHA Program Highlights FMC Product Offering, Niches and Overlays

  6. FHA Jumbo Program Highlights… FMC Product Offering, Niches and Overlays

  7. FHA Streamline Highlights FMC Product Offering, Niches and Overlays

  8. FHA Streamline 203(k) Highlights FMC Product Offering, Niches and Overlays

  9. FHA EEM Program FMC Product Offering, Niches and Overlays

  10. FMC FHA Niches… FMC Product Offering, Niches and Overlays

  11. FMC FHA Niches… FMC Product Offering, Niches and Overlays

  12. FMC FHA Niches… FMC Product Offering, Niches and Overlays

  13. VA FMC Product Offering, Niches and Overlays

  14. VA Program Highlights FMC Product Offering, Niches and Overlays

  15. VA Program Highlights FMC Product Offering, Niches and Overlays

  16. VA IRRRL Highlights FMC Product Offering, Niches and Overlays

  17. FMC VA Niches… FMC Product Offering, Niches and Overlays

  18. USDA FMC Product Offering, Niches and Overlays

  19. USDA Program Highlights FMC Product Offering, Niches and Overlays

  20. USDA Program Highlights FMC Product Offering, Niches and Overlays

  21. Access (CA)FirstDown(AZ, CO, NM, NV, TX, UT)Sapphire (CA)CalHFA – Retail/Builder Only (CA) DOWN PAYMENT ASSISTANCE PROGRAMS FMC Product Offering, Niches and Overlays

  22. ACCESS & FIRSTDOWN FMC Product Offering, Niches and Overlays

  23. Access / FirstDown Highlights FMC Product Offering, Niches and Overlays

  24. Access / FirstDown Eligibility FMC Product Offering, Niches and Overlays

  25. Access / FirstDown 1st Mortgage FMC Product Offering, Niches and Overlays

  26. Access / FirstDown 2nd Mortgage FMC Product Offering, Niches and Overlays

  27. SAPPHIRE FMC Product Offering, Niches and Overlays

  28. SAPPHIREHighlights • What the Sapphire Program Offers… • 1st Mortgage Loans: • FHA and VA available products • Available throughout the State of California • Interest Rate available at the Reservation Portal at https://nhfresportal.nhfloan.org • The published rate is subject to change at any time • Grant: • May not exceed 3% or 5% of total 1st lien loan amount (including upfront MIP or VAFF) • Proceeds can be used for: • Down Payment • Closing Costs • Prepaid Items • Earnest money • MIP • Not a 2nd lien; does not need to be calculated into the DTI/CLTV • There must be no cash back to the borrower from the Grant Fund proceeds FMC Product Offering, Niches and Overlays

  29. SAPPHIREEligibility • Borrower Eligibility: • Be a US Citizen, permanent resident alien, or qualified alien • Occupy the residence as their primary residence • Non-occupant co-borrowers/co-signers – NOT allowed • Borrower income cannot exceed NHF Income limits for the county in which the property is located • 115% Area Median Income (AMI) • Minimum Credit Score of 620 • Meet all required agency Guidelines (FHA/VA) • FHA must meet HUD 4155 guidelines plus FMC overlays • VA must meet VA Handbook plus FMC overlays • Property Eligibility: • Eligible Properties • 1-2 Units, PUDs, FHA Approved Condos • Ineligible Properties • 3-4 Units, Manufactured Homes, 2nd Homes, NOO, Co-Ops, Recreation FMC Product Offering, Niches and Overlays

  30. SAPPHIREProgram FMC Product Offering, Niches and Overlays

  31. CalHFA • CalPLUSConventional with ZIP • CalPLUS FHA with ZIP • CalHFA Conventional • CalHFA FHA • CHDAP FMC Product Offering, Niches and Overlays

  32. CalPLUS Conventional with ZIP • CalPLUS Conventional with • Zero Interest Program • (ZIP) • CalHFA Conventional first mortgage with down payment assistance built in up to 97% LTV and 103% CLTV • MCM Guidelines • Fannie Mae’s HFA Preferred Program • Genworth insured • 18% Coverage on 97% LTV • 16% Coverage on 95% LTV • Max loan amount on first mortgage $417,000 • ADMC .25% • NO LLPA FMC Product Offering, Niches and Overlays

  33. CalPLUS Conventional with ZIP • CalPLUS Conventional with • Zero Interest Program • (ZIP) • ZIP loan = 3% of the first mortgage loan amount • Including upfront MI if applicable • Zero interest rate • Deferred payments • 97% LTV overlays (Investor approval required) • 680 min FICO • No condos FMC Product Offering, Niches and Overlays

  34. CalPLUS FHA with ZIP • CalPLUS FHA with • Zero Interest Program • (ZIP) • FHA insured first mortgage with down payment assistance built in • Max loan amount of FHA first $417,000 • Or additional fee - see rates on CalHFA website • ZIP loan = 3.5% of first mortgage total loan amount (includes UFMIP) • Zip carries a Zero interest rate • Deferred payments FMC Product Offering, Niches and Overlays

  35. CalHFA Conventional & FHA • CalHFA Conventional and CalHFA FHA • Same as corresponding CalPLUS product • With lower interest rate published daily • Use when your borrower doesn’t need ZIP • Can be combined with CHDAP FMC Product Offering, Niches and Overlays

  36. CHDAP • California Homebuyer’s • Downpayment Assistance Program (CHDAP) • 3% loan amount – Lower of Sales Price or Appraised Value • 3.25% simple interest • Most fixed rate first mortgages • Max CLTV cannot exceed 103% • Deferred payment – it’s a loan • First-time homebuyer • Only 3 Origination forms FMC Product Offering, Niches and Overlays

  37. CHDAPMinimum Credit Scores & DTI Ratio FMC Product Offering, Niches and Overlays

  38. CONVENTIONAL Highlights of the Conventional Products FMC Approved MI Companies: *** Genworth: www.mortgageinsurance.genworth.com *** MGIC: www.mgic.com *** United Guaranty: www.ugcorp.com Lender Paid MI Option FMC Product Offering, Niches and Overlays

  39. Conventional Program Highlights FMC Product Offering, Niches and Overlays

  40. Conventional Program Highlights FMC Product Offering, Niches and Overlays

  41. MI Options FMC Product Offering, Niches and Overlays

  42. LPMI Option FMC Product Offering, Niches and Overlays

  43. LPMI Option FMC Product Offering, Niches and Overlays

  44. LPMI Adjustments FMC Product Offering, Niches and Overlays

  45. OTHER PROGRAMS • DU RefiPlus • HomePath • EB Jumbo • TC HELOC FMC Product Offering, Niches and Overlays

  46. HARP – DU REFI PLUS (FOR FANNIE MAE LOANS ACQUIRED PRIOR TO 6/1/2009) FMC Product Offering, Niches and Overlays

  47. Program Highlights FMC Product Offering, Niches and Overlays

  48. Eligibility Guidelines FMC Product Offering, Niches and Overlays

  49. MI Flexibility FMC Product Offering, Niches and Overlays

  50. HOMEPATH (FOR FANNIE MAE REO PROPERTIES) FMC Product Offering, Niches and Overlays

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