Last Revised September 2021 Page 1 of 9 - PDF document

1 Last Revised September 2021 | Pa
Last Revised September 2021 | Page 1 of 9 Loan Term30 year �xed rate only.2.50% including SRP plus common and customary ancillary fees.Loan-to-Value (LTV) Maximum 97% LTV based on the lower of the sales price / No minimum LTV, except:If originated with a DPA Grant or Plus Second Mortgage the Minimum LTV is 90%. Maximum 97% LTV based on the lower of the sales price / No minimum LTV, except:If originated with a DPA Grant or Plus Second Mortgage the Minimum LTV is 90%.Maximum 105% TLTV (Freddie Mac eligible A�ordable LTV 80% AMI - LLPAs don’t apply 00 Continued on next page Virginia Housing Conventional No MI Virginia Housing Conventional Program Guidelines Fannie MaeFreddie Mac MI Approval and Certi�cate required.Participating Companies: Arch MI, Essent, Genworth, MGIC, National MI, Radian, and UGIC. YesSPARC Eligible Yes (�rst-time homebuyer purchase only), in accordance with SPARC guidelines. YesDPA Grant Eligible Yes(�rst-Time Homebuyer Purchase only), in accordance with DPA Grant guidelines.CCA Grant

2 Eligible If used with MCC, DPA Grant, o
Eligible If used with MCC, DPA Grant, or Plus Second Mortgage the following also applies: All borrowers must be a �rst-time homebuyer (unless in a Targeted Area).The fully executed Programs Disclosure and Borrower A�davit (Exhibit E) signed by all borrowers; A completed Uniform Residential Loan Application (Form 1003); andThree years’ federal tax returns / tax transcripts Income Limits Income Limit Type:With MCC and/or Plus Second With DPA Grantto see Virginia Housing’s Income Limits. 80% AMI limits LLPAs apply. Must still be within Virginia Housing’s applicable income limit even when borrower qualifying income exceeds agency’s 80% AMI. For a full list of LLPAs visit the No maximum Sales Price / Acquisition Cost unless originated with MCC, DPA Grant, or Plus Second Mortgage. If originated with MCC, DPA Grant, or Plus Second Mortgage the following applies:Virginia Housing Sales Price / Loan LimitsVirginia Housing Sales Price / Loan Limits Maximum Loan Amount is the standard conforming loan limitHigh-cost area limits do not apply. : T

3 he standard conforming loan limit applie
he standard conforming loan limit applies even when Virginia Housing Sales Price / Loan Limits are higher.MCC, DPA Grant, and Plus Second Mortgage are not eligible for MCC, DPA Grant, and Plus Second Mortgage are not eligible for U.S. Citizen, Permanent Resident Alien, or Non-Permanent Resident Alien that meets applicable agency guidelines. Borrower A�davit Pages 1 – 2 must be completed and signed (even if no MCC, DPA Grant, or Plus Second Mortgage) for purchase transactions.A Grant, or Plus Second Mortgage.A Grant. Seller A�davit and Required if originated with MCC, DPA Grant, or Plus Second Mortgage. Lender’s Required if originated with MCC, DPA Grant, or Plus Second Mortgage. If originated with MCC, DPA Grant, or Plus Second Mortgage:Complete Virginia Housing course, HUD Approved Counseling AgencyMae’s Framework course).Tax TranscriptsTax transcripts are required in addition to required income 4506-C. If all of the borrower’s income is validated by the DU Tax transcripts are required in addition to required income income type(s

4 ) and number of years required per LPA (
) and number of years required per LPA (i.e. W2 4506-C. If all of the borrower’s income receives an income rep Not applicable unless originated with MCC, DPA Grant, or Plus Second Mortgage.If originated with MCC, DPA Grant, or Plus Second Mortgage, no more than 15% of the �nanced dwelling may be used primarily in a trade or business. The borrowers must fully execute the The employment business address is the same as the borrower’s current residence address and/or the borrower has marked yes Worth If originated with MCC, DPA Grant, or Plus Second Mortgage then cannot exceed 50% of sales price (See Desktop Underwriter Approve Eligible Community Lending Program in DU must be “HFA Preferred” (Not “HFA Preferred Risk Sharing” or “Home Ready”).See below under Reserves / Acceptable Funds to Close for how AMI limits LLPAs apply. Must still be within Virginia Housing’s exceeds agency’s 80% AMI. For a full list of LLPAs visit the : Fannie Mae’s AMI limit is based on initial AUS run date and changes annually. Loan Product Advisor Accept Eligibl

5 e The O�ering Identi昀
e The O�ering Identi�er in LPA must be “HFA Advantage.” If using an older version of LPA the “HFA Advantage” option may not be Advantage for HFAs” (NotSee below under Reserves / Acceptable Funds to Close for how subordinate �nancing is captured in LPA.AMI limits LLPAs apply. Must still be within Virginia Housing’s exceeds agency’s 80% AMI. For a full list of LLPAs visit the : Freddie Mac’s’s AMI limit is based on initial AUS run date and changes annually. 640-679 required for 3% LTV on second,680 required for greater than 3% up to 4.5% LTV on second for all borrowers.all agency requirements are met and AUS decision is Approve/Accept Eligible. If no borrower(s) has a credit score then this is not : See below under Loan Level Price Adjustments (LLPAs) for more information about LLPAs based on loan characteristics such A originated with DPA Grant or Plus Second Mortgage. : When using other acceptable non-Virginia Housing down Follow applicable agency / LPA requirements for reserves.: When using other acceptable non-Virgi

6 nia Housing down payment assistance in t
nia Housing down payment assistance in the form of an A�ordable Second, the Originating Lender must enter the amount of the A�ordable Second in the Subordinate Financing �eld of LPA per Freddie Second Mortgage it must also be entered as an A�ordable Property Manufactured Homes not allowed. Appraisal waivers are not permitted.Property must be located in Virginia.Include UCDP SSR (See below for additional requirements).: See below under Loan Level Price Adjustments (LLPAs) for more information about LLPAs based on loan characteristics such Almost all Virginia Housing programs have an acreage limitation, however there is not an acreage limitation on Virginia Housing A Grant. See below if it is originated ’s requirements.If originated with MCC, DPA Grant, or Plus Second Mortgage: Exceptions are considered > 2 up to 5 acres. The Originating Lender’s underwriter must review and render a decision on the If originated with DPA Grant or Plus Second Mortgage, but no MCC:The Originating Lender’s UCDP / Collateral UCDP Risk Score of

7 4.00 and higher requires documentation
4.00 and higher requires documentation to Appraisal must be shared using Fannie Mae’s UCDP when the loan is submitted to Virginia Housing for purchase. Virginia Housing’s Aggregator ID for this function is CRW157.UCDP Risk Score of 4.00 and higher requires documentation to Upon request, Virginia Housing may require Freddie Mac UCDP Appraisal Sharing for a speci�c appraisal. Virginia Housing’s Aggregator ID for this function is CRW157.Un�nished Area Not applicable unless originated with MCC, DPA Grant, or Plus Second Mortgage: In this case the cost to complete un�nished areas Last Revised September 2021 | Page 8 of 9 Lock-In Loans locked on Virgina Housing’s LOS – C30F_CONV. LLPAs 80% AMI Limits, Loan Level Price Adjustments (LLPAs) apply, including, but not limited to, LTV / credit score, Charter MI coverage, and property type. For a full list of LLPAs visit the An adverse market LLPA of 0.50% applies to all re�nances w80% AMI Limits and the loan amount is greater than $125,000.uidelines, and AUS 񦀆

8 9;ndings (Recommend running AUS as soon
9;ndings (Recommend running AUS as soon AvailabilityDelegated underwriting is available to all approved Virginia Housing delegated lenders. Lender’s underwriter assumes full Non-Delegated Lenders must submit to Virginia Housing prior to Community Lending Program in DU must be “HFA Preferred.” (Not “HFA Preferred Risk Sharing” or “Home Ready”).for submitting a Non-Delegated loan to Virginia Housing Underwriting or submitting for Delegated Approval. Data Freddie Mac guidelines, and LPA �ndings.Non-Delegated Lenders must submit to Virginia Housing prior The O�ering Identi�er in LPA must be “HFA Advantage” (Not HomePossible or “HomePossible Advantage”). for submitting a Non-Delegated loan to Virginia Housing Underwriting or submitting for Delegated Approval. Data Loan must be closed in the name of the lender, registered in MERS with MERS compliant documents. Virginia Housing Conventional No MI Virginia Housing Conventional Procedures Fannie MaeFreddie Mac Final AUS, 1003, and 1008 must match (standard agency tolerances

9 allowed).Virginia Housing is exempt fro
allowed).Virginia Housing is exempt from ATR (Ability to Repay) so a maximum of 3% points and fees does not apply, however the maximum points and fees for all Virginia Housing Conventional loans is 5%. Tax Service FeeVirginia Housing’s tax service fee will be deducted from the Lender’s net proceeds. Loans must be submitted to Virginia Housing within 10 calendar days of closing (disbursement for re�nances). Follow steps available on Virginia Housing’s website for submitting a closed loan package. Loans reviewed by Virginia Housing prior to purchase. If errors noted, Virginia Housing will contact lender – this may require rerun of AUS.Standard post-closing documents must be submitted to Virginia Housing. for more information about Virginia Housing eligibility requirements.The information contained herein (including but not limited to any description of Virginia Housing and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. Fannie MaeFreddie Mac Fannie MaeFreddie