100 fha DPA PRODUCT 0 DOWN PAYMENT IN HOUSE APPROVAL 0919 2019 1 100 DOWN PAYMENT ASSISTANT PROGRAM 0919 2019 2 Essex Advantage Product Notes Loan Amount 1 st 965 FHA Conforming Loan ID: 796508
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Slide1
Introducing our Essex
Advantage 100% fha DPA PRODUCT0% DOWN PAYMENTIN HOUSE APPROVAL!!!
0919 2019
1
Slide2100% DOWN PAYMENT ASSISTANT PROGRAM
0919 20192Essex AdvantageProduct NotesLoan Amount: 1
st:
96.5% FHA Conforming Loan LimitsLoan Amount 2
nd
:
3.5%
- Note rate is 8% amortized for 10 years. A payment is due and payable monthly.
Compensation for Broker:
Borrower paid or Lender
paid
Max compensation is 2%
(Example: If you comp plan is over 2%, you are required to go borrower paid. If you your comp plan is 2% or less, you can go lender paid if you pass the 3% points and fees test.
Rebate pricing can not go to pay the borrower paid compensation. It can be paid by the borrower, seller, or realtor. On FHA loans you can have up to 6% seller contributions.
Third Party Contractor Fee
Allow up to $1125 – not counted in the points and fees test
Essex Fees
$1350 on the 1
st;
no fee on the 2
nd
.
Slide3DPA PROGRAM CONTINUED….
Essex AdvantageProduct Notes1st Time HomebuyerNOT RequiredMINIMUM FICO
660
(effective with all case #’s after 9272019)
DU
Approval (2
nd
payment must be included)
DU Approval (2
nd
payment must be included)MAX DTI RATIOS660 FICO: 50% DTI MAX680+FICO: 55% DTI MAXIncomeNo restrictionsNon Occupant Co BorrowerAllowedW2 ProgramAllowedMCC’sAllowed if available – call your AEProperty1 unit only – SFR, Condo & PUD
0919 2019
3
Slide4Dpa Program continued
0919 20194Essex AdvantageProduct FactsLending States
All states approved by Essex (see our web site under FAQ’s to see current lending states) Exception: This product can not be done in New York
Housing History
1003 must contain a “present” housing payment. If the borrower is not currently making a housing payment, $0 must be shown on the application and the file must contain a letter of explanation to address why they do not have a housing payment and explain their current housing arrangement.
Home Ownership Education
At least one borrower one must do one of the following:
complete the Framework homeownership education course ($75 fee paid by the borrower to Framework) prior to closing; or
receive housing counseling from a HUD-approved nonprofit housing counseling agency (as evidenced by a signed Certificate of Completion of Housing Counseling (Form 1017)
How to Submit your
loanTwo loans need to be created. We require the complete package on the 1st.On the 2nd we will only need the submission sheetProduct Codes:1st: 3030CHF 2nd 4030CHF
Slide5How to lock your loan
This is a MANUAL LOCKWe only offer only 15 day locks to give you the best priceMake sure you are ready to fund in 15 days from when you lockBEFORE YOU CAN LOCK: Loan must be approved Appraisal signed off by UnderwriterReview pricing on page 1 of rate sheet
Loans must be locked 1:00 PST
Email your lock to: locks@essexmortgage.com
0919 2019
5
Slide6“SAMPLE” RATE SHEET
Essex Advantage 100% FHA DPA Product0919 20196
Slide7Secondary Financing on 1003
0919 20197
Slide8Secondary Financing –DO/DU
0919 20198Page 2-Types, Terms, & PropertyPage 7-Transaction Details
Slide9How to RUN AUS - DU
0919 20199
Slide10On the 92900-LT (fha transmittal summary
0919 201910
Slide11Thank you for choosing ESSEX FOR YOUR DPA NEEDS
WWW.ESSEXWHOLESALE.COM 0919 201911