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noochie35
160 Posts |
 Posted - 04/08/2008 : 08:00:41 AM
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| Does anyone know? |
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ladysammm
356 Posts |
Posted - 04/08/2008 : 08:19:11 AM
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We do. Assurity Financial Services and we are able to fund in KY. if you are not approved with us already please contact me and I will get you set up and cover any questions you may have.
pam.kirchner@assurityfinancial.com Wholesale AE
FHA The Assurity Way! |
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dkendall1979
10993 Posts |
Posted - 04/08/2008 : 08:20:33 AM
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| We do. |
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d_damiano
554 Posts |
Posted - 04/08/2008 : 09:29:05 AM
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quote:
Originally posted by noochie35
Does anyone know?
umm he said conforming so I'm pretty sure that means fannie flex products.
Can both of you confirm that you accept a dpa for a fannie flex product? |
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ladysammm
356 Posts |
Posted - 04/08/2008 : 09:32:06 AM
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| Thanks, to specify it is FHA we take DPA on. Assurity Financial Services. |
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dkendall1979
10993 Posts |
Posted - 04/08/2008 : 09:35:11 AM
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Since Fannie doesn't have a Flex program, it's definitely not that.
However, this would be for the FNMA My Community program, not the FHLMC Flex program.
Sorry, I just couldn't help myself :)
quote:
Originally posted by d_damiano
quote:
Originally posted by noochie35
Does anyone know?
umm he said conforming so I'm pretty sure that means fannie flex products.
Can both of you confirm that you accept a dpa for a fannie flex product?
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noochie35
160 Posts |
Posted - 04/08/2008 : 09:36:50 AM
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| I was talking about on a Fannie Mae Product, not FHA. |
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d_damiano
554 Posts |
Posted - 04/08/2008 : 09:42:33 AM
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quote:
Originally posted by dkendall1979
Since Fannie doesn't have a Flex program, it's definitely not that.
However, this would be for the FNMA My Community program, not the FHLMC Flex program.
Sorry, I just couldn't help myself :)
quote:
Originally posted by d_damiano
quote:
Originally posted by noochie35
Does anyone know?
umm he said conforming so I'm pretty sure that means fannie flex products.
Can both of you confirm that you accept a dpa for a fannie flex product?
David I'm happy for the correction and appreciate the help :)
It's great news that Trustone does accept a seller funded dpa for FNMA My Community program, expect lots of calls :) |
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d_damiano
554 Posts |
Posted - 04/08/2008 : 09:45:41 AM
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| oops screwed up this messsage please ignore |
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d_damiano
554 Posts |
Posted - 04/08/2008 : 09:46:42 AM
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quote]Originally posted by dkendall1979
Since Fannie doesn't have a Flex program, it's definitely not that.
However, this would be for the FNMA My Community program, not the FHLMC Flex program.
Sorry, I just couldn't help myself :)
David not a problem, what about these programs?
For Flexible Mortgage loans:
VII, 113.05: Minimum Borrower Contribution (05/18/07)
While Fannie Mae?s standard products require a minimum contribution from the borrower?s own funds, the Flexible mortgage products do not. Instead, the borrower can obtain funds for the minimum contribution from a number of flexible sources. Funds obtained from flexible sources can be used for the down payment, closing costs, and/or prepaid items.
The minimum required contribution for purchase transactions:
? Flexible 97 mortgage and Flexible mortgages with subordinate financing when the CLTV is less than or equal to 97 percent require no minimum contribution from the borrower?s own funds. The three percent down payment may come from either the borrower?s own funds or from flexible sources as described below.
? A Flexible 100 mortgage requires either a minimum contribution of $500 from the borrower?s own funds toward the payment of closing costs and prepaid items, or a minimum contribution equal to three percent of the sales price from flexible sources as described below. If the $500 option is used, the loan must be delivered with special feature code 564.
? A Flex 90-95 mortgage is distinguished from standard products by the fact that the borrowers? contribution from their own funds is less than the minimum five percent. No minimum contribution from the borrower?s own funds is required. The down payment may come from either the borrower?s own funds or from flexible sources as described below.
Acceptable flexible sources of funds for borrower?s minimum contribution:
? Gifts or grants ? Gifts must come from a relative, domestic partner, fiancée, or fiancé. Grants may come from a borrower?s employer, public agency, or nonprofit organization. Gifts and grants must be provided with no repayment required or expected.
? Unsecured loan from a relative, domestic partner, fiancée, or fiancé. The unsecured loan must be a fixed-rate loan at an interest rate not to exceed the note rate of the mortgage by more than two percentage points. The unsecured loan can require a balloon payment provided it is not within the first five years of the loan. The borrower must provide a document that is signed by the note holder that identifies the note holder?s name, address, relationship to the borrower, and the terms of the loan. Evidence of the transfer of funds to the borrower is also required. The note holder cannot be an interested party to the transaction, nor can the note holder obtain the funds to lend to the borrower from an interested party to the transaction.
? Unsecured loans from employers or nonprofit organizations. The unsecured loan from an employer, public agency, or nonprofit organization (not including credit unions) must be documented with an award letter or legal agreement from the note holder and must disclose the terms and conditions of the loan. Evidence of the transfer of the funds must also be provided ? such as a copy of the note holder?s check and evidence of deposit or a HUD-1 Settlement Statement.
? Community Seconds. Community Seconds can be used toward the down payment, closing costs, and prepaid items. Refer to Part VIII <http://www.allregs.com/efnma/xref.asp?did=fnma..selling..part-viii> for additional information on Community Seconds.
[/quote]
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dkendall1979
10993 Posts |
Posted - 04/08/2008 : 10:08:35 AM
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I just followed up with the underwriter on this as well,
The FHLMC program AND FNMA program will not allow MI above 92% and are being very restrictive about the DPA programs behind it in declining areas. So, although we were closing them last month, this month your best hope is to get to 97% CLTV with the DPA or 92% Max on the programs without DPA. |
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d_damiano
554 Posts |
Posted - 04/08/2008 : 10:13:10 AM
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quote:
Originally posted by dkendall1979
I just followed up with the underwriter on this as well,
The FHLMC program AND FNMA program will not allow MI above 92% and are being very restrictive about the DPA programs behind it in declining areas. So, although we were closing them last month, this month your best hope is to get to 97% CLTV with the DPA or 92% Max on the programs without DPA.
very good information.
Thank you
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d_damiano
554 Posts |
Posted - 04/08/2008 : 10:18:33 AM
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quote:
Originally posted by d_damiano
quote:
Originally posted by dkendall1979
I just followed up with the underwriter on this as well,
The FHLMC program AND FNMA program will not allow MI above 92% and are being very restrictive about the DPA programs behind it in declining areas. So, although we were closing them last month, this month your best hope is to get to 97% CLTV with the DPA or 92% Max on the programs without DPA.
David can we just use 8-10% DPA?
Thank you
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