I-Refi Presentation IHDA Team 2 Offers up to $50,000 in refinance - PowerPoint PPT Presentation

1 I-Refi Presentation IHDA Team

2 Offers up to $50,000 in refinance assistance

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• U P TO $50,000 FOR PRINCIP AL CUR TAILMENT AND REFINANCE • 3- YEAR FORGIVENESS PERIOD TE AND TERM REFINANCED TO 30 YEAR FIXED 1 ST • R A MOR TGAGE • I NCOME LIMITS APPL Y • LIMITED FUNDS –ACT NOW! 4

5 • A T LEAST 110% L TV – PRIOR TO ASSISTANCE VAILABLE FOR HOMEOWNERS WITH A • M UST BE A 1-2 UNIT , OWNER - OCCUPIED PROPERTY WITH A F EE S IMPLE T ITLE • NO MANUFACTURED HOUSING PERMITTED!!! • M UST BE CURRENT ON EXISTING MORTGAGE ( S ) • I NCOME MUST BE WITHIN IHDA APPLICABLE LIMITS • N OTE : NEW LIMITS IN EFFECT A UGUST 1 ST , 2016 • C REDIT SCORE • 640 ALL LOAN TYPES • H OMEOWNERSHIP C OUNSELING R EQUIRED (O N - LINE OR IN PERSON )

6 TE AND TERM REFINANCE TO 30 YEAR FIXED 1 ST MORTGAGE • R A • C AN BE FHA, USDA, VA, OR FNMA HFA P REFERRED LOAN • M UST BE INSURED BY FHA, GUARANTEED BY VA OR USDA, OR CARR Y P RIVA TE M OR TGAGE I NSURANCE AS MA Y BE REQUIRED FOR FNMA HFA P REFERRED P ROGRAM • E NTER I NTO DU AS A GIFT ( SOURCE OF FUNDS ) Program Requirements • N O MANUAL UNDERWRITE /N O HARP/N O IRRL/N O S TREAMLINE • F ULL DOC , F ULL APPRAISAL REQUIRED ! • P OST - ASSISTANCE DTI 45% OR LESS TV MUST BE ≥ 90% AND ≤ 97% • P OST -A SSISTANCE L • A LL LOANS SHOULD BE RUN A T 95% TO STAR T • U P TO $50,000 TO REDUCE FIRST MORTGAGE TO ACCEPTABLE L TV • A N ADDITIONAL $35,000 CAN BE PROVIDED TO BORROWERS WHO RECEIVED HHF ASSISTANCE THROUGH HELP FOR A TOTAL OF $85,000 TO ELIGIBLE BORROWERS

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8 • L ENDER WILL COMPLETEL Y UNDERWRITE AND CLEAR FILE TO CLOSE • L ENDER WILL UPDA TE MITAS TO REFLECT CURRENT APPRAISAL , DEBTS , ETC . IN ALL REQUIRED SCREENS • L ENDER WILL UPLOAD THE FILE TO IHDA • T HIS SHOULD INCLUDE ALL IHDA DOCS WITH THE FOLLOWING EXCEPTIONS , • IHDA WILL APPROVE THE FILE AND SEND BACK TO LENDER A L ETTER OF G UARANTY I-Refi - Process • T HIS IS VOID IF FOR ANY REASON THE RECORDED DOCUMENTS ARE NOT RECORDED AND EXECUTED • A T C LOSING • IHDA WILL PROVIDE THE COMPLETED P ROMISSOR Y N OTE AND R ECAPTURE A GREEMENT ( THE R ECAPTURE A GREEMENT IS TO BE T / FOLLOWING THE CLOSING ) RECORDED A • IHDA WILL PROVIDE THE S Y D ISCLOSURE ( EXECUTED BY THE HOMEOWNER ) UMMAR • A FTER C LOSING • IHDA NEEDS THE ABOVE ITEMS UPLOADED TO US B ANK VIA D OC V ELOCITY AS WELL AS TO IHDA VIA MITAS • L ENDER WILL ALSO UPLOAD ENTIRE FILE VIA D OC V ELOCITY • L ENDER WILL OVERNIGHT ORIGINAL PROMISSOR Y NOTE TO US B ANK HF A

I-R EFI P RE -C LOSE C HECKLIST

I-R EFI P OST C LOSE C HECKLIST

I-R EFI C ALCULATOR

B ORROWER A FFIDAVIT Borrower (s) S ignature Notary

HHF D ODD F RANK C ERTIFICATION Borrower(s) S ignature

I-R EFI L ETTER OF G UARANTY Lender S ignature

I-R EFI (HHF) S UMMARY D ISCLOSURE Assistance Amount Borrower(s) S ignature

I-R EFI P ROMISSORY N OTE Borrower(s ) S ignature

I-R EFI R ECAPTURE A GREEMENT Borrower(s) S ignature Notary

I-R EFI A SSISTANCE I MPACT L ETTER Borrower(s) S ignature

19 • Sheri Hannion shannion@ ihda.org • Tara Pavlik tpavlik@ ihda.org (312)898-3317 • Rebecca Ortiz rortiz@ ihda.org (312)848-2001 • John Maksim jmaksim@ ihda.org (312)802-1894