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Oklahoma Housing Finance Agency

Oklahoma Housing Finance Agency. Lee Ann Smith Director, Single Family Program May - 2018. OHFA Description.

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Oklahoma Housing Finance Agency

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  1. Oklahoma Housing Finance Agency Lee Ann Smith Director, Single Family Program May - 2018

  2. OHFA Description OHFA Homebuyer Downpayment Assistance provides first mortgage financing and down payment assistance to eligible mortgagors. OHFA’s mission is to provide housing opportunities for moderate income individuals and families within the State of Oklahoma. Together we open doors for Oklahomans’

  3. Issuer and Review Agent • Oklahoma Housing Finance Agency 100 NW 63rd, Suite 200 Oklahoma City, Oklahoma 73116 OR P.O. Box 26720 Oklahoma City, Oklahoma 73126-0720 www.ohfa.org ohfasinglefamily@ohfa.org ohfaratelock@ohfa.org

  4. Master Servicer • US Bank Home Mortgage MRBP Division 17500 Rockside Road Bedford, Ohio 44146-2099 • Help Desk: (800) 562-5165 option 2 • hfa.programs@usbank.com

  5. Glossary of Abbreviations • FHLMC – Federal Home Loan Mortgage Corp • LPA – Loan Product Advisor ( Freddie Mac) • OAS – OHFA Additional Subsidy • DPA – Downpayment Assistance • HFA – Housing Finance Agency • USB – US Bank Home Mortgage • HBE – Home Buyer Education • FTHB – First-Time Homebuyers • DTI – Debt to Income • LTV – Loan to Value • PITI – Principal, interest, taxes, insurance

  6. Funds and Interest Rates • Funds are Continuous • Interest rates are based on current market conditions • OHFA currently posts interest rates on www.ohfa.org • Any rate change(s) notification is sent via email to lenders prior to change. Effective notice of rate change is at 10 am of that day • OHFA can lock your loan:ohfaratelock@ohfa.org Email OHFA 1003, disclose rate and credit score

  7. DREAM HFA Freddie • DREAM Freddie –Purchase Price - $453,100 (Ex - H-2A) Income Limit 1 or more: $140,000 (Ex - H-1D) • Income Limit per County(very low or low income) – OAS (Ex - H-1E) • State of Oklahoma • New and Existing – home purchases • Repeat Homebuyers are allowed • Primary residence only • Occupy within 60 days of closing • 30 Year fixed – First Lien – no prepayment penalty • Downpayment Assistance Gift of 3.50% or 5.00% of the Note Amount • Automated Underwriting System LPA: HFA Home Possible Advantage – Freddie Mac • HBE at least one, when all borrowers are FTHB - Regardless of LTV • Minimum credit score of 640 • DTI 50% maximum • Loan to Value up to 97% • CLTV not to exceed - 105% • *Manual Underwrite greater than 95%- Not Allowed

  8. DREAM HFA Freddie Qualification • Meet Qualifying Income per the loan underwriter- Validation on the 1008 Income for mortgagor(s) will be considered. The income from non purchasing spouse/joint occupant will not however OHFA will need LOE as to why not using income. • Multiply OHFA loans are not allowed

  9. DREAM HFA Freddie • MGIC • ARCH • ESSENT • GENWORTH • NATIONAL • RADIAN • UNITED GUARANTY Lenders’ option for selection • 18% - 95.01% - 97% LTV • 16% - 90.01% - 95% LTV • 12% - 85.01% - 90% LTV • 6% - 80.01% - 85% LTV • Single Premium • Split Premium • Borrow Paid – monthly with annual renewal **Base loan plus MI cannot exceed 97% LTV

  10. DREAM HFA Freddie Loan Review • All review documents can be emailed to ohfasinglefamily@ohfa.org • Subject line: OHFA Loan number/review • OHFA Documents • Loan Confirmation • 1008 • 1003 – Loan Application • Purchase Contract • Loan Estimate • LOE – if omitting spouse or joint occupant from contract/purchase

  11. Loan Approval and Closing • OHFA issue approval letter • OHFA Gift Letter • OHFA Mortgagor and Income Certificate – deliver to customer • All documents sent/emailed to lender of record • Closing: • Fund OHFA DPA with your first mortgage • Fund OAS if applicable • Execute OHFA Gift Letter by customer(s) • Copy of Executed CD and Gift Letter to OHFA within 5 days of closing

  12. 2018 New GOLD!! • No Three Years of Tax Returns • No Seller Affidavit • No Real Estate Certification • No upfront signature by customers • No notary stamp • Reduction of Documents • Finally - It is a New WORLD for the GOLD product!!

  13. GOLD Freddie • State of Oklahoma • New and Existing – home purchases • Primary residence only • Occupy within 60 days of closing • 30 year fixed – First Lien – no repayment penalty • Downpayment Assistance: 3.50% of Note amount • Maximum Purchase Price: $276,100 (Ex. H-2A) New Purchase Price • Household Income Limit per County (Ex. H-1A) • First Time Homebuyers Requirement in Non Targeted areas • Household Income Limit per County – OAS (Ex. H-1B) • Minimum credit score of 640 • DTI 50% maximum • Automated Underwriting System LPA: HFA Home Possible Advantage – Freddie Mac • HBE at least one, when all borrowers are FTHB - Regardless of LTV • All IRS Tax Exempt Revenue Bonds regulations apply to GOLD Freddie

  14. GOLD Procedure • Register loan • Print loan confirmation • Print Lender’s Review Certification • Email Review documents to OHFA: • Loan Confirmation • Lender’s Review Certification • 1008 • 1003 – Loan Application • Verification of Rent or Credit Report( three years rental for non targeted areas) • Purchase Contract • Loan Estimate • OHFA email: ohfasinglefamily@ohfa.org

  15. Loan Approval and Closing • OHFA issue approval letter • OHFA Gift Letter • OHFA Mortgagor’s Closing Certificate • OHFA MRB Disclosure – deliver to customer All documents sent/emailed to lender of record • Closing: • Fund OHFA DPA with your first mortgage • Fund OAS if applicable • Execute OHFA Gift Letter • Execute OHFA Mortgagor’s Closing Certificate • Notice of Potential Recapture Tax – Part II • Tax Exempt Financing Rider • Copy of Executed CD, Gift Letter and Mortgagor’s Certificate to OHFA within 5 days of closing

  16. Application of Down Payment • First – Down payment • Second – Closing Cost, pre-paid, fees, etc. • Third – Principal Reduction Borrower is allowed to be repaid at closing: • Earnest money • Credit Report fee • Appraisal fee

  17. OHFA Fees • $80 - Tax Monitoring fee • $400 - Investor Funding Fee • $000 - No OHFA review fee

  18. Additional OHFA Guides • 10 Acre Limit • No additional lien filing • MCC not allowed with OHFA Products • POA’s not allowed however can be approved on case by case basis • Not allowed – rental or vacation homes, co-ops or investment homes and manufactured homes

  19. OHFA Web Site • www.ohfa.org • Password protected • US Bank – Guides • OHFA - Guides • Lenders – Lenders Resources • Rates • Census Tract

  20. Thank you • We appreciate your business and partnership • Please note this present is for the GOLD Freddie Mac OHFA will still offer the GOLD Government – FHA, VA and USDA-RD and all the reduction of documents will apply effect May 1, 2018 Any loans not reviewed by OHFA that is reserved with the GOLD can move to the reduction of paperwork as of May 1, 2018 This presentation is not a substitute for First Mortgage guidelines.

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