FHA - The Facts and Figures
(read what people are saying about this class)
Discover the secrets to determining if an FHA loan is right for your member. In this one-day session, we will cover:
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Calculating the Maximum Mortgage Amount on a Purchase Transaction
Statutory Limits
Calculating the 3% minimum investment & using MU worksheets
Reviewing allowable closing costs and the closing cost matrix
Maximum mortgage amount scenarios -
Understanding the Mortgage Insurance Premiums
Up Front and Annual Premiums
Calculations
Refund/cancellation provisions -
Brief Summary of special Transactions that require different LTV’s (as needed for your market)
New construction
Identity of Interest
3-4 unit properties
Building on own land
Paying off land contracts -
Processing In FHA Connections
Overview of using FHA Connection
CAIVRS, LDP and GSA
Case Numbers -
Forms
Review of all origination, processing, appraisal and underwriting forms. -
Appraisals
Typical repairs
Coordination of a clear appraisal for closing
Repair escrow holdbacks -
Refinances
Regular refinances (not FHA to FHA)
Calculations and underwriting requirements
Streamline refinances with and without appraisals
Calculations, MIP refunds, payoffs and underwriting requirements - Underwriting
Automated underwriting and manual underwriting differences
Credit history requirements
How income stability requirements differ
Acceptable sources of funds to close
Using non profit organizations for funds to close
Understanding compensating factors and ‘risk’ on FHA loans
Sample scenarios to put it all together
Who Should Attend: Whether you are brand new to FHA loans or need a refresher on the latest nuances this class is exactly what you and your staff need to get up to speed quickly and start originating FHA loans.
Guest Instructor:
Alice Alvey, Master CMB, brings more than 20 years of mortgage industry experience, with an extensive background from origination through servicing, in both wholesale and retail markets. Her knowledge of the business and experience as an instructor provide a well-defined framework to create innovative, candid and informative education sessions.
What people are saying:
“Alice is a wealth of information. Explained and made this topic easy to follow and understand. I would recommend to anyone interested in FHA 101. This by far exceeded my expectations.”
“Alice has a wealth of knowledge. I can't imagine launching an FHA lending program without going thru this training!”
“Excellent training course! Very helpful training materials and reference. Alice did a great job simplifying FHA loans. This training will be very useful as we look to begin using the FHA product.”
“Thank you for the wealth of knowledge that you've provided today! I'm excited about using all that I've learned today.”
Locations:
To be announced fourth quarter 2008. Please check back soon.