Government Advance Class.

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BenefitsHome LoansConstruction&ValuationBuilder Registration ... Manufacturer at first paid an Impact Fee on subject property. Price tag of the home can ...
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Government Loan Seminar Sponsored by: Home Builders Association of Lincoln Realtors Association of Lincoln Nebraska Mortgage Association

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Why FHA? Not salary delicate $271,050 max. credit sum January 1, 2009 – disentangled advance count 3.5% initial installment Minimum aggregate venture from borrower Can be neighborhood DPA program or Gift reserves from close relative Builder/Seller can pay shutting cost/prepaids up to 6% most extreme

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FHA Loan Government Insured First Mortgage for 15 or 30 year perpetual financing A. Price tag X 96.5% = Pre-MIP Loan B. Pre-MIP Loan X 1.75% = UpFront MIP A+B above = Total Loan Monthly MI = Pre-MIP Loan X .55% ÷ premium due month to month Guideline Ratios – 31% and 43% Slightly higher with remunerating variables

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FHA New Construction Plans & Specs not required if home more than 90% complete. Need: Builder Certification – HUD 92541 Builder\'s one year guarantee – HUD 92544 Termite articulation – NPCA 99A & 99B (wood is worthy for a pre-treatment) Go to "General Requirements"

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What Are the New Construction Stages? Proposed Construction: Property is endorsed for home loan protection before the start of development (no development has begun/no footings poured). Under Construction: Building has begun, however is not finished at the season of examination. Existing Property Less Than 1 Year Old: Building is finished, however the last fruition (date Cert of Occupancy issued) is under 1 year old. Still need Builder\'s accreditation 92451 and 1-yr developer guarantee from unique manufacturer (one year from date of Cert of Occupancy).

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Acceptable types of documentation to acquire a high proportion advance with respect to Inspection Options. Alternative 1 – accessible with High-Ratio Proposed Construction, Under Construction, or Existing Construction under 1 Year Old: A duplicate of the Building Permit, and A Certificate of Occupancy demonstrating clear, and A Final examination or Appraisal Report – both of these would need to show documentation that the property is 100% finished Not accessible for Condominiums or Manufactured Housing

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Acceptable types of documentation to get a high proportion credit as to Inspection Options. Alternative 2 – accessible with High Ratio Proposed Construction, Under Construction, or Existing Construction less that 1 Year Old: HUD-Approved 10-Year Warranty Final review marked by a Fee Inspector and DE Underwriter or Appraisal Report demonstrated 100% complete.

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Acceptable types of documentation to acquire a high proportion credit with respect to Inspection Options. Alternative 3 – accessible with High Ratio Proposed Construction: Early begin letter or contingent duty from DE Underwriter preceding balance being poured, and Three reviews from a Fee Inspector reporting that the property is 100% finished, and Final investigation marked by DE Underwriter

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VA What\'s new ($417,000) with no down Funding expenses Waived if get VA incapacity Disability Grant Program for N/C New Construction Documents Builder Certification – HUD 92541 Builder\'s one year guarantee – HUD 92544 Termite explanation – NPCA 99A & 99B (wood is satisfactory for a pre-treatment) VA Builder ID# Assigned

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VA Website Benefits → Home Loans → Construction&Valuation → Builder Registration Three structures required: Builder Information and confirmation: Click here to download required configuration Form 26-421 (Equal Employment Opportunity Certification) VA Form 8791 (VA Affirmative Marketing Certification) Builder ID# Already Assigned – 217 statewide now

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USDA RD Program Features 100% financing Non-metro just (urban communities < 20,000) excpt-Norfolk; Columbus No month to month MIP (subsidizing charge of 2%) Low-to-moderate wage qualifying First-time homeownership NOT required Closing cost/prepaids and financing expense can be financed if examination esteem underpins 100% of aggregate cost Assumable—with credit qualifying New Construciton - Similar rules as FHA

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USDA RD Income Chart Proposed Change for 2009 1-4 Person 5-8 Person 70,750 93,400

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Down Payment Assistance Programs Local Nebraska Housing Resources NIFA – HBA (when accessible) SENCAC/Blue Valley – others "Achieve Affiliates" for posting

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LMI Owner-Occupied Impact Exemption Refund City of Lincoln Public Works & Utilities

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Requirements Builder at first paid an Impact Fee on subject property Purchase cost of the home can not surpass the FHA contract limit for Lincoln MSA. Single-family $271,050

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Requirements Homebuyer checked salary must be at 60% or 80% of middle assessable pay balanced for family unit size. Must have wage confirmation Provide earlier years 1040 assessment form frame Most late 30 day pay stubs Both marked & dated

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Requirements Homebuyer may just get this repayment once in a five year period. Application must be made no later than 10 days taking after the execution of the Purchase Agreement.

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For more data… . Visit: – scan for catchphrase "Sway Fee"

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For more data & questions: Michaela Dugan Assistant Public Works/Utilities Business Manager Public Works and Utilities Department 555 South tenth Street, Suite 203 Lincoln, NE 68508-3994 (office) 402-441-7559 (fax) 402-441-8609 (cell) 402-429-2897 Visit: – look for watchword "Sway Fee

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