Read Lender%20Package-4-11.pdf text version

Sarasota Office of Housing & Community Development

111 S. Orange Ave. Sarasota, Florida 34236 Telephone: (941) 951-3640 ext. 3768 FAX: (941) 951-3648

DOWN PAYMENT ASSISTANCE LOAN CHECKLIST ATTN: FAX #: EMAIL ADDRESS: NAME OF APPLICANT: DATE: FROM:

We have an active reservation for the above named applicant. In order to process the loan, we need the following documents, fully executed, and either MAILED or DELIVERED at least Five BUSINESS DAYS prior to the scheduled closing. If a "X" appears before the listed item, it has been received and does not need to be resent. RCVD ITEMS NEEDED Completed & signed BORROWER'S SUMMARY SHEET (ORIGINAL) Completed & signed STATEMENT OF VOLUNTARY ACQUISITION (ORIGINAL) Completed & signed SUPPLEMENTAL APPLICATION FORM (ORIGINAL) Shared Appreciation Mortgage Disclosure (ORIGINAL) Please provide us with your minimum program borrower contribution/down payment requirements (Minimum of $2,150 which includes pre-paid items) First Mortgage Underwriting Approval (if FHA - BASE LOAN AMOUNT: $ Down payment Assistance Amount $ Closing Date: Anticipated Name of Title Company & contact name and phone number: Name: Contact: Mortgagee's title commitment for $ Good Faith Estimate (signed) Income Verification (all household members) Verification of Employment or Processors Verbal Verification and Pay stubs Real Estate Contract & all addendums (fully executed) Uniform Residential Loan Application (signed) Verification of Assets (Min. 1 month bank statement on all asset accounts) Copy of full appraisal with addendums Social Security cards or birth certificates for all household members Daytime phone number of seller/realtor for Section 8 Property Inspection appointment. Realtor's Name: Office: Phone #: Ordered Date: Other: Copy of Lock-in (rate not to exceed 3/4% over FNMA or FHLMC 60 day delivery rate.) If the closing date changes or you cannot provide the above information 5 business days prior to closing, please call our office. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------48 HOURS IN ADVANCE OF CLOSING WE WILL NEED A HUD-1 CLOSING STATEMENT AND THE FOLLOWING FOR REVIEW BY OUR OFFICE. We will not be able to meet your closing date without this information being received by this office within this time frame. Proof of attendance by applicants of a qualified Community Homebuyers Course (8 hrs. required) One Year Home Warranty Application Certificate of Homeowners Insurance - (2nd lien holder) City of Sarasota Housing & Community Development P.O. Box 1058 Sarasota, FL 34230 FUNDS WILL NOT BE RESERVED UNTIL A REAL ESTATE CONTRACT, ALL HOUSEHOLD INCOME, ASSETS AND A 1ST MORTGAGE COMMITMENT HAVE BEEN RECEIVED Phone: )

_____

Fax: _______________

second mortgage (mortgagee clause: City of Sarasota, A Municipal Corporation)

SARASOTA OFFICE OF HOUSING & COMMUNITY DEVELOPMENT ELIGIBILITY REQUIREMENTS DOWN PAYMENT ASSISTANCE PROGRAM Household members must earn at or below 80% of the median income adjusted by family size. Purchase price not to exceed $150,000. Home must be located in Sarasota County. First-time homebuyer (cannot have owned a home in the last 3 years), unless they are a single parent who was divorced during the past three years with children under the age of 18 who will live in the home, displaced victim of documented domestic abuse, or the applicant has been displaced or will be displaced as a result of governmental entity purchasing the home. Must attend an 8 hour qualified Community Homebuyer Class presented by a HUD approved counseling service prior to receiving assistance. Must contribute a minimum of $2,150 (including pre-paid expenses) toward the purchase of the home. The applicant must be a U.S. Citizen or a Permanent Resident Alien. The applicant must live in the home receiving assistance within 60 days after closing. Qualified purchases are new and existing single family homes and condominiums. Homebuyers agree to reside in the home as their primary residence or repay the loan in full plus a portion of the net appreciation in value. Down payment assistance will be up to $20,000. The maximum amount of closing costs and prepaid expenses paid through this program may not exceed $4,375 plus the cost of a one-year home warranty. Applicants may borrow any amount up to the maximum allowable in $1,000 increments. The interest rate will be 0% and deferred until sale of property, transfer of property, property no longer owner occupied or 30 years. No monthly repayment will be required. The applicant must have qualified for a first mortgage loan from a mortgage lender to purchase the home under contract. Lender may not charge more than 1% total combined origination and discount fees (even if seller is willing to pay). In the case of a state funded bond program, lender may charge more than 1% origination and discount. Lender may not impose a rate that exceeds ¾% over FNMA or FHLMC 60-day delivery rate. Mortgage must be a fixed rate, no ARM's, no pre-payment penalty, no negative amortization or

balloon mortgages. Acceptable financing: Bond, conventional, lender portfolio and FHA. Owner financing is not allowed. One-year home warranty is required. Home must meet minimum housing quality standards according to Section 8. An inspection will be made of all properties. Mortgage Title Commitment and Title Policy for the amount of the City of Sarasota second mortgage (mortgagee clause: City of Sarasota, A Municipal Corporation). Tenant Occupied properties are not eligible to be purchased utilizing Down Payment Assistance. Due to lead base paint regulations, if a home was built prior to 1978, lead based paint regulations must be followed. Income is based on anticipated gross income to be received by all members of the household for the next twelve month period (excluding income of children under the age of 18). Additional Assistance ­ New Construction If home is new construction (never occupied and a Certificate of Occupancy issued within the past 12 months) additional monies are available under the Impact Fee Program. The amount of down payment assistance may be increased by the actual costs of impact fees incurred by contractor (proper documentation must be provided). $2,032 additional assistance is available under the Sarasota County School Impact Fee Waiver program. This lien is 0% with no monthly payment required. The lien is totally forgiven after 5 years as long as the property is owner-occupied.

Return or Deliver to: Sarasota Office of Housing & Community Development 111 S. Orange Ave. Sarasota, FL 34236 (941) 951-3640 (941) 951-3647 FAX

Borrower's Summary Sheet

1. 2. 3.

LenderName: Phone #: Lender e-Mail Address ____________________________________________________________ Lender's Representative: Fax #: Borrower's Name(s): Married: Yes __ No_____ Borrower's Phone _(daytime)_______________________________________________________________ Address of Property to be purchased:

Street Address City State Zip

4.

5. 6. 7. 8. 9. 10. 11.

Property Type:

____ Single Family _____ Condo ____Villa

Yes___ No ___

_____ New

_____ Existing

First time homebuyer: Number of Adults in household: DPA Loan Amount Requested: $

Household Size: Number of Children in household: Household gross income: $ No

Are you currently residing in subsidized housing Yes Is the property currently: _____ Vacant Race of the Head of Household: ___ White ____ Black/African American ____ Asian ____ Amer. Indian/Alaskan Ethnicity - Hispanic yes)

____Owner Occupied

___Tenant Occupied

___ American Indian & Black ___ Other Multi Racial ___ Asian/Pac. Isl.

___ ___ ___ ___

no)

Native Hawaiian/Pacific Island American Ind. & White Asian & White Black & White

12. 13. 14. 15.

Please mark the appropriate box if any member of the household is: Farm worker Developmentally Disabled Homeless Name/phone number of contact person for Property Inspection: Name: Name and number of Closing Agent: Name: Anticipated closing date: Phone #:

Elderly Ph#

Other

____________________ _

By signing below, I/we certify the above information is true to the best of my/our knowledge. Borrower's Signature: Co-Borrower's Signature: Date: Date:

SARASOTA OFFICE OF HOUSING & COMMUNITY DEVELOPMENT SUPPLEMENTAL APPLICATION FORM

PART 1: APPLICANT DATA

Relationship Borrower Co-Borrower Birth Date/Age

Names of all Household Members 1. 2. 3. 4. 5. 6. 7. 8.

PART 2:

Household Member

ASSET INFORMATION

Asset Description Total Cash Value Income From Assets

Total Net Value of Assets Total Actual Asset Income

2(a)$ 2(b)$ 2(c)$

If line 2 (a) is greater than $5,000, multiply that amount by HUD approved passbook rate ________ and enter results in 2 (c); otherwise, leave blank.

PART 3:

INCOME INCLUSIONS

Yes No Amount

The following describes common types of income which are included under the HOME and SHIP programs, but which may not be included in the Application form.

Does any member of the household receive alimony or child support payments which were not included in the application form?

$

Is any member of the household awarded alimony or child support payments that are not being received? Does the head of the family, spouse or other person whose dependents reside in the housing unit, receive income from being a member of the Armed Forces which was not included in the application form?

$

$

Is any household member over the age of 18 a full time student? If so, does the household member receive wages from employment? Enter amount of income received or $480, whichever is lower.

$

Are there any household members residing in the unit, over the age of 18, other than the borrower or co-borrower, receiving income from any source?

$

Does any household member under the age of 18 receive income from interest, dividends or other sources with the exception of income earned from employment?

$

PART 4:

Household Member 1. 2. 3. 4. 5. 6. 7. 8. Total

ANTICIPATED ANNUAL INCOME

Wages/ Salaries Benefits/ Pensions Public Assistance Other Income Total Income

4(a)$

PART 5:

TOTAL ELIGIBLE INCOME

$ $ $

Total Annual Income Other Than Assets - Table 4 - Line 4(a) Total Asset Income - Table 2 - Enter greater of 2(b) or 2(c) Total Income - Sum of 2 lines above

PART 6:

CERTIFICATION

The information on this form is to be used to determine maximum income for eligibility for the HOME and/or SHIP programs. I/we have provided for each person set forth in Part 1 acceptable verification of current anticipated income. I/we certify that the statements are true and complete to the best of my/our knowledge and belief under penalty of perjury.

Signature - Head of Household

Date

Signature - Spouse

Date

(Submit Original fully executed form at time of application)

Sarasota Office of Housing & Community Development

Down Payment Assistance Program

STATEMENT OF VOLUNTARY ACQUISITION

State Housing Initiative Partnership (SHIP) or HOME Funds may be used to assist an individual or household to acquire property located at: The Acquisition of this property has been determined to be a "Voluntary Sale" in accordance with 49 CFR 24.101 (a) (1) effective March 2, 1989. The reasons for this determination are: 1. City of Sarasota and Sarasota County are interested in assisting first time homebuyers. No specific site or property needs to be acquired for the down payment assistance to be used. The property to be acquired is not part of an intended, planned, or designated project area where acquisition is intended for all or most of the parcel. City of Sarasota and Sarasota County have no intention of acquiring any particular property for any purchaser in the event that the purchaser's negotiations fail. By providing them a copy of this form, all potential sellers of property will be informed that City of Sarasota and Sarasota County are only assisting first time homebuyers and are not acquiring the property. The homebuyer does not have the power of eminent domain and therefore, will not acquire the property if negotiations fail to result in an amicable agreement. By this notice, the purchaser is advising the seller of what they believe to be the fair market value of the property. Fair Market Value: (Based on appraisal value or anticipated appraisal values) 4. The property is currently: Vacant Owner Occupied-Names: Tenant Occupied-Names: (NOTE: If the property is tenant-occupied, relocation benefits may have to be paid by the buyer. If the property is tenant-occupied, please contact the Sarasota Office of Housing & Community Development at 951-3640 before proceeding with the purchase). 5. The seller and buyer understand that this is an arm's length agreement between two private parties and that the transaction is completely voluntary. The purchaser and seller understand that no relocation costs will be paid for the purchaser or seller or their goods. $ .

2.

3.

Seller's Signature

__________________________________ Purchaser's Signature __________________________________ Purchaser's Signature

Seller's Signature

SHARED APPRECIATION MORTGAGE DISCLOSURE Your down payment assistance mortgage will be in the form of a Shared Appreciation Mortgage hereinafter referred to as SAM. Repayment will be deferred until the home is sold, transferred, no longer owner occupied or on the 30th anniversary of the execution of the note and mortgage whichever occurs first. At the time you sell, transfer, no longer live in the property or 30th anniversary of the execution of the note and the mortgage, you will be required to repay the original loan amount and in addition, a share of appreciated value of the property, if any. The SAM repayment will be the original loan amount plus a portion of the net appreciation. The portion of the net appreciation that must be repaid will be the percentage of the original purchase price provided by the Down Payment Assistance Loan. In the event there is no net appreciation, or net appreciation is a negative number, the original loan amount would still be due and payable. If a home is being sold, 10% of the final contract sales price may be retained by homeowner prior to calculation of Net Appreciation. If home is being refinanced, 5% of the current value as reflected by an appraisal , may be retained by homeowner prior to calculation of Net Appreciation. The final contract sales price shall not be less than 90% of an appraised value and the City of Sarasota may conduct an independent appraisal which will govern in the event of a conflict. An example: If the Down Payment Assistance Loan represents 22% of the original purchase price, the borrow must pay 22% of the net appreciation. Original Contract Price Down Payment Assistance $35,000 divided by $160,000 = 22% . If Property is Sold Final Contract Sales Price Less 10% of final Contract Sales Price retained by Owner Net Value Less Original Contract Sales Price Net Appreciation Net Appreciation ($11,000) x 22% = $2,420 Repayment of the original down payment assistance loan of $35,000 plus $2,420 would be required for a total repayment of $37,420. If Property is Refinanced Final Appraised Value Less 5% of Value retained by Owner Net Value Less Original Contract Sales Price Net Appreciation $190,000 (9,500) $180,500 (160,000) $ 20,500 $160,000 35,000

$190,000 (19,000) $ 171,000 (160,000) $11,000

Net Appreciation ($20,500) x 22% = $4,510 Repayment of the original down payment assistance loan of $35,000 plus $4,510 would be required for a total repayment of $39,510. If Property is Improved and Sold Capital improvements are defined as improvements in excess of $3,000 that increase the value of the home and will not include maintenance items. All eligible improvements must be approved by the Office of Housing and Community Development in advance of construction to be qualified to be utilized in the net appreciation formula. Sales Price Less Original Contract Sales Price Less Eligible Improvements Less 10% of current value retained by owner Net Appreciation Net Appreciation ($1,000) x 22% = $220 Repayment of the original down payment assistance loan of $35,000 plus $220 would be required for a total repayment of $35,220. If Property is Improved and Refinanced Final Appraised Value Less Original Contract Sales Price Less Eligible Improvements Less 5% of current value retained by owner Net Appreciation Net Appreciation $10,500 x 22% = $2,310 Repayment of the original down payment assistance loan of $35,000 plus $2,310 would be required for a total repayment of $37,310. I acknowledge receipt of this mortgage disclosure __________________________________________ Buyer __________________________________________ Buyer __________________ Date __________________ Date $ 190,000 (160,000) (10,000) $ 20,000 (9,500) $ 10,500 $190,000 ( 160,000) (10,000) $ 20,000 (19,000) $ 1,000

Sarasota Office of Housing And Community Development

111 S. Orange Ave., ­ Sarasota, FL 34236 Tel. (941) 951-3640 ­ Fax (941) 951-3648

APPLICANT RELEASE AND CONSENT

I/We , the undersigned hereby , to release without liability, information regarding authorize my/our employment, income, and/or assets to Housing and Community Development for the purposes of verifying information provided as part of the owners assistance under the SHIP/HOME Program.

INFORMATION COVERED

I/We understand that previous or current information regarding me/us may be needed. Verifications and inquiries that may be requested include, but are not limited to: personal identity; employment, income and assets; medical or child care allowances. I/We understand that this authorization cannot be used to obtain any information about me/us that is not pertinent to my eligibility for the SHIP/HOME program.

GROUPS OR INDIVIDUALS THAT MAY BE ASKED

The groups or individuals that may be asked to release the above information includes, but are not limited to: Past and Present Employers Previous Landlords (including Public Housing Agencies) Support and Alimony Providers Welfare Agencies State Unemployment Agencies Social Security Administration Veterans Administration Retirement Systems Banks and other Financial Institutions

CONDITIONS

I/We agree that a photocopy of this authorization may be used for the purposes stated above, the original of this authorization is on file and will stay in effect for a year and one month from the date signed. I/We understand I/We have a right to review this file and correct any information that I/We can provide is incorrect.

SIGNATURES Head of Household Spouse Adult Member Adult Member (Print Name) (Print Name) (Print Name) (Print Name) Date Date Date Date

NOTE: THIS GENERAL CONSENT MAY NOT BE USED TO REQUEST A COPY OF A TAX RETURN. IF A COPY OF A TAX RETURN IS NEEDED, IRS FORM 4506 REQUEST FOR COPY OF TAX FORM MUST BE PREPARED AND SIGNED SEPARATELY.

ANNUAL INCOME INCLUSIONS Annual Income Inclusions Defined Under HUD 24 CFR Section 5.609(B) are: The gross amount (before any payroll deductions) of wages, salaries, overtime pay, commissions, fees, tips and bonuses and any other compensation for personal services received by all eligible household members; The net income from the operation of a business or profession; Interest, dividends and other net income of any kind from real or personal property; The full amount of periodic amounts received from Social Security, annuities, insurance policies, retirement funds, pensions, disability or death benefits; Payment in lieu of earnings, such as unemployment and disability compensation, worker's compensation and severance pay; Welfare or other needbased payments to families or individuals that are made under programs funded separately or jointly by federal, state of local governments; Periodic and determinable allowances, such as alimony and child support payments and regular contributions or gifts received from organizations or from persons not residing in the dwelling; and All regular pay, special pay and allowances of a member of the Armed Forces.

ANNUAL INCOME EXCLUSIONS The Most Common Types of Excluded Annual Income: Income from employment of children (including foster children) under the age of 18 years; Payments received for the care of foster children or adults; Lumpsum additions to family assets, like inheritances or insurance payments; Reimbursement for the cost of medical expenses for any family member; Income of a livein aid; The full amount of student financial assistance paid directly to the student or to the educational institution; The special pay to a family member serving in the Armed Forces who is exposed to hostile fire; Income from HUD training programs; Temporary, nonrecurring or sporadic income (including gifts); Reparation payments paid by a foreign government to persons who were persecuted during Nazi era; Income from earnings in excess of $480 for each fulltime student 18 years or older (excluding the head of household and spouse); Adoption assistance payments in excess of $480 per adopted child; Deferred payments received in a lump sum from SS or SSI; Refunds or rebates for property taxes paid on the dwelling unit; or Services/equipment needed to keep a developmentally disabled family member at home.

Information

12 pages

Report File (DMCA)

Our content is added by our users. We aim to remove reported files within 1 working day. Please use this link to notify us:

Report this file as copyright or inappropriate

1204798

Notice: fwrite(): send of 205 bytes failed with errno=104 Connection reset by peer in /home/readbag.com/web/sphinxapi.php on line 531