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FHA 232 LEAN LTV DSC Summary - Google Docs
* Maximum loan to values and minimum debt service coverage ratios are set by the Section 232 Statute and Regulations. Any submittal above the LTV’s listed in this Email Blast or below the DSCR’s listed in this Email Blast will require justification/mitigation as discussed in the July 24, 2009 and November 20, 2009 Email Blasts.
significant project operating and management experience, an a solid financial track record.
Form HUD-92438, Itemization of Costs on form HUD-92264a, and Amendment Requests:
Effective immediately, you are no longer required to submit a HUD Form 92438 (Underwriting Summary Report) on LEAN 232 submittals. We are no longer requiring this form because all of the items included on the 92438 are reflected elsewhere in our Firm Commitment and its attachments. The Lender Firm Application Checklists will be revised to remove this document in the future. On Section 232/223f’s, please ensure that all submittals of form HUD-92264a include an itemized breakdown of the costs of the transaction that make up the Criterion 7 or Criterion 10 maximum insured mortgage – this breakdown can be included at the bottom of page 2 or on page 4 of the form HUD-92264a. Moreover, when submitting an amendment request that includes a change in the payment amount, please include the monthly principal and interest amount in the amendment request cover letter.
Requests for Clarification/Revisions on Firm Applications:
On some projects we spend a substantial amount of time going back and forth with lenders in an attempt to craft a project that is an acceptable risk to the FHA Insurance Funds. Because of our severe staffing shortage and in the spirit of LEAN, we have chosen to expedite this process in the future, as the current process increases the time in queue for all other projects. On projects where the OIHCF Underwriter needs clarifications/revisions, the email from the OIHCF Underwriter requesting such clarifications/revisions will give a timeline whereby a response is required. If a full response (partial responses add time to our process) is not received by the stated timeline, the project will be brought to Loan Committee in its current state. As we will only be allowing one timely response of a clarification/revision, it is important that the lender response is fully researched and thoughtfully assembled – taking into account the overall risk of the project to the FHA Insurance Fund.
