Construction Perm
The minimum down payment required on a CP
What is 15%
Third Federal requires this, otherwise we will bump the interest rate .25%.
What is ACH/Autopay! If the subject property is "in-footprint", we will require a Third Federal Autopay Account to be opened. If the subject property is out of footprint, ACH will be required, with the possibility of using Autopay, as well.
The Minimum credit limit a borrower must apply for in North Carolina!
What is $15,000
This is this $3000 Down Payment Assistance that comes in the form of a grant.
What is the Home At Last DPA.
Andrew's Favorite Color
What is Blue.
True or False - A customer can act as their own contractor/builder
False - Third Federal will not allow a customer to be their own contractor/builder
In order for Third Federal to offer a 6 month pre-approval, what three things must be avoided?
Answer - Cannot have PMI, Cannot be HomeReady, Cannot be 360 Day Commitment
Same as a Third Federal Purchase, we offer this on our ELOCS, as well.
What is the Lowest Rate Guarantee!
In order to receive the $3000 Home At Last DPA, a customer must complete this.
What is the Homeview Online course.
Andrew has this many children
What is 1
Thank god
True or False - The customer will owe interest only payments on the construction loan based on what the builder has taken in draws.
True - The customers pays interest only on what the builder has used off of the building fund. The max number of draws allowed to a builder is 5.
This must be entered into the application, prior to being given express close authorization.
What is the title company information!
This....is the qualifying rate.
greater of the index rate + margin or the note rate
This DPA is $10,000 and is forgivable over 10 years.
What is Forgivable Down Payment Assistance
Andrew is taking a trip here this summer.
What is Ireland
This document must be recorded and filed with the county, prior to any construction being started on the property.
What is the Mortgage Note! This is the borrowers "promise" to repay the loan, based on the loan terms. This must be signed, recorded and filed prior to ANY work being started by the builder.
For a HomeReady Purchase, what minimum down payment is required to avoid PMI?
What is 20%! HomeReady follow standard FNMA guidelines for requiring 20% down to avoid PMI.
What is Daily! Interest will compound daily. As the interest rate can change daily, that days interest rate will compound against the balance to accrue interest due.
Eligible borrowers can now _______ the Home At Last DPA and the Forgivable DPA.
Andrew has been with Third Federal for this number of years
What is 13
Third Federal requires this, prior to disbursing a draw request to a builder.
What is Inspection! Third Federal will disburse funds from the construction loan based upon the % of work completed. Ex: builder requests 20% of the construction loan. Upon inspection, only 18% of the work has been completed. TF will disburse 18% of the construction loan.
In the fee screen, what is the HUD Line Item # for making a Transfer Tax Adjustment?
Muahahah. =)
What is HUD Line # 1299! We would enter the calculated transfer tax amount
Name one situation where Third Federal will not take a lien position behind another lender.
Third Federal will not take a lien position behind a reverse or negative amortizing mortgage or behind another institution's ELOC.
What is the name of the class that a borrower must take in order to receive the $10,000 Forgivable DPA? Then, what must a eligible borrower do in order to receive the $10,000 Forgivable DPA?
What is the Home Today Classes.
The borrower must then complete at least 1 financial counseling session with an approved TF Community partner.
Andrew has been married for this number of years
what is 5 years