H4P Application Process

PURCHASE

aCollect signed and fully executed contract – ALL pages

aCollect signed counseling certificate

aComplete ReverseVision application

• Make sure that the appraisal contact is filled out

• Make sure title company is filled out

a�ReverseVision – go to the “Case” tab and update the closing date before you print the application

a�Execute Real Estate certification documents signed by seller, borrowers and Real Estate agents

a�Collect evidence of borrower funds for down payment and funds to close

• Down payment funds /earnest money

- Bank statements for the time period

- Proof that earnest money check has cleared the account

- Copy of the earnest money check –front and back

- Written verification from the builder/seller/realtor that they received earnest money (a statement on the contract that specifically states the receipt of the EM will suffice)

• Sale of Home

- Signed HUD1 from sale

• Sale of verified assets

• Gift from family – need gift letter and sourced and seasoned funds for gift

- No gifts of equity

• Three months of sourcing required on each account where funds are coming from

• If coming from a retirement account or equivalent, need to source funds coming out and show funds going into bank account

• Statements must show the following: name, address, account #, name of institution

- Must have all pages, even if blank

- Most online statements do not show this

• At closing we will need proof of the wire out from the borrower and proof of receipt in from the closing agent

- �If this is done before the file goes to closing it makes the closing go smoother and quicker

aLetter of Explanation from borrower

• Where are they currently living?

• Explain what they are doing (leasing, selling, etc...)

- If keeping, need two years tax returns and proof of taxes, insurance and HOA. Income calculation will be done to ensure sufficient funds to handle both properties.

• Where are the funds coming from for the purchase

aHomeowners Insurance – know the company and contact

aSend all the above by UPS to Kathryn Weber

• Once the initial audit of the file is done Kathryn will forward to NY Setup and CA/Tom Green for indexing

- Kathryn Weber

8626 Two Sisters Ct

Missouri City, TX 77459

770.316.4912

kweber@aag.com

H4P Application Process forPurchase and New Construction

NEW CONSTRUCTION

Prior to Certificate of Occupancy (CO)

aCollect executed contract

aCollect counseling certificate

• If done at this stage we can make sure everything is correct here prior to CO

a�Collect evidence of borrower funds for down payment/earnest money

• Need to verify 90 days of funds for the down payment

- Bank statements for the time period

- Proof that earnest money check has cleared the account

- Copy of the check – front and back

- Written verification from the builder that they have received the earnest money

- There are often multiple earnest money deposits so the builder needs to acknowledge all funds received

aSend all the above in by UPS to Kathryn Weber

• Kathryn will work with you on making sure this is all in line so that when the CO is in we are ahead of the game and can close quickly

• Kathryn will keep a copy of the entire Pre-CO copy and hold until CO is issued

- Kathryn Weber

8626 Two Sisters Ct

Missouri City, TX 77459

770.316.4912

kweber@aag.com

Post Certificate of Occupancy

aCollect signed certificate of occupancy

aComplete ReverseVision application

• Make sure that the appraisal contact is filled out

• Make sure Title Company is filled out

a�ReverseVision – go to the “Case Tab” and update the closing date before you print the application

a�Execute Real Estate certification documents signed by seller, borrowers and Real Estate agents

aCollect evidence of borrower funds to close

• Sale of home

- Signed HUD1 from sale

• Sale of verified assets

• Gift from family – need gift letter and sourced and seasoned funds for gift

- No gifts of equity

• Three months of sourcing required on each account where funds are coming from

• If coming from a retirement account or equivalent, need to source funds coming out and show funds going into bank account

• Statements must show the following: name, address, account #, name of institution

- Must have all pages, even if blank

- Most online statements do not show this

• Sale of home

- HUD1 from sale

• Sale of verified assets

• Gift from family – need gift letter and sourced and seasoned funds for gift

- No gifts of equity

• At closing we will need proof of the wire out from the borrower and proof of receipt in from the closing agent

- If this is done before the file goes to closing it makes the closing go smoother and quicker

a�Letter of explanation from borrowerWhere are they currently living

• Where are they currently living?

• Explain what they are doing (leasing, selling, etc…)

- If keeping, need two years tax returns and proof of taxes, insurance and HOA. Income calculation will be done to ensure sufficient funds to handle both properties.

• Where are the funds coming from for the purchase

- Homeowners insurance – know the company and contact

• Send all the above by UPS to Kathryn Weber

- Once the initial audit of the file is done Kathryn will forward to NY Setup and CA/Tom Green for Indexing

- Kathryn Weber

8626 Two Sisters Ct

Missouri City, TX 77459

770.316.4912

kweber@aag.com