Information and documentation that will help you meet all the requirements.
HUD Mortgagee Letter 2019-06
To meet the requirements of the U.S. Department of Housing and Urban Development's Mortgagee Letter 2019-06, we are providing lenders with a commitment letter. This document satisfies the Federal Housing Administration's (FHA) requirements as well as documentation (as bulleted below) that we have satisfied our legal obligation to provide funds toward each borrower’s minimum required investment (MRI).
The effective date of the Mortgagee Letter is currently deferred to July 23, 2019, for FHA case numbers assigned from and after that date.
- Sample Commitment Letter – the commitment letter will be housed within Lakeview’s portal and will be auto-filled with data at the time the second loan is locked, and from which you can print it for each loan file. As that amount can change, it is important that you generate and maintain a copy of the letter with the final amount of the second loan.
- Lakeview’s Purchase Advice will be modified to document the Phoenix and Maricopa IDAs have satisfied their legal obligation regarding the MRI for proof of receipt.
New! Starting October 21, 2022, the Home in Five Advantage program is offering a 30-year non-amortizing forgivable second loan as down payment assistance (DPA) on conventional loans, replacing the current 3-year forgivable second loan offered with conventional loans. Also, lender compensation is changing from 2.5% SRP to 1.5% SRP with a 1% origination fee for all loans, conventional or government. An email was sent to all registered lenders on October 13 with the details and can be viewed here.