FHA Financing 101 (CE Class) - GREC Course #65973 through the Georgia Real Estate Academy GREC School #6915. You will NOT automatically get CE credit simply for watching this video. Contact Dana Sparks for more information: Dana@MaximumOneRealty.com.
Instructor: Jay Alexander - Loan Officer - Homestar Financial Corporation Jay.Alexander@HomestarFC.com NMLS #223779

I. Course Introduction/Overview
-Highlight goals and talking points

II. FHA Guidelines/Rules -
- Dept of HUD and the 4000.1
- special programs (203b, 203k, 234a, EEM)
- Mortgagee Letters

III. Lender Overlays
- Credit Score Minimum
- Direct Endorsement
- Same programs/Different Rules

IV. FHA Basics
- Max LTV
- Max SPCC
- MI Structure and Total PITI
- Income Basics
- Major Derogatory Seasoning Rules
- Ancillary Rules

V. Obtaining Loan Approval
- Manual vs. Automated Approval
- Doc Requirements for both options
- DTI Rules for both options
- Credit history leniency (or lack thereof) for both options

VI. FHA Appraisals
- Case Numbers
o Implications for seasoning, work history, etc.
- Low Value sticks to property?
- How Long does the appraisal last?
- HUD Minimum standards
o Excerpts from 4000.1 on appliances, deferred maintenance
- Repair Escrows

VII. FHA Basic Example
- Real-time Sales Price, Loan Amount, Monthly Payment and CTC Example
VII. Recent Changes
- Student Loans
- Identity of Interest
- Authorized Users
VIII. Miscellaneous Other FHA Programs and Resources
- HUD REO
- 203k
- 800-CALL-FHA

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👏 Thank you for watching! Dana Sparks, Qualifying Broker, Maximum One Greater Atlanta, REALTORS & Director of the Georgia Real Estate Academy

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