PARTNERS PROGRAM FORMS

NOTE - Please read the FAQ section below before getting started with this program.

Written Guidance from MFA:

Notice of Funding Availability - as of December 5, 2011
Partners Program Policy - as of December 5, 2011

Compliance Guidelines
Partners Reference Manual

Partners Program Checklists and Forms:

Package 1 Checklist:  - PRINT ME!

• Income Eligibility Determination Sheet
• HFH application
• Lender Certification for Sole and Separate - this is unusual and most likely not applicable.
• Pay stub dated within 30 days from date of HFH application
• Affidavit of No Income - if applicable
• Verification of Employment - Fannie Mae Form 1005
• Other Income Documentation - including child support, SSI etc.
• Year-to-Date Profit and Loss Statement - for self employed borrowers only
• Copies of Federal Tax Returns (with original signature for last 3 years, including W-2's
• Verification of Rent

Package 2 Checklist - PRINT ME!

• Copy of Approval from Package 1
• Reservation Request
• Habitat for Humanity Certifications Disclosure
• List of subordinate funding on affiliate letterhead
• Mortgage Purchase Agreement - submit unsigned draft to MFA in this package
• Copy of Purchase Agreement for home (between affiliate and homeowner) signed by all parties
• Partners Funding Worksheet (Preliminary)
• Preliminary Mortgage Applications
     –First Mortgage (signed by borrower(s) and co-signers if applicable)
     –HOME Mortgage (signed by borrower(s) and co-signers if applicable)
     –FHLB Grant (signed by borrower(s) and co-signers if applicable)
     –LTTF Mortgage (signed by borrower(s) and co-signers if applicable)
     –Habitat Mortgage (signed by borrower(s) and co-signers if applicable)
     –Other liens (signed by borrower(s) and co-signers if applicable)

• Final Mortgage Applications - submit completed, unsigned copies for MFA to review
     –First Mortgage (signed by borrower(s) and co-signers if applicable)
     –HOME Mortgage (signed by borrower(s) and co-signers if applicable)
     –FHLB Grant (signed by borrower(s) and co-signers if applicable)
     –LTTF Mortgage (signed by borrower(s) and co-signers if applicable)
     –Habitat Mortgage (signed by borrower(s) and co-signers if applicable)
     –Other liens (signed by borrower(s) and co-signers if applicable)
• Lender Certification for Sole and Separate (if applicable)
• Pay stub dated no more than 30 days from date of submission of packet 2
• Current Income Statements for other income (SSI, child support, affidavit of no income, etc.)
• Verification of Employment dated no more than 90 days from date of submission of packet 2
• Year-to-Date Profit and Loss Statement and Federal Tax Returns for previous 2 years (for self employed borrowers only)
• First Mortgage Good Faith Estimate (The GFE and other RESPA related forms are here)
• First Mortgage Truth in Lending (The TIL and other RESPA related forms are here)
• Preliminary Fee Sheet/Itemization of Financing
• Appraisal dated within 4 months of closing
• Survey dated within 4 months of closing
• Certificate of Occupancy

Package 3 Checklist - PRINT ME!

• Current Verification of Employment (if loan closes more than 30 days from date of approval of packet 2)
• Current Pay Stub (if loan closes more than 30 days from date of approval of packet 2)
• Compliance Approval Letter (Approval of Package 2)
• Payment History
• Final Partners Funding Worksheet
• Loan Submission Checklist
• Borrower Update Form
• Original Partners Note plus 1 certified copy
• Original Signed Purchase Agreement (between affiliate and MFA)
Original Purchase Agreement (MFA/affiliate)
• Copy of Closing Agreement (Sample Closing Agreement)
• Certified Copy of Partners Mortgage
• Tax Exempt Financing Rider
• Original Affidavit of Purchaser
• Original Affidavit of Seller
• Copy of Assignment of Mortgage - note that the assignment will be recorded after the loan is purchased (after packet 3 is approved) and the original recorded mortgage will be submitted in packet 4
• Original Notice of Potential Recapture
• Copy of Title Commitment
• Certified Copy of Notarized Name Affidavit  - required if all documents in the file have not been signed exactly the same way
• Copy of signed and dated First Mortgage HUD-1 (The HUD-1 and other RESPA related forms are here)
• Copy of signed and dated Second Mortgage HUD-1 (The HUD-1 and other RESPA related forms are here)
• Copy of signed and dated HUD-1 for additional liens
• Proof of Hazard Insurance
• Proof of Flood Insurance if applicable
• Copy of First Payment Letter (Sample to put on HFH letterhead)
• Copy of Letter to Borrower notifying them of sale of loan to NM MFA (Sample to put on HFH letterhead)
• Copy of Evidence of Hazard Insurance changing second loss payee to NM MFA
• Copy of Flood Certification
• Copy of Evidence of Flood Insurance changing second loss payee to NM MFA
• Copy of Final TIL for Partners Loan/First Mortgage dated and signed at closing
Itemization of Amount Financed
• Copy of Signed Final  Mortgage application (The Loan Application and other RESPA related forms are here)
     –First Mortgage (signed by borrower(s) and co-signers if applicable)
     –HOME Mortgage (signed by borrower(s) and co-signers if applicable)
     –FHLB Grant (signed by borrower(s) and co-signers if applicable)
     –LTTF Mortgage (signed by borrower(s) and co-signers if applicable)
     –Habitat Mortgage (signed by borrower(s) and co-signers if applicable)
     –Other liens (signed by borrower(s) and co-signers if applicable)
• Sample Closing Agreement

Package 4 Checklist - PRINT ME!

• Original Recorded Mortgage with Tax Exempt Financing Rider
• Original Recorded Assignment of Mortgage
• Original Title Policy (endorsed to MFA within 30 days)
• Copy of Recorded Warranty Deed

Frequently Asked Questions:

I want to sell a loan to the Partners Program.  What do I do first?

Start by printing out the checklists for Packets 1, 2, 3 and 4.  Hopefully, Packet 1 is fairly self-explanatory and can be completed easily.  Once you send in packet 1, the Program Administrator will walk you through the rest of the steps.  Read through the Partners Program Timeline to get a good idea of how the process should work.  

How do I calculate income?

Income Calculator  - use this spreadsheet to determine whether your homeowner meets Partner's income guidelines (at application must be at or below 50% AMI; at closing must be at or below 80% AMI).  There are two tabs on the lefthand corner of this spreadsheet for one borrower or two borrowers.

How much can I sell to Partners?

In general, the maximum you can sell to partners is 50% of the appraised value.  Use this spreadsheet to help you determine how much to sell to MFA and how much to keep, as well as how to determine the correct maturity date for your loan:  Loan Amount & Maturity Date Calculator (Excel)