융자지식200- FHA UNDERWRITING GUIDELINES/PROCESSES AND PROCEDURES
융자지식200- FHA UNDERWRITING GUIDELINES/PROCESSES AND PROCEDURES
PROCESSES AND PROCEDURES
Processes and Procedures describe how to use Flagstar’s systems and tools to achieve FHA, GNMA and
Flagstar requirements.
4506-C
• If the 4506-C transcripts do not match the borrower’s income and the borrower is a victim of
taxpayer identification theft, the following conditions must be met in order to validate the borrower’s
income.
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o Proof of identification theft as evidenced by one of the following:
Proof ID theft was reported to and received by the IRS (IRS form 14039) OR
Copy of notification from the IRS alerting the taxpayer to possible identification theft
o In addition to one of the documents above, all applicable documents below must be
provided:
W2 or 1099 transcripts which match the W2 or 1099 income shown on the 1040s
1099 mortgage interest must match the reported interest on Schedule A or Schedule
E
1099G unemployment must match the reported amount of unemployment
1099 dividend and interest income must match the reported dividend and interest
Validation of prior tax year’s income (income for current year must be in line with
prior years)
APPRAISALS
The required method for ordering appraisals is based on each lender’s approval type with Flagstar and
FHA.
• If Flagstar must be the client on the appraisal, order the appraisal through Loantrac Appraisal
Management
• For additional information and links to Flagstar-approved appraisal management companies, refer
to Appraisal Management Companies, Doc. #4903
Description Underwriting Close in Own Name Client on Appraisal
FHA Authorized Agent Flagstar Yes Flagstar or Correspondent 1,3
FHA Test Case Phase Lender Yes Correspondent 3
FHA Direct Endorsement Lender Yes Correspondent 3
FHA Sponsored Originator Flagstar No Flagstar
TCP2 Dual/Sponsored Originator Flagstar Yes Correspondent 3
TCP2 Dual/Sponsored Originator Lender Yes Correspondent 3
FHA Dual/AA Flagstar Yes Flagstar or Correspondent 1
FHA Dual/AA Lender Yes Correspondent 3
FHA SO AA Flagstar Yes Correspondent 3
1. Flagstar must approve the correspondent for appraisal independence compliance. If the correspondent is not approved for appraisal independence
compliance, the appraisal must be ordered through Loantrac Appraisal Management.
2. TCP refers to an FHA lender in its test case phase.
3. Appraiser must be Flagstar-eligible and must not be on Flagstar’s ineligible or denied appraiser list. If the eligible appraiser search indicates the
appraiser is inactive, expired or suspended, prior to ordering the appraisal, submit the appropriate documentation to Appraiser.Approval@flagstar.com.
PORTABILITY
• To transfer a Flagstar appraisal to another lender, refer to the Transfer Appraisal From Flagstar
to Another Lender section of Conventional Underwriting Guidelines
• Appraisals already performed for a case number that was subsequently transferred to Flagstar
must be emailed in .xml format to appraisal.review@flagstar.com by one of the following:
o The original DE lender to whom the loan was initially submitted or
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o The appraisal management company providing the appraisal or
o The appraiser
PROPERTY ADDRESSES
The property addresses on the appraisal, case number assignment, flood certification, mortgage, note
and in Loantrac must be identical. However, abbreviation of Street, Road, etc. is acceptable, even if
Street or Road is fully spelled in another document. This is the only acceptable variance.
• Use the standardized USPS address. Compare the USPS address to the legal description on
the title commitment and use the address in the legal description if that differs from the USPS
address
• Appraisers are required to state the USPS address as the property address on the appraisal. If
the legal address differs from the USPS address, the appraiser must reference the legal
address in a comment on the appraisal or an addendum to the appraisal
SECOND APPRAISAL POLICY – DEFICIENT APPRAISALS
Flagstar DE underwriters adhere to the following policies and processes when determining whether an
appraisal contains material deficiencies:
• If the underwriter determines there are flaws and/or material deficiencies, he or she contacts the
appraiser and requests necessary revisions, clarification, additional supporting documentation
and/or missing data
• If the appraiser fails to provide the information or provides insufficient data and the appraisal still
contains material deficiencies, the appraisal is forwarded to the Appraisal Review team for
analysis
• A prior-to-close condition indicating the appraisal has been forwarded to Appraisal Review is
added to the loan
• Upon receipt of the Appraisal Review team member’s comments, the DE underwriter
determines whether a new appraisal is warranted
o If not warranted, the conditional commitment is issued based on the original appraisal
o If the original appraisal contains significant flaws, the DE Underwriter requests a second
Appraisal through the Appraisal Review team. Even if the originating lender has been
approved for Appraiser Independence Compliance, second appraisals due to significant
flaws may never be ordered by anyone other than the DE Underwriter
BORROWERS
BORROWER’S NAME
• The borrower’s name on the case number assignment must match the borrower’s name in
Loantrac and the note and mortgage
o The following name discrepancies are the only acceptable variations:
James Everett Brown, James E. Brown, James Brown
William Smith Jr., William Smith, William R. Smith, William Ryan Smith, Jr.,
William Ryan Smith, William R. Smith, Jr.
o The following name discrepancies must be resolved prior to the loan closing (this list is
not all-inclusive and name discrepancies are reviewed on a case-by-case basis):
Name discrepancies due to marriage (Case number shows Mary Smith, but
documentation in Loantrac and/or the note and mortgage shows Mary Jones)
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Hyphenated name discrepancies (Case number shows Bill Smith, but
documentation in Loantrac and/or the note and mortgage shows Bill SmithJones)
Middle name discrepancies (Case number shows Bill John Smith, but
documentation in Loantrac and/or the note and mortgage shows Bill Robert
Smith)
First name discrepancies (Case number shows Bill Smith, but documentation in
Loantrac and/or the note and mortgage shows William Smith)
Last name prefix discrepancies (Case number shows Bill St. Pete, but
documentation in Loantrac and/or the note and mortgage shows Bill Stpete)
CASE NUMBER ASSIGNMENT/TRANSFER
CASE NUMBER FUNCTIONS
• Case numbers for Sponsored Originators must be ordered through Flagstar Bank’s Loantrac
System.
• Case numbers for lenders in “eligible for pre-closing” status with FHA (test case phase) must be
ordered by Flagstar. Submit a completed Case Number Assignment Request, Doc. #9301 to
fsgovlend@flagstar.com.
• If the case number cannot be ordered through Loantrac because the loan was submitted to
underwriting prior to case number assignment or update of an existing Flagstar case number is
required, complete FHA Case Number Assignment Request, Doc. #9301 and submit to
fsgovlend@flagstar.com.
• To obtain a copy of the Refinance Authorization screen for FHA to FHA refinance transactions,
complete FHA Refinance Credit Query/Authorization Request, Doc. #9353 and submit to
fsgovlend@flagstar.com. Note: When requesting an FHA to FHA refinance case number
through Loantrac, a Refinance Authorization is automatically provided.
• To obtain a case number transfer from Flagstar to another DE lender, complete FHA Case
Number Transfer Request, Doc. #9352 and submit to fsgovlend@flagstar.com.
• If a Flagstar case number requires cancellation, email fsgovlend@flagstar.com. The email
request must contain the borrower’s name, loan number, FHA case number and reason for case
cancellation.
• Flagstar cannot perform case number functions for case numbers that are not already in
Flagstar’s name. The DE lender to whom the case number is assigned is responsible for all
case number functions.
CASE NUMBER ASSIGNMENT – DATA ENTRY
When entering the case number assignment date in Loantrac, enter the “Case Received” date from the
Case Query screen in FHA Connection.
CLOSING REQUIREMENTS
NOTARY POLICY
Refer to the Notary Policy stated in Settlement/Closing Requirements, Doc. #4601
ESCROW CREDITS
• For refinances of Flagstar serviced loans only, the borrower’s existing escrow balance on the
payoff may be used for one of the following purposes:
o Reduce the payoff amount
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When calculating the maximum mortgage amount, escrow credits applied for this
purpose must be deducted from the existing balance
The payoff amount on the Closing Disclosure will be reduced by the amount of
the existing escrow balance
o As a credit to the closing costs on the new loan
The credit must appear on the Closing Disclosure
The maximum mortgage is calculated using the existing principal balance on the
payoff statement
If, instead of entering a credit on the Closing Disclosure, the payoff amount is
reduced by the amount of the escrow credit, the borrower’s authorization must be
updated and the maximum loan amount must be recalculated. If the loan closes
prior to adjustment, a principal reduction will be required
o As a credit toward the establishment of the new refinance loan’s escrow account
The credit must appear on the Closing Disclosure
The maximum mortgage is calculated using the existing principal balance on the
payoff statement
If, instead of entering a credit on the Closing Disclosure, the payoff amount is
reduced by the amount of the escrow credit, the borrower’s authorization must be
updated and the maximum loan amount must be recalculated. If the loan closes
prior to adjustment, a principal reduction will be required
o In all cases, borrowers wishing to use their existing escrow balance for one or more of
the above purposes must complete FHA Escrow Account Authorization, Doc. #9356.
Borrowers who do not complete the form prior to the loan being cleared to close are
ineligible for escrow credits.
CLOSING – MISCELLANEOUS
• For FHA to FHA refinance transactions, the up-front mortgage insurance premium refund must
be credited to the borrower on the Closing Disclosure
• All closing/funding conditions must be collected and provided in the closing package
• Any changes to loan amount, upfront MIP, cash-to-close, interest rate, points, PITI, etc. must be
reviewed by underwriting prior to closing and disbursing loan
• Principal reductions are required when the total of lender and/or seller credits reflected on the
Closing Disclosure exceeds the total of the actual closing costs, pre-paid expenses and
discount points
• Principal reductions are required when the borrower is receiving more than $500 cash at closing
on a rate and term or streamline refinance loan. However, if the borrower has requested to
apply the existing escrow balance to the closing costs and pre-paid expenses on the new loan
and the existing escrow balance exceeds the amount required to pay closing costs and
establish the new escrow account by more than $500, the borrower may receive the excess
funds in cash at closing. This is the only acceptable reason for a borrower to receive more than
$500 cash back at closing on a rate and term or streamline refinance.
• Closing documents must be signed and notarized on or before the closing date indicated on the
closing documents, regardless of the state in which the property is located and/or whether it’s
an escrow state
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CONFLICT OF INTEREST
The loan officer cannot receive compensation from any other person or entity involved in the mortgage
transaction, (i.e. compensation as the real estate agent).
CREDIT REPORTS
AGE OF CREDIT REPORTS
• To achieve Flagstar’s and FHA’s minimum credit requirements, a new credit report may be repulled after a borrower has repaired derogatory credit, and Flagstar will honor the new credit
score. The new credit report must be imported to Loantrac
• The following credit report discrepancies require a new credit report:
o Social Security number is incorrect
o Last name is incorrect
o Middle initial is incorrect
o Misspelled first names and/or missing or incorrect suffixes (Jr./Sr.) require a new credit
report unless the name variation appears in the AKA section of the credit report
DE CUSTOMERS ONLY
• Credit report must contain Office of Foreign Assets Control (OFAC) screening
• If credit report indicates a potential OFAC match, the credit report must be e-mailed to
Delegated.Underwriting@Flagstar.com for review by Flagstar Bank’s Secrecy Act Compliance
Department – The loan may not close without clearance from Flagstar’s BSA Department
(violation of this policy is a federal crime)
DISCLOSURES/FORMS
REQUIRED DISCLOSURES AND FORMS
• In addition to the other forms listed in Government Forms and Disclosures, Doc. #9005,
HUD/VA Addendum to Uniform Residential Loan Application, HUD Form 92900-a is required for
all FHA loans. Lender and sponsor information on the form is based on the originating lender’s
relationship with FHA and/or Flagstar Bank. Complete the fields described below in the following
manner:
o Sponsored Originators (TPOs), including loans underwritten by Flagstar for an
Authorized Agent who is still in their test case phase and has only conditional FHA
approval (pre-closing review status)
Page 1:
• Box 13 – Enter Flagstar’s FHA Lender ID – 7127400001
• Box 14 – Leave Blank
• Box 15 – Enter Flagstar’s name and address: Flagstar Bank, 5151
Corporate Drive, Troy, MI 48098
• Box 16 – Leave Blank
• Box 17 – Enter Flagstar’s phone number: (800) 945-7700
• FHA Sponsored Originations Section – Enter the loan originating lender’s
company name, company Tax ID and company NMLS ID
• A Flagstar officer must sign page one at the time the loan is insured – No
originator signature is required – Must not be signed prior to the borrower
signing page 2
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Page 2:
• No Lender/sponsor info
• Form must be signed by borrower(s) at initial application
Page 3:
• Form is signed by Flagstar’s underwriter
Page 4:
• Mortgagee – Flagstar Bank
• Title of Lender’s Officer and Signature – A Flagstar officer must sign at
the time of insuring – No originator signature is required
• Form must be signed by borrower(s) at closing
o Loans Underwritten by Flagstar as Authorized Agent for an FHA-approved DE Lender
who has completed their test cases and is unconditionally approved by FHA
Page 1:
• Box 13 – Enter originating lender’s FHA lender ID
• Box 14 – Enter Flagstar’s FHA Lender ID – 7127400001
• Box 15 – Enter originating lender’s name and address
• Box 16 – Enter Flagstar’s name and address: Flagstar Bank, 5151
Corporate Drive, Troy, MI 48098
• Box 17 – Enter originating lender’s phone number
• FHA Sponsored Originations – Leave Blank
• An officer (not the loan officer or originator) of the originating lender’s
company must sign – No originator signature is required – Must not be
signed prior to the borrower signing page 2
Page 2:
• No Lender/sponsor info
• Form must be signed by borrower(s) at initial application
Page 3:
• No Lender/Sponsor info
• Form is signed by Flagstar’s underwriter
Page 4:
• Mortgagee – Originating lender’s name
• An officer (not the loan officer or originator) of the originating lender’s
company must sign – No originator signature is required
• Form must be signed by borrower(s) at closing
o Loans Underwritten by Flagstar-approved DE Delegated Correspondents
Page 1:
• Box 13 – Enter DE Delegated correspondent’s FHA lender ID
• Box 14 – Leave blank
• Box 15 – Enter DE Delegated correspondent’s name and address
• Box 16 – Leave Blank
• Box 17 – Enter DE Delegated correspondent’s phone number
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• FHA Sponsored Originations – Leave Blank
• An officer (not the loan officer or originator) of the DE Delegated
correspondent’s company must sign – No originator signature is required
-– Must not be signed prior to the borrower signing page 2
Page 2:
• No Lender/sponsor info
• Form must be signed by borrower(s) at initial application
Page 3:
• Form is signed by DE Delegated correspondent’s underwriter
Page 4:
• Mortgagee – DE Delegated correspondent’s name
• An officer (not the loan officer or originator) of the DE Delegated
correspondent’s company must sign – No originator signature is required
• Form must be signed by borrower(s) at closing
For additional FHA document and disclosure requirements, refer to Government Forms and
Disclosures, Doc. #9005.
ELECTRONIC SIGNATURES
Electronic signatures are permitted for all FHA loan documents except the following:
• Powers of attorney
• Form SSA-89
• Note
ESCROW STATES
• Arizona
• California
• Colorado
• Hawaii
• Idaho
• Montana
• Nevada
• New Mexico
• Oregon
• Utah
• Washington
• Wyoming
ESCROWS
• Escrow waivers not allowed
• Escrows are required for all of the following:
o Real estate taxes
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o Monthly mortgage insurance premiums
o Hazard insurance premiums, including flood insurance, wind insurance, etc.
o Special assessments
o Ground rents
• Unless the loan has one of the following characteristics, property tax escrows are calculated using
the taxes stated on the title commitment, regardless of the rate used to calculate the borrower’s
debt-to-income ratios:
o When calculating the real estate tax payment for existing (not new construction) properties,
the following documentation may be used:
Taxes listed on the title commitment or property tax bill/cert or
Evidence from the local assessor’s office of the current tax rate
o For properties being purchased from a seller who paid non-homestead taxes, the title
commitment will indicate the non-homestead tax rate. Homestead tax rates may be used to
calculate the borrower’s ratios, provided evidence of the homestead tax rate is obtained
from the local tax assessor’s office. Lenders must collect escrows based on the amount
shown on the title commitment.
o Generally, property tax escrows for all new construction properties must be calculated based
on the fully assessed property value. Obtain actual tax amounts from the local tax
assessor’s office. If the new construction property taxes charged by the municipality will not
be based on the fully improved property within 12 months of closing, escrows may be based
on one of the following. Note: Regardless of assessment dates, ratios and reserves must
be calculated based on the fully assessed property value.
Lot only; or
A partial assessment; or
Actual or estimated amount based on fully assessed value
o The Closing Department will require the borrower(s) to confirm that once the property is fully
assessed, they are aware of the potential escrow shortage
o For purchases of new and existing properties in California only, property taxes may be
calculated using 1.25% of the purchase price or the actual tax rate
ESCROW HOLDBACKS – REPAIRS
In addition to FHA’s repair escrow requirements and Flagstar’s overlays above, the following
documents and clarifications apply:
• Fully executed Escrow Holdback Agreement, Doc. #3655 required in closing package
• For additional repair escrow information, refer to Escrow Holdback Procedures, Doc. #4634
• For new construction properties, items such as pools, decks, sod, etc. may remain incomplete
due to weather-related situations. Escrow holdback will be amount indicated on building
agreement, contract and/or vendor agreement.
For purchases of bank-owned properties, approval of repair escrow is granted on a case-bycase basis for completion of exterior repairs that cannot be completed due to inclement
weather.
HIGHER PRICED MORTGAGE LOANS (HPML)
Loans having an APR that is ≥ 1.5% above the APOR on the date the loan locked are classified as an
HPML. All HPMLs must meet the following requirements:
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• Pre-payment penalties are not permitted
• The interest rate cannot adjust within the first seven years of the loan – FHA ARMs classified as
HPMLs are ineligible
• Escrows must be collected for the life of the loan
• Streamline refinance transactions are eligible, provided they are credit qualified
• For FHA transactions that are considered Safe Harbor QM that are HPML for purposes of Section
35, please reference Higher Priced Mortgage Loans (HPML), Doc. #4813. Loans that have a QM
status of Rebuttable Presumption are required to have a Residual Income Worksheet, this form is
not applicable to delegated loans.
INDUSTRY LINKS/FLAGSTAR LINKS/CONTACTS
• FHA Mortgage Limits Search Engine
• FHA Approved Condos Search Engine
• HUD Training Archives
• HUD Training and Events Page
• HUD’s Lender Page
• FHA Connection
• Government Services Administration (GSA) Excluded Parties Search Engine
• Limited Denials of Participation (LDP) Excluded Parties Search Engine
• Flagstar Bank Wholesale Website
• Flagstar Bank Government Underwriting Help Desk
o E-Mail: GovernmentUW@Flagstar.com
o Phone: 866-945-9872, Option 1 for Underwriting, then Option 2 for Government
Underwriting
• HUD’s Listserv email distribution that announces FHA changes and available training:
o Email answers@HUD.gov
INSURANCE
HAZARD INSURANCE
Hazard Insurance Requirements, Doc. #4602
FLOOD INSURANCE
• Flood Insurance – Broker & Non-Delegated Correspondent, Doc. #4603
• Eligible Flood Provider Companies, – FEMA Flood Insurance Company List
• Flood insurance policy must be a NFIP policy and must cover all improvements, including
detached structures. Flood insurance provided by private providers is not permitted
• If the subject property is a condominium-unit, the NFIP policy must be obtained by the
homeowner’s association. Borrower purchased flood insurance is not permitted unless the
property is a site condominium. Loans must be denied if the HOA does not maintain adequate
flood insurance, regardless of FHA condominium approval status
CONDOMINIUM FIDELITY/LIABILITY INSURANCE
• Hazard Insurance Requirements, Doc. #4602
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• Each project must have $1,000,000 business liability insurance coverage with the HOA named
as the insured
• Projects having > 20 units must show evidence of Fidelity (employee dishonesty) coverage ≥
three months HOA income with the HOA named as the insured
• Site Condominiums – Liability insurance is not required
• Must be provided prior-to-close
HO-6 POLICY
For coverage requirements, refer to Hazard Insurance Requirements, Doc. #4602
LOAN TERMS
FIXED RATE MORTGAGES
10, 15, 20, 25 and 30-year fixed rate mortgages
ARMS
3/1 and 5/1 CMT adjustable-rate mortgages
MAXIMUM LOAN AMOUNT
Maximum Loan calculations are published in the 9000 series of our Sellers Guide:
• FHA Maximum Mortgage Worksheet – Purchase, Doc. #9328
• FHA Maximum Mortgage Worksheet – Rate & Term Refinance, Doc. #9342
• FHA Maximum Mortgage Worksheet – Simple Refinance, Doc. #9346
• FHA Maximum Mortgage Worksheet – Cash-Out Refinance, Doc. #9345
• FHA Maximum Mortgage Worksheet – Streamline Refinance, Doc. #9347
NET TANGIBLE BENEFIT
NET TANGIBLE BENEFIT CALCULATION WORKSHEETS
To calculate the borrower’s net tangible benefit for Streamline refinances, use FHA Refinance Net
Tangible Benefit Worksheet, Doc. #9348.
STATE-REQUIRED NET TANGIBLE BENEFIT FORMS
FHA Refinance Net Tangible Benefit Worksheet, Doc. #9348 may not be used in lieu of any staterequired net tangible benefit forms. When a state requires a net tangible benefit form, the appropriate
form must be completed.
POWER OF ATTORNEY
• All signatures on the power of attorney must be notarized, and the power of attorney must be
reviewed by a Flagstar underwriter. All signatures must match the signatures in the file
• Unless the POA is a military Durable POA, the POA must be specific to Flagstar Bank’s loan and
indicate the property address
• POA is not allowed for single borrower transactions unless Flagstar Bank has borrower experience
and the underwriter can compare signatures from previous transaction(s)
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REFINANCE TRANSACTIONS
STREAMLINE REFINANCES AND CASH-OUT REFINANCE LOANS
• Refinances must meet all FHA 4000.1 occupancy requirements; and
• Must meet the following seasoning requirements when the loan being paid off is a government
loan (FHA, VA or USDA); and
• The borrower made at least six consecutive monthly payments on the loan being refinanced,
beginning with the date the payment was made for the first payment due date; and
• The first payment due date of the refinance loan occurs no earlier than 210 days after the first
payment due date of the initial loan.
SHORT PAYOFF ON A RATE AND TERM REFINANCE
A specific written principal reduction (short payoff) agreement between the existing lender and borrower
is required. The agreement must reference the borrower and the loan being paid off.
SOCIAL SECURITY AND DISABILITY BENEFITS
When the Notice of Award or equivalent document does not have a defined expiration, the Mortgagee
must not inquire or request additional documentation for continuance of the nature of the disability or the
medical conditions. If any disability income from (Social Security Administration (SSA), Department of
Veterans Affairs (VA), or a private disability insurance provider) is due to expire within three years from the
date of mortgage application, that income cannot be used as Effective Income. Refer to HUD Single
Family Handbook 4000.1 for complete details.
TITLE
The title commitment must be dated within 90 days of closing. If greater than 90 days, a gap letter will be
required, which will allow the title to be extended an additional 90 days
ENERGY LOAN TAX ASSESSMENT PROGRAM (ELTAP) LIENS
Not permitted
MINERAL RIGHTS – EXCEPTIONS TO TITLE
Exceptions to title for Mineral Rights are acceptable as long as the title company states in writing that
there are no active mineral rights on the property at the time of loan closing
DEED RESTRICTIONS
• In addition to any deed restriction that does not meet FHA’s requirements, deed restrictions with
the following characteristics are ineligible:
o Single-family use restrictions when the property is a two- to four-family property
o Deed restriction creates or provides for a lien that would be prior to the lien of the home
mortgage or provides for the elimination of the home mortgage lien
• The terms and provisions of the restrictive agreements or restrictive covenants must be
commonly acceptable to the private institutional mortgage investors in the area where the
mortgaged premises are located
• Title company must provide an endorsement to the title policy that affirmatively insures that no
violation of any such restrictive agreement or restrictive covenant exists and that any future
violation shall not result in forfeiture or reversion of title is required
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UNEXPIRED RIGHTS OF REDEMPTION
• All States Except Alabama:
o Unless the property is located in the State of Alabama, Flagstar will not approve and/or
purchase any loan having an unexpired right of redemption unless the purchase
agreement, title and appraisal all show the same seller who is the original mortgagor
Title may show lis pendens notices from the bank or mortgagee
Purchase contract may indicate a short sale
• Alabama Only:
o Purchase agreement, title and appraisal will be in the name of the lender and not the
original mortgagor.
o Title commitment will show one or both of the following acceptable recorded deeds:
Foreclosure from John Doe (original mortgagor) to Anybank (foreclosing lender)
followed by the date on the deed and the recording date
When the foreclosing lender deeds the property to HUD, Fannie Mae, Freddie
Mac, VA or GNMA, there will be a special warranty deed from Anybank
(foreclosing lender) to one of the GSEs listed above followed by the date on the
deed and the recording date
• If the above referenced deeds are dated within the most recent 12 months, the title commitment
must contain a specific exception for the unexpired right of redemption and affirmatively insure,
without qualification, the mortgagee (Flagstar Bank) against all losses arising out of the exercise
of any outstanding right of redemption
UNDERWRITING TURN TIMES
Current underwriting turn times are posted on Flagstar’s website.
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