Ihfa Lender Checklist Fha Advantage Streamline 203k Loan Program
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1IHFA LENDER CHECKLIST – FHA ADVANTAGE STREAMLINE 203K LOAN PROGRAM
Loan #
_____
Borrower Name ________________________________________
Lender Contact __________________________ Lender Contact Phone#___________________
Lender Contact Email____________________________________________________________
Left Side
:
________ IHFA Lender Checklist
st
________ Original Note endorsed to IHFA (1
)
st
________
Copy of the recorded Deed of Trust with all riders (1
)
Rehabilitation Loan Rider, and all other applicable Riders
________
Copy of the recorded Assignment to the Deed of Trust endorsed to IHFA
Second Mortgage Documents
:
________ Original Note endorsed to IHFA, copy of recorded Deed of Trust
________ Final HUD-1 for both buyer and seller, fully executed
________ Initial Escrow Account Disclosure
________ Final Truth-in Lending Disclosure
________ Goodbye Letter notifying borrower of payment amount and new servicer
________ Misc. closing and funding documents
________ 4506T and results if applicable
________ Preliminary Title report with 12 month chain of title & property tax information
________ Recorded Intent to Declare Manufactured Housing as Real Property, if applicable
________ Hazard Insurance Binder showing IHFA as Mortgagee with IHFA’s Loan #, maximum deductible $1000
________ Condo Master insurance binder
________ Condo Hazard Insurance Binder, “walls in” required to be escrowed
________ Flood Hazard Determination, must be assigned to IHFA
________ Flood Hazard Insurance Binder, if applicable – MAXIMUM DEDUCTIBLE OF $2500
________ Complete program disclosures including the initial Good Faith Estimate and TIL
________ Fully executed FHA disclosures
Right side
________ IHFA Certificate of Accelerated Delivery form 1040
________ IFHA Voucher Confirmation
________ Loan Lock Confirmation
________ USPS Address verification, (
) must match Note, Deed of Trust, Final 1003
Application, AUS Findings and Flood Certificate.
________ Loan Underwriting Transmittal Summary, Streamline K Worksheet (HUD Form 92700)
________ AUS findings (DU, LP)
________ FINAL 1003 application, fully executed
________ Final FHA Addendum 92900a
________ Initial 1003 application
________ Initial FHA Addendum 92900a
________ INS Card, if applicable
________ Bankruptcy papers, if applicable
________ Signed and dated credit explanation
________ Signed and dated inquiry letter
________ Divorce decree and/or child support order, if applicable
________ Tri-merge credit report, If borrowers are unmarried separate credit reports and 1003’s are required.
Non-purchasing spouse credit report, if applicable.
________
Written VOE for each borrower’s current employment.
________ Current paystubs & most recent two years W-2s (if self-employed, commissioned or employed by
family member, 2 years tax returns, signed and dated by borrowers).
________ If non-targeted county, most recent 3 years tax returns are required – signed and dated.
________ If married sole and separate, income documentation for non-purchasing spouse is required, if
applicable
________
Most recent monthly asset statements for all checking/savings or retirement accounts used in
qualifying.
________ Gift Letter, fully executed If applicable
________ Evidence gift funds transferred from donor to borrower (not required at initial submission)
________ Home Buyer Education Certificate, if applicable
________ Fully executed FHA Amendatory Clause & Real Estate Certification, signed and dated by all parties, if
applicable.
________ Copy of earnest money check
________ Fully executed purchase contract with all addenda and counter offers, (include legible copy).
________ Addendum to Sales Contract
________ 203K Rehabilitation Financing lead agreement (HUD form 95485)
________ Engineers Certification of the foundation, required for all Manufactured Homes
________ FHA Case # assignment
________ Well, septic inspections, if applicable
________ Homeowner Contractor Agreement
________ Rehabilitation Self-Help Agreement
________ Identity of Interest/Consultants Identity of Intent Act
________ FHA Conditional Commitment
________ Appraisal Report
________ Cost Breakdown Sheet
________ Initial/Final Disbursement Form
UPDATED- (12/6/10)
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