Prior Approval Underwriting Submission Checklist (Page 4 of 5) in pdf

prior to the loan closing occurring. Additional

conditions and/or a revised Smart Start Award Letter

(FHA) m ay b e r equired.

ALL*

ILRS

Internet L oan

Copy

Confirmation f rom N JHMFA t hrough t he I LRS ( Internet

☐

Reservation

Reservation S ystem

Loan R eservation S ystem). C opies f or b oth l oans a re

Confirmation

required, t he r eservations m ust b e c urrent a t t he t ime

s ( 2)

Document

of s ubmission a nd a pproval.

1. F irst M ortgage L oan ( Homeward B ound)

2. S mart S tart L oan

All e xtensions a pplied f or m ust a lso b e e videnced b y

the I LRS c onfirmations f or s ame.

10 ALL*

( LE)

Loan E stimate

Copy

Loan E stimate – S mart S tart S pecific F orm.

☐

Timely issued, executed and dated by Borrowers. All

versions issued together with any Change of

Circumstances (COC) and explanations must be

provided. Smart Start Loans require a Separate LE

from t he f irst m ortgage l oan a pplication.

11 ALL*

COS

Contract o f S ale

Copy

Must be completely filled out and signed. Seller's

☐

concessions must follow appropriate FHA, VA, USDA

Guidelines. Any changes must be fully initialed/signed

by a ll p arties o n t he c ontract o r a ddendums.

Note: Addendums should be placed on top of the

contract i n t he s tacking o rder.

12 FHA/VA

FHA A mendatory

Copy

FHA / V A r equires a n a mendatory c lause b e m ade p art

☐

Clause

of the sales contract to purchase a home. The

document's verbiage amends any aspect of the sales

contract that may require a buyer to forfeit earnest

money, pay a penalty, or contribute additional funds

to c lose i n t he e vent a p roperty f ails t o a ppraise a t t he

contract sales price. Must be fully completed

evidencing subject property, dated and executed

where a pplicable.

13 ALL*

EMD

Earnest M oney

Copy

Letter is to indicate the total amount of deposit on

☐

Deposit C onfirmation

account, and should itemize the date received,

Letter

amount received and check number for all deposit

monies being held in accordance with the Contract of

Sale.

14 ALL*

VOD

Verification o f

Copy

VOD or three months consecutive bank statements

☐

Deposit

must be included for all assets listed in the asset

section o f t he A pplication. I n t he e vent t he v erification

does n ot i ndicate s ufficient c ash a ssets t o c onsummate

the closing or large deposits are evident, additional

verification indicating sufficient cash assets must be

attached. A ll a ssets m ust b e d isclosed.

15 ALL*

1040

Signed F ederal T ax

Copy

3 years Federal Tax Returns required and State Tax

☐

Returns

Returns ( if a pplicable). A ll r eturns a re t o b e s igned a nd

dated by the Borrower. No evidence of real estate

owned w ithin 3 c alendar y ears p ermitted.

16 ALL*

Pay S tubs

Paystubs

Copy

Any l iquid a sset a ccount i dentified m ust b e d isclosed

☐

and i ncluded i n a sset l imit r eview.

17 ALL*

Factual D ata C redit

Copy

Required for all mortgagors. Borrower must have a

☐

Report

minimum tri-‐merge “middle” credit score of 620 or

above. The lender is required to obtain a tri-‐merge

credit report for each borrower on the loan

application. T he r eport c annot b e m ore t han 1 20 d ays

old at time of signing the Note. No evidence of real

estate f inancing w ithin 3 c alendar y ears c an b e l isted.

ALL*

Smart G rowth

Copy

If the loan is reserved at lock under Smart Start -‐ this

☐

Locator M ap

The

map is a requirement in the UW submission.

Property must be located in a Smart Growth area

as determined by the NJHMFA’s Site Evaluator.

The map must reflect the property location and

address. * FHA:

Please review condition requiring

FHA Smart Start Award Letter to be signed at closing

and d elivered w ith t he p urchase p ackage.

Page 4

HMFA-‐99 ( SS)

NJHMFA S mart S tart U W S ubmission C hecklist 6 .1.16

Prior Approval Underwriting Submission Checklist Page 4

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