Fillable Phfa Form 1 - Cover Sheet For Preliminary Determination Request printable pdf download

April 2016

PHFA Form 1

PENNSYLVANIA HOUSING FINANCE AGENCY

HOMEOWNERSHIP PROGRAMS DIVISION

717.780.3871 ▪ https://

PRELIMINARY DETERMINATION REQUEST

•

This form may be used by PHFA-participating lenders to request a preliminary determination (prior to

PHFA loan approval) on a questionable compliance issue (income limit, purchase price limit, first-time

buyer when applicable, owner occupancy, and the additional criteria of the Advantage program which

includes the liquid asset restriction) or underwriting issue (credit, ratios, income, property, etc.).

•

Requests involving multiple issues must be submitted in a single request using one cover sheet (next page).

•

Completed requests should be faxed to 717.780.3872 or 717.780.4344 or e-mail it to .

• PHFA will make every effort to issue a written response within 24 hours of receipt, but no later

than 48 business hours of receipt of the request.

• If the request is approved, include a copy of the final cover sheet with PHFA’s decision directly

under the PHFA transmittal summary (form 51) in the Credit/Pre-Compliance Submission

Package.

•

For ALL requests regardless of the nature of the request: Submit the following cover sheet, a

completed loan application, and only the pertinent documentation for the request. For example, when

requesting a review of income for limit purposes, provide documentation for all sources of income on all

adult household members including (if applicable) explanations of increases, decreases, and/or additional

income reported on pay stubs, part-time jobs, child support, disability, etc. High ratio requests must include

a copy of the first page and signature page of the agreement of sale.

•

For credit issues: Please note it is the lender’s contractual responsibility to underwrite the file; PHFA

verifies the lender’s decision and reviews each file for PHFA compliance issues. For requests involving

credit, the following documentation is required along with this form.

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For FHA loans: a signed FHA Loan Underwriting and Summary Transmittal or signed statement from

the FHA Direct Endorsement Underwriter explaining the situation and compensating factors and stating

that the file is approvable as an FHA loan OR a findings report indicating approval and a 92900 LT with

the ZFHA Chums number listed. If the request involves the property, provide copy of the Conditional

Commitment signed by the DE underwriter showing any conditions;

−

Conventional loans: a signed statement from the underwriter explaining the situation and

compensating factors;

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For VA loans: a signed copy of loan analysis or a signed statement by a VA authorized LAPP

underwriter explaining the situation and compensating factors and stating the file is approvable as a VA

loan OR a findings report indicating Approve/Eligible or Accept. For situations involving the property,

provide a copy of the completed and signed Notice of Reasonable Value;

−

For RD loans: a copy of the signed conditional commitment, an approve waiver from RD or statement

from the underwriter explaining the situation and compensating factors and stating that the file is

approvable as an RD loan OR a findings report indicating Approve/Eligible or Accept. If the request

involves the property, provide copy of the Conditional Commitment signed by the DE underwriter

showing any conditions.

Phfa Form 1 - Cover Sheet For Preliminary Determination Request

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