Lenders

Wells Fargo

Home Mortgage Department
1510 Zaragosa
El Paso, Texas 79936
(915) 849-4200

GECU

Mortgage Department
7227 Viscount
El Paso, Texas
(915) 774-6081
www.gecu-ep.org

EMC/EQUITY MORTGAGE

7500 Viscount Ste C-80-The Courtyard
915-892-8269 or 915-875-1833

Castle and Cooke Mortgage LLC.

11331 James Watt J
(915) 633-9454

Prime Lending (a Plains Capital Company)

Contact: Mark Hoffman, Direct Mortgage Lender; NMLS #: 184428
Office: (512)716-3505
Cell: (512)785-3279
Fax (866) 424-1849
www.plainscapital.com

Security National Mortgage

11601 Pellicano, Suites 14 & 15
(915) 307-7212
Premier Nationwide Lending
Emma Y. Valdez, Loan Originator NMLS#219977
1723 Weston Brent, El Paso, Tx 79935
(915)590-8877 office (915)309-4706 cellular
Terry Munoz, Loan Originator NMLS #221031
(915) 252-7890-cellular/TMUNOZ@PNLENDING.COM
Marquis Lending Inc.
915-740-9665 Address: 1473 Lee Trevino, El Paso Texas
To Participate a Lender shall abide by the following:
  1. Provide fixed mortgage loans at market interest rates to LMMI households.
  2. Ability to make loans with CLTV greater than 100%
  3. Have the ability to provide a first mortgage with subordinate loans in favor of EPC.
  4. No Buy-downs, Adjustable Rate Mortgages or Graduated Payments Mortgage allowed
    1. Lender may not charge Discount points
    2. Loans may not be Sub Prime Products
  5. Provide mortgages to homebuyers whose debt ratio do not exceed 45%.
  6. Not allow any cash back to buyer at closing; any remaining cash must be applied toward EPC's second mortgage.
  7. Allow Borrower to receive 50% of the down payment, closing costs and, in some cases gap financing from NSP Homebuyer Assistance.
  8. Establish an impound/escrow account for taxes and insurance.
To find out more about Subprime Lending, go to http://www.fdic.gov/regulations/laws/rules/5000-5160.html
Participating Lenders must agree to provide the following documents to EPC for each participant:
  1. Pre-qualification Letter signed by underwriter stating that lender has been provided sufficient information to determine income, down payment, credit worthiness. If participant does not qualify, copy of denial letter including reason for such action.
  2. Approval Letter signed by underwriter indicating full approval and any conditions to close.
  3. Certification form signed by underwriter showing calculations of how underwriter determined income qualification for borrowers.
  4. HUD-1 Settlement Statement (prior to closing and certified copy of final).
  5. Final 1003 prior to closing.
  6. Provide EPC copy of borrower's credit report (with borrower's approval) or provide copy to borrower so they may provide it to us, if doing so is not in conflict with your credit reporting agency agreements.
Lender to ensure that hazard insurance binder is sufficient to cover the amount of first and subordinate lien notes.
EPC may exclude or limit participation of any participating lenders for failure to communicate, respond, or for charging excessive rates or fees.
EPC will provide participating lender a pre-qualification letter indicating borrower qualifies for participation in NSP2program assistance.
Appraisals
After-rehabilitation appraisal:
  • Our company will order its own appraisal
  • Our company may use EPC's appraisal
EPC's Subordinate Lien(s)
The amount of the NSP Homebuyer Assistance shall be determined by EPC on a case-by-case basis determined by buyer's household size, household income, lender's mortgage loan requirements and maximum loan amount lender is willing to finance, closing costs and sales prices. The amount of Homebuyer Assistance provided to a Participant will be secured by a Promissory Note and Deed of Trust with Grantee named as lien holder.
Homebuyer Assistance and Maximum Income Limits
Income Qualifications for Homebuyers Assistance*
Home Buyer Assistance
Up to $20,000
Household Size
50% Low Income
80% Moderate Income
120% Middle Income
1 $17,600
$28,150
$42,150
2 $20,100 $32,150 $48,200
3 $22,600 $36,150 $54,200
4 $25,100 $40,150 $60,250
5 $27,150 $43,400 $65,050
6 $29,150 $46,660 $69,900
7 $31,150 $49,800 $74,700
8 $33,150 $53,000 $79,500
*Subject to change annually per HUD AMFI Guideline for El Paso MSA
Based upon the amount of Homebuyer Assistance for which the NSP Participant qualifies, the following mounts will be forgiven:
Affordability Period—the term shall be:
Amount of Homebuyer Assistance Affordability Period Forgivable Rate
0 - $15,000 60 Months 1/60 per month
> $15,001 < $20,000 120 Months 1/120 per month
Resale during affordability period - If the buyer sells the assisted property prior to the end of the affordability period, NSP funds will be recaptured by EPC as Grantee out of the net proceeds of the sale according to the formula contained in the NSP recapture note and mortgage.
Non-occupancy or conversion of use of property – If the buyer fails to occupy property as a primary residence or converts property to any other use other than residential during the affordability period, the entire amount of the forgivable Homebuyer Assistance will become due.
BANK REGULATORS' GUIDE FOR NON-TRADITIONAL MORTGAGES
Lenders are required to comply with the bank regulators' guide for non-traditional mortgages (See statement on Subprime Mortgage Lending issued by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporations, Department of the Treasury, and the National Credit Union Administration available at: http://www.fdic.gov/regulations/laws/rules/5000-5160.html.) Participating lenders must comply with bank regulators' guide for non-traditional mortgages. No subprime loans will be permitted.
Disclosure: EPC is now approved by FHA for Secondary Financing by a Nonprofit. Therefore, Homebuyer Assistance for the NSP Program is approved for use in conjunction with FHA loans. The following guidelines apply:
Participants must make the FHA-required cash investment/down payment from his or her own funds of at least 3.5% of the lesser of the appraised value or sales price of the property.
The payment of closing cost may not be used to help meet the FHA-required minimum 3.5% cash investment/down payment. This money may not be borrowed unless it is a collateralized loan, said loan to be included in the Participant's debt ratios.
A portion of the 3.5% investment from participants can be gifted from friend or relative, lender must document gift funds through a gift letter.
However, NSP Program requires participants make a minimum required investment. Minimum required investment is the greater of:
1. (FHA Financing Only and buyer receiving gifting of funds). Buyer contribution will require a source of funds verification at the time of NSP program eligibility.
Minimum Cash (from Borrower’s own resources) to close Requirement on following grid:
Household Income Minimum Cash-to-Close Requirements
Up to 50% AMFI $ 500
> 51% to 80% AMFI $ 1,000
> 81% to 120% AMFI $ 1,500
2. Conventional Financing)-Participants must contribute One half (1/2) of the Participating Lender's minimum down payment requirement from your own resources.
Homebuyer Counseling - Participants must attend 8 hours of homebuyer counseling at a HUD-approved housing counseling agency and must also attend one 2 hour Financial Literacy class at EPC.
Non-Occupying Participant – The NSP2 program will not allow the participation of non-occupying borrowers, nor will it allow co-signers.
Hazard Insurance – Participants must maintain property insurance for a sufficient amount to cover the first and subordinate mortgages as well as full replacement value of subject property for the term ofall loans.