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Lender Responsibility |
- Lenders must place Family Home Providers, Inc.'s
Federal ID Number in the Computerized Homes Underwriting Management
Systems
(CHUMS)
FAMILY HOME PROVIDERS, INC. FEDERAL ID
NUMBER IS:
58-2200391
- The mortgage company must be an approved FHA
lender. The lender may use this program with any loan as long
as the wholesaler/investor allows a down payment gift from a non-profit.
- The buyer must purchase an FHA qualified home
and receive an FHA loan or conventional loan.
- The property must appraise for the sales contract
price or higher.
- The buyer should pay for the homeowner's insurance
policy. Lender may fund the prepaids.
- The buyer should set up the escrow account.
Lender may fund prepaids.
- (Not Required) The buyer should attend a 4-hour
home ownership education course and receive a certificate. This
aspect of the program is not required, but is strongly suggested.
If the buyer attends a homeowner's education course, please fax
the certificate to Family Home Providers, Inc.
- The Lender must see that the required documents
are Faxed or processed on-line to Family Home Providers, Inc.,
on a timely basis.
- The Lender must submit a Request For Down Payment
Gift Funds, Form 113 if not using on-line processing.
- The Lender must submit the signedSellers/Builders
Participation Home Service Fee Agreement Form 106.
- The Lender must fax the Closing agents wiring
instructions (for the wiring of gift funds). This is not needed
the request is processed on-line.
- The Lender must Fax a memo or call FHP confirming
that the loan has been approved and is ready to close.
- The Lender must have a gift letter signed by
Family Home Providers, Inc. Under the new electronic signature
law, unless otherwise requested, Family Home Providers, Inc. will
fax the gift letter to the lender. Gift Letters will be faxed
to the lender within one hour of receipt of request.
- Family Home Providers will only wire Down
Payment Gift Funds to the Trust/Escrow accounts of authorized
closing agents.
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