Payment Shock requirements updated.
Borrower(s) with a FICO score of 660+ with a max 50%, DTI- payment shock is not to exceed 175% Borrower(s) with a FICO score of 659 and below with a max 45% DTI – payment shock is not to exceed 150% 

Final MISMO 3.4 is required on all loan deliveries.
Please call your Account Executive for assistance or reach out to Submissions Team
Submissions@Chenoafund.org 

We have updated our President’s Letter which is a part of our final disclosure
package for closing.
If you pull your own 2nd mortgage closing package from your document provider or your own LOS you will need to be sure it is added to your closing package. We have updated the doc prep companies.

We require the following disclosures to be executed at closing for our 2nd
mortgage.
Disclosure of Secondary Financing
Quality Control Release Form
Addendum Regarding Seller or Lender Contributions
President’s Letter

If you pull your 2nd mortgage package from our website these documents will be included. Then marry our closing package for the second with your URLA (1003), Loan Transmittal, Final CD, and closing instructions to send to the title company or attorney’s office.

Sample Documents
Quality Control Release
https://chenoafund.org/wp-content/uploads/2023/04/Quality-Control-Release.pdf 

President’s Letter Rev. 3.24.23
https://chenoafund.org/wp-content/uploads/2023/04/Presidents-Letter-Rev.-3.24.23.pdf 

Disclosure-of-Secondary-Financing
https://chenoafund.org/wp-content/uploads/2023/04/Disclosure-of-Secondary-Financing.pdf 

ADDENDUM_REGARDING_SELLER_OR_LENDER_CONTRIBUTIONS
https://chenoafund.org/wp-content/uploads/2023/04/ADDENDUM_REGARDING_SELLER_OR_LENDER_CONTRIBUTIONS.pdf 

Sample Second Mortgage Closing Packages
Sample CP-Repayable
https://chenoafund.org/wp-content/uploads/2023/04/Sample-CP-Repayable.pdf 

Sample CP-Forgivable
https://chenoafund.org/wp-content/uploads/2023/04/Sample-CP-Forgivable.pdf

The post Announcements: Payment Shock, Final MISMO 3.4, President’s Letter, and Sample Documents appeared first on Chenoa Fund - Down Payment Assistance.