U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON ...
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000
ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONER
Special Attention of: All FHA Approved Mortgagees All Direct Endorsement Underwriters All FHA Roster Appraisers All FHA-Approved 203(k) Consultants All HUD-Approved Housing Counselors All HUD-Approved Nonprofit Organizations All Governmental Entity Participants All Real Estate Brokers All Closing Agents
Transmittal: Handbook 4000.1 Issued: July 10, 2019 Effective Date: Multiple; See Below
1. This Transmits: 1. Handbook 4000.1, FHA Single Family Housing Policy Handbook.
2. Previously published updates to Handbook 4000.1, FHA Single Family Housing Policy Handbook.
____________________________ Brian D. Montgomery Assistant Secretary for Housing ? Federal Housing Commissioner
2. Explanation of Materials Transmitted:
This revision to the FHA Single Family Housing Policy Handbook, or Handbook 4000.1 (Handbook), is being published to update existing sections.
Below is a list of content updates being made to the Handbook:
Handbook Section
Handbook Changes
Section I ? Doing Business with FHA
I.A.5.a.iii(A)(3)(a) First-Time
Removed guidance to align with
Applicants ? Test Case Phase ? ML 2016-21 and ML 2017-08,
Case Binder Submission
which eliminated Pre-closing
submissions for Test Case lenders
applying on or after 5/15/17.
I.A.5.a.iii(A)(3)(b) First-Time
Removed guidance to align with
Applicants ? Test Case Phase ? ML 2016-21 and ML 2017-08,
Test Case Underwriting Report which eliminated Pre-closing
submissions for Test Case lenders
applying on or after 5/15/17.
I.A.5.a.iii(A)(4)(a) First-Time
Guidance updated to align with
Applicants ? Approval Decision ? ML 2016-21, which bases the
Approval of Unconditional DE
timeline on the DE Program Test
Authority
Case approval letter.
I.A.5.a.v(B) Title II Direct
Added citation to Code of
Endorsement Authority ?
Federal Regulations to clarify
Sponsor/Sponsored Third-Party mortgagee responsibility.
Originator Relationship ? Standard
I.B.4.b.iii(A)(8)(b) Nonprofits and Updated guidance to reflect the
Governmental Entities ? Financial amendments to Circular A-133.
Capacity ? Required
Documentation
I.B.4.b.iii(B)(3)(a)(iii) Secondary Updated required documentation
Financing ? Required
to clarify that the nonprofit must
Documentation ? Copy of the
submit a copy of the board
Board Resolution
resolution that adopts the
complete Affordable Housing
Program Plan.
I.B.5.c.i Application and
Title change for form SAMS-
Registration Process ? Real Estate 1111-A.
Broker's Application
Page Number(s) 30 30 31 34
80-81 92
103
2
Handbook Section
Handbook Changes
Page Number(s)
Section II ? Origination through Post-Closing/Endorsement
II.A.1.b.ii(A)(1)(a) General
Clarified the guidance for
131
Borrower Eligibility
individuals exempt from
Requirements ? Social Security providing Social Security
Number ? Standard
Numbers to address World Bank
and foreign embassy employees.
II.A.1.b.ii.(A)(3)(a) Borrower
Updated definition to address
132
Minimum Decision Credit Score ? application of a median score.
Definition
II.A.3.a.ii(O)(1) Water Supply Added clarifying requirement to
166
Systems ? Public Water Supply the Public Water Supply System
System
requirements.
II.A.3.a.ii(O)(2) Water Supply Systems ? Individual Water Supply Systems (Wells)
Removed language regarding treatment methods for termites.
166
II.A.3.a.ii(O)(2)(a) Individual
Added requirements for well
166-167, 168-169
Water Supply Systems (Wells) ? water testing.
Requirements for Well Water
Testing;
II.A.3.a.ii(O)(3)(a) Shared Wells ?
Requirements for Well Water
Testing
II.A.3.a.ii(O)(2)(b) Individual
Added location where a valid
168, 171
Water Supply Systems (Wells) ? water test can be obtained.
Required Documentation;
II.A.3.a.ii(O)(3)(b) Shared Wells ?
Required Documentation
II.A.3.a.ii.R Minimum Property Inserted guidance about soil
175
Requirements and Minimum
poisoning as a treatment method
Property Standards ? Termites
for termites. Guidance was
moved from the Individual
Water Supply Systems (Wells)
section.
II.A.4.a.i Underwriting with an Added language clarifying that
178
Automated Underwriting System Mortgages made to
? Use of TOTAL Mortgage
nonprofit/Governmental Entity
Scorecard
Borrowers do not need to be
scored through TOTAL
Mortgage Scorecard.
3
Handbook Section
Handbook Changes
II.A.4.b.ii(A) Credit Reports (TOTAL) ? Requirements for the Credit Report (TOTAL); II.A.5.a.ii(A)(1) Traditional Credit (Manual) ? Requirements for the Credit Report
II.A.4.c.i Income Requirements (TOTAL) ? General Income Requirements (TOTAL); II.A.5.b.i Income Requirements (Manual) ? General Income Requirements (Manual) II.A.4.c.v(A) Overtime, Bonus or Tip Income (TOTAL) ? Definition; II.A.4.c.v(B) Overtime, Bonus or Tip Income (TOTAL) ? Standard; II.A.5.b.v(A) Overtime, Bonus or Tip Income (Manual) ? Definition; II.A.5.b.v(B) Overtime, Bonus or Tip Income (Manual) ? Standard II.A.4.c.v(C) Overtime, Bonus or Tip Income (TOTAL) ? Calculation of Effective Income; II.A.5.b.v(C) Overtime, Bonus or Tip Income (Manual) ? Calculation of Effective Income II.A.4.c.ix(C) Commission Income (TOTAL) ? Required Documentation; II.A.4.c.ix(D) Commission Income (TOTAL) ? Calculation of Effective Income; II.A.5.b.ix(C) Commission Income (Manual) ? Required Documentation; II.A.5.b.ix(D) Commission Income (Manual) ? Calculation of Effective Income
Added guidance regarding credit report requirements.
Added clarification on when tax returns must be analyzed and added a link to Appendix 2.0 ? Analyzing IRS Forms.
Added clarifying language to the definition and standard to replace "and" with "or" for context.
Updated guidance regarding calculating Effective Income based upon the length of time of receipt and the trend in level of such income.
Updated guidance regarding unreimbursed business expenses to align with IRS tax laws.
Page Number(s) 183, 253 199, 274 202, 277
202, 277 204-205, 280
4
Handbook Section
Handbook Changes
II.A.4.c.xii(G)(2) Automobile Allowances (TOTAL) ? Required Documentation; II.A.4.c.xii(G)(3) Automobile Allowances (TOTAL) ? Calculation of Effective Income; II.A.5.b.xii(G)(2) Automobile Allowances (Manual) ? Required Documentation; II.A.5.b.xii(G)(3) Automobile Allowances (Manual) ? Calculation of Effective Income II.A.4.d.i(B)(2)(h) Cash to Close (TOTAL) ? Mortgagee Responsibility for Estimating Settlement Requirements ? Premium Pricing on FHA-Insured Mortgages; II.A.5.c.i(B)(2)(h) Cash to Close (Manual) ? Mortgagee Responsibility for Estimating Settlement Requirements ? Premium Pricing on FHA-Insured Mortgages II.A.4.d.iii(G)(1) Interested Party Contributions (TOTAL) ? Definition; II.A.5.c.iii(G)(1) Interested Party Contributions (Manual) ? Definition II.A.4.d.iii(G)(2) Interested Party Contributions (TOTAL) ? Standard; II.A.5.c.iii(G)(2) Interested Party Contributions (Manual) ? Standard II.A.4.d.iii(G)(3) Interested Party Contributions (TOTAL) ? Required Documentation; II.A.5.c.iii(G)(3) Interested Party Contributions (Manual) ? Required Documentation
Updated guidance regarding unreimbursed business expenses to align with IRS tax laws.
Added clarifying language to the definition for Premium Pricing to address aggregate credits and clarified the existing guidance when such credits are not included in Interested Party Contributions.
Added clarifying language to the definition of Interested Parties to address Mortgagees and ThirdParty Originators.
Added new subsection for exceptions to Interested Party Contributions to address Premium Pricing.
Added clarifying language to the required documentation section about Interested Party Contributions that are documented outside of the sales contract.
Page Number(s) 212, 288
225, 300
233, 308 234, 309 234, 309
5
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