Purchase Guideline Sheet

PURCHASE GUIDELINE SHEET

IF THE LOAN AMOUNT HAS CHANGED FROM THE TIME OF RESERVATION, AN E-MAIL OR FAX NEEDS TO BE SENT TO ONE OF THE CONTACT PEOPLE AT THE BOTTOM OF THIS PAGE REQUESTING A LOAN CHANGE AMOUNT AND A BRIEF REASON FOR THE CHANGE. THANKS

1. Make sure that your lender/servicer #, MBOH loan #, and lender/servicer loan # is filled in as it is needed for each purchase cycle

2. Document preparation fees are not allowed, when MBOH is paying a premium

3. If DU/LP is used for underwriting, please indicate that on the settlement statement fees

4. For the Genworth Certificates make sure that the Servicing Transfer Data box has the correct servicer listed and not MBOH if being transferred to another servicer. Be sure that the loan closing boxes at the bottom of the form are completed along with the lender's signature

5. When Borrower has own business, please include a current profit/loss statement or a borrower's statement that the business is no longer in operation

6. Recapture notice IS required for all set-aside programs. Please have borrower(s) sign this at closing

7. DO NOT send original documents when voucher states copy

8. LOL can provide you with exceptions for suspended loans. Check frequently to see status and avoid late fees, also to check programs where reservation is not automatic

9. Declaration of Homeowners' Association and By-Laws are NOT NEEDED

10. Only need deed of trust that is going through MBOH; NHS deed of trust is needed only if set-aside is a second through MBOH

11. For new construction provide a cost break down signed by lender or buy/sell and letter of completion from appraiser

12. Total monthly payment amount needs to go in PITI, not just the P&I amount

13. If not able to get rate of pay and number of hours worked on an Internet Work Number sheet, provide a copy of last 2 pay stubs

14. Need pages 1-6 of new URAR (1004, 1004C or 1073)

15. Provide Flood Certification when possible

16. MBOH funds cannot be used to purchase personal property. Buy/sell should list these items as no value

17. All 18 & over occupants of subject property MUST address employment status with VOE or statement of non-employment

18. Multiple lots must be addressed by appraiser. Please mark where appraiser has addressed this issue.

19. No staples please

20. HUD-1 no cash to borrowers

21. Loan amount cannot exceed cost plus RD or upfront MIP or VA funding fee; RD amount based on appraisal (no personal property financed, and no cash back on HUD-1 other than pre-paids)

22a. Early delinquency counseling form signed by all borrowers

22b. set-asides only release of financial information form signed by all borrowers

Contacts:
Charlie Brown 406.841.2850
Julie Hope 406.841.2853
Brandon Whitaker 406.841.2847

Fax: 406.841.2839

updated 12/26/07