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									      FAHE USDA Section 502 Demo Processing Chart                                                                                    NOTICE: USDA 502 Bible can be found at:               http://www.rurdev.usda.gov/regs/hblist.html#hb1

                                                                                  Form Number and/or Supporting
                    Form or Document                                              Documentation                                      Who Completes or Obtains Information                  Goes To                                                         Scanned         LINK                                            FAHE Sends to Area Office
                    PHASE I
                                                                                                                                                                                           Sent to FAHE with Complete package typically within 48                                                                      After Quality Control Review.
                    Uniform Residential Loan Application Form # 410-4; Note                                                          Local FAHE Group Completes and has Applicant(S)       hours of signing the 410-4. Original mailed to FAHE once     Yes and mailed http://forms.sc.egov.usda.gov/efcommon/eFileS FAHE mails original to area or
              A     this is a USDA Form and is different from Fannie Forms                             410-4                         sign. Original is sent to FAHE                        electronic packet has been sent to FAHE                         to FAHE       ervices/eForms/RD410-4.PDF                    local office.
                                                                                                                                                                                                                                                                                                                       After Quality Control Review.
                                                                                                                                                                                                                                                        Yes original and http://forms.sc.egov.usda.gov/efcommon/eFileS Orginal release form mailed to
              B     Authorization to Release Information                             3550-1 one per applicant or co-applicant        Local FAHE Group obtains signature(s)                 Sent to FAHE with Complete packet                            Mailed to FAHE ervices/eForms/RD3550-1.PDF                     local USDA office by FAHE.

                    Copy of Two Most recent filed, signed, Income Tax return
              C     along with W-2 forms and all applicable schedules                                   NA                           Local FAHE Group obtains from applicant(s)            Sent to FAHE with Complete packet                                  Yes                                                          After Quality Control Review
                                                                                                                                                                                                                                                         Yes and Mail to
              D     Copy of Photo ID, such as Drivers License for note signers                          NA                           Local FAHE Group obtains from applicant(s)            Sent to FAHE with Complete packet                                 FAHE                                                          After Quality Control Review

              E     Copy of Social Security Card(s) for note signers                                    NA                           Local FAHE Group obtains from applicant(s)            Sent to FAHE with Complete packet                                                                                               After Quality Control Review
                                                                                                                                                                                                                                                                           http://forms.sc.egov.usda.gov/efcommon/eFileS
                                                                                                                                     Local FAHE Group can order but must be a tri-merge.                                                                                   ervices/eForms/RD410-8.PDF;
                    Equifax (Tri-Merge) credit report; If Credit Score is less                                                       If local group does not order tri-merge FAHE will order                                                                               http://forms.sc.egov.usda.gov/efcommon/eFileS
                    than 640 please obtain 1) Applicant Reference Letter Form                                                        a Tri-Merge. Local group should collect fee for tri-                                                                                  ervices/eForms/RD1944-60.PDF
                    RD 410-8; 2) Landlord's Verification Form RD 1944-60; 3)                                                         merge credit report which is $12.20 individual and                                                                                    http://forms.sc.egov.usda.gov/efcommon/eFileS FAHE sends a credit summary
              F     Credit History Worksheet Form 1944-61                                    410-8, 1944-60, 1944-61                 $18.90 joint                                            Sent to FAHE with Complete packet unless FAHE will order         NO           ervices/eForms/RD1944-61.PDF                  only to the area or local office.


                    Credit report Fee to USDA for RMCR Credit Report to be           Check should be made out to USDA Rural     Local Group collects the fee and mails to FAHE with                                                                      Yes and mail
             F, 1   ordered by USDA. Single is $25 Married is $34                                   Development                 Original signed 410-4                                      Sent to FAHE with Complete packet                            check to FAHE                                                      By Mail
                                                                                  Supporting Documentation: Divorce Decree,
                                                                                  Separation Agreement, or Court Order; AND a
                                                                                  12-month payment history documented by
                                                                                  cancelled checks (front and back), bank
                                                                                  statements, or payment history from the court
                                                                                  appointed entity responsible for handling
                                                                                  payments. For repayment purposes the Divorce
              G     Verification of Child Support                                 Decree, Separation Agreement, or Court Order Local FAHE Group obtains from applicant(s)                  Sent to FAHE with Complete packet                                  Yes                                                          After Quality Control Review

                                                                                  4 most recent and consecutive paycheck stubs       Local FAHE Group will collect paycheck stubs and
                                                                                  and Oral verification of Employment OR Fannie      make oral verification of employment.
                                                                                  Mae Form 1005. When in doubt obtain Fannie         FAHE will obtain Fannie Mae 1005 form when                                                                                            https://www.efanniemae.com/sf/formsdocs/form
              H     Verification of Employment                                    Mae Form.                                          necessary.                                            FAHE completes and sends to Area Office                            Yes          s/1005.jsp                                   After Quality Control Review
                    Employment and Asset Certification; if applicant self                                                            Local FAHE Group obtains from applicant(s). Note this
                    certifies that their household's combined net assets do/do not                                                   should be obtained regardless of whether the applicant
                    exceed $5,000 or if applicant must pay closing costs that      3550-4; supporting documentation and two most     is required to make a down payment or pay for closing                                                                                 http://forms.sc.egov.usda.gov/efcommon/eFileS
              I     cannot be financed- verify assets as outlined in HB-1, 4.3     recent, consecutive bank statements (all pages)   costs.                                                 Sent to FAHE with Complete packet                                 Yes          ervices/eForms/RD3550-4.PDF                   After Quality Control Review

              J     Child Care verification                                       Verification of Child Dependant Care form          Local FAHE Group obtains from applicant(s)            Sent to FAHE with Complete packet                                  Yes                                                          After Quality Control Review

             K      HUD CAIVRS Verification                                                                                          FAHE                                                  FAHE completes and sends to Area Office                                                                                         After Quality Control Review

                                                                                  See FAHE Web site (www.fahe.org/502)                                                            Sent to FAHE electronically and scanned with complete                    Yes and     http://www.rurdev.usda.gov/rHS/sfh/RHS%20Ar
             L1     RH Income Calculator from USDA RD                             Webinar Materials, TAB 7.                   Local FAHE group completes this USDA Spreadsheet packet                                                                   Electronically ea%20Loan%20Limits.htm                      After Quality Control Review
                                                                                  Compare adjusted annual household income to
                                                                                  USDA Maximum Income Chart per county of
                                                                                  future residence. See Link to USDA Income   Local FAHE group utilizes USDA website to determine                                                                                          http://www.rurdev.usda.gov/rhs/sfh/sfh_direct_lo
             L2     Median Income Determination                                   charts                                      income eligibility                                  Nothing to send                                                             Yes          an_income_limits.htm                             After Quality Control Review
                    Award Letter(s) for all non-wage income (SS, SSI, VA,
              M     AFDC, Food Stamps)                                            None                                               Local FAHE Group obtains from applicant(s)            Sent to FAHE with Complete packet                                  Yes                                                          After Quality Control Review
                                                                                  CERTIFICATIONS
                                                                                  Verification of Medical Expenses
                                                                                  Verification of Child/Dependent Care
                                                                                  Record of Oral Verification
                                                                                  Verification of Pensions and Annuities
                                                                                  Verification of Student Income and Expenses
                                                                                  Verification of Social Security Benefits
                                                                                  Verification of Public Assistance
                    Other verifications of deductions: Elderly, Disabled,         Verification of Unemployment Benefits
                    Medical expenses, Educational assistance Expenses, Full       Verification of Business Expenses                                                                                                                                                        http://www.rurdev.usda.gov/regs/handbook/hb-1-
              N     Time Student Status                                           Verification of Support Payments                   Local FAHE Group obtains from applicant(s)            Sent to FAHE with Complete packet                                  Yes          3550/1append.pdf                               After Quality Control Review




11/14/2010                                                                                                                                                              Processing Chart and Links                                                                                                                                                           1
                                                                                    Letter or Certificate from Homebuyer Education
                                                                                    provider. The demonstration preference is for
                                                                                    face-to-face counseling whenever possible;
                                                                                    when necessary, the customer can participate in
                                                                                    the eHome America online Homebuyer
             O    Homebuyer Education Certificate                                   Education Program (see LINK).                   Local FAHE Group obtains from applicant(s).                  Sent to FAHE with Complete packet                                      Yes          http://www.ehomeamerica.org/                     After Quality Control Review

                  Documentation that applicant has funds for closing costs          Verify that applicant has funds: supporting
                  and or down payment. Bank statements (2 months) will              documentation may consist of Verification of
                  work or they can send the verification of deposit forms that we   Deposit or two most recent, consecutive bank
             P    currently have in byte                                            statements (all pages)                                  Local FAHE Group obtains from applicant(s)           Sent to FAHE with Complete packet                                      Yes                                                           After Quality Control Review
                                                                                                                                                                                                                                                                                     http://forms.sc.egov.usda.gov/efcommon/eFileS
             Q    Request for Verification of Gift/ Gift Letter if applicable       3550-2                                                  Local FAHE Group obtains from applicant(s)           Sent to FAHE with Complete packet                                      Yes          ervices/eForms/RD3550-2.PDF                   After Quality Control Review
                  Documentation of Divorce, Separation, Paternity Settlement
             R    Agreement, if applicable                                   None                                                           Local FAHE Group obtains from applicant(s)           Sent to FAHE with Complete packet                                      Yes                                                           After Quality Control Review
                                                                                                                                            FAHE will obtain the Flood Determination from one of
                                                                                                                                            the Nationally recognized agencies. Parcels identified
                                                                                                                                            in the Flood Plain should have supporting                                                                                                http://www.msc.fema.gov/webapp/wcs/stores/se
                                                                                                                                            documentation including a FEMA Firmette Map. FAHE                                                                                        rvlet/info?storeId=10001&catalogId=10001&lang
             S    Flood Determination                                   Information provided by FEMA 81-93                                  will assign to USDA as loan servicer.                  FAHE completes and sends to Area Office                              Yes          Id=-1&content=firmetteHelp_A&title=FIRMettes
                                                                        See FAHE Web site, TAB 7, New Payment                               Local FAHE Group will complete spreadsheet on Tab                                                                         Yes and
             T    New Payment Assistance Method Calculation Spreadsheet Assistance Method Calculation Spreadsheet.                          7                                                      Sent to FAHE with Complete packet                                Electronically   www.fahe.org/502


                                                                                    3550-34 or other State Board of Realtors                Local FAHE group will have Buyer and Seller complete                                                                                     http://forms.sc.egov.usda.gov/efcommon/eFileS
             U1   Sales Purchase Contract                                           approved form                                           or have Realtor complete.                            Sent to FAHE with Complete packet                                      Yes          ervices/eForms/RD3550-34.PDF                  After Quality Control Review

             U2   Legal Description of the Property                                 Deed                                                    Local FAHE Group will obtain                         Sent to FAHE with Complete packet                                      Yes                                                           FAHE sends to USDA
                  Location map and directions to the property; Include
             U3   Latitude and Longitude if available                               Printed Maps or Electronically Generated Maps           Local FAHE Group will obtain or produce              Sent to FAHE with Complete packet                                      Yes                                                                FAHE sends to USDA
                                                                                                                                                                                                                                                                                     http://eligibility.sc.egov.usda.gov/eligibility/welco
             V    Verify Eligibility of Subject Property to be Purchased                                                              Local FAHE Group will obtain or produce                    Sent to FAHE with Complete packet                                      Yes          meAction.do                                           FAHE sends to USDA
                                                                                    USDA Form 3550 - Attachment 5A
                                                                                    Provide 5 total photos, one of each side of the
                                                                                    home (4), and one of the street scene in front of
             W    Complete Attachment 5-A Existing Dwellings                        the home (1).                                     Local FAHE Group will obtain or produce                    Sent to FAHE with Complete packet                                      Yes          http://www.fahe.org/files/attachments-ab.pdf     FAHE sends to USDA


         W-1      Complete Attachment 5-B for all properties                        USDA Form 3550 - Attachment 5B                          Local FAHE Group will obtain or produce              Sent to FAHE with Complete packet                                                   http://www.fahe.org/files/attachments-ab.pdf

             X    Disclosure Letter                                                 On Local FAHE group letterhead                          Local FAHE Group will obtain applicant signatures    Sent to FAHE with Complete packet                                      Yes          www.fahe.org/502                                 FAHE sends to USDA
                                                                                    Use this checklist to ensure that you have
                                                                                    included all the appropriate documents for the
                                                                                    application. Place this checklist on the top of
                                                                                    your file before you scan your documents. This                                                                                                                                                                                                    FAHE sends to USDA with divider
             Y    502 Transmittal Checklist                                         should act as your packet coversheet.                   Local FAHE group will comlete the checklist          Sent to FAHE with Complete packet                                      Yes          www.fahe.org/502                                 sheets between sections

             Z    FAHE Packaging Invoice                                            FAHE Form                                               Prepared by Denver Parks                             Sent to USDA by FAHE with initial loan package                          Yes



                                           PHASE II

                  USDA sends FAHE the appraised value of the property as soon as    FAHE will communicate with originator the appraised value
             A1   available.                                                        and any conditions contained in the appraisal.            FAHE                                               USDA will provide copy to FAHE. FAHE will share with originator.        No
                  The following actions are taken after the USDA Appraisal
                  is Completed and USDA has approved the loan and
                  obligated the funds.Exisiting Dwellings must be structurally
                  sound and functionally adeqaute. Exisitng homes requiring
                  more than $2000 in Repairs are not eligible. Executed
                  Inspection Forms for Existing Homes covering: a) septic, b)
                  plumbing, c) HVAC, d) water well, e) electrical system, f)                                                         Local FAHE Group will obtain or produce; Note
                  termite inspection, g) structural by certified, or licensed       Professional or Licensed (as required per state) homes that are vacant 60 days or more and on
                  general contractor OR complete inspection by Home                 individual or company must complete              Septic or Well water may not be eligible. Seller may                                                                                                                                             FAHE sends to USDA in final
             A2   Inspection Service.                                               evaluation/ report on their letterhead           choose to complete repairs.                          Local FAHE group sends to FAHE.                                               Yes                                                           package
                  For Spec Built homes that have never been occupied a 2-10
                  Warranty including copies of inspections. In places where
                  there is a building official employed by the state, county, or
                  city who performs inspections and issues a "Certificate of
                  Occupancy" FAHE would accept the CO in place of the 2-10
                  warranty. (USDA already accepts this). RD Conditional
                  Commitment may be used in lieu of either a 2-10 Warranty or       Evidence of coverage from insurance company                                                                                                                                                                                                       FAHE sends to USDA in final
             A3   Certificate of Occupancy.                                         providing the 2/10 warranty                             Local FAHE group will obtain or produce.             Local FAHE group sends to FAHE.                                        Yes                                                           package




11/14/2010                                                                                                                                                                      Processing Chart and Links                                                                                                                                                              2

								
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