NSP1 The Five C’s of Closing. 1 st C Calculate….. Calculate…..Calculate Calculate the NSP Sales Price Calculate the Subsidy/ DHCD Match Calculate the.

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Presentation transcript:

NSP1 The Five C’s of Closing

1 st C Calculate….. Calculate…..Calculate Calculate the NSP Sales Price Calculate the Subsidy/ DHCD Match Calculate the Borrowers Loan Amount Calculate the NSP 2 nd DOT Calculate the Program Income

2 nd C Compare…..Compare….. Compare Compare the “Backing Into a Loan” Figures with the GFE Compare the draft HUD-1 to your calculations for NSP Sales Price, 2 nd DOT, closing, 3.5% Incentive Compare the draft HUD-1 closing costs to GFE from lender

3 rd C Correct….Correct…..Correct….. Correct the 2 nd DOT to reflect changes in the closing costs Correct the draft HUD-1 to reflect correct verbage for closing costs, incentive, and 2 nd DOT Correct Borrowers Loan Amount with the lender to ensure full subsidy provided

4 th C Complete….Complete…..Complete Complete the TCR based off the HUD-1 Complete the closeout paperwork Complete draws for final deliverables Complete a payment to DHD for program income

5 th C Communicate.Communicate.Communicate Communicate with Rep regarding budget/drawdowns Communicate with Rep at acquisition Communicate with Rep when Rehab contract signed Communicate with Rep throughout Rehab process Communicate with Cheri prior to signing sales contract with homebuyer Communicate with Cheri prior to closing Communicate with Cheri on 2 nd DOT Communicate with Cheri on Borrowers Loan Amount Communicate with Cheri on draft HUD-1 Communicate with Rep on Return of Program Income

Forms We will now go over closing forms Backing Into A Loan Amount GFE HUD-1 TCR ( New & Improved) Q&A Q&A