|
In response to Lender requests for simplification, NJHMFA has made revisions to the documentation requirements when using the Homebound Bound Program or the HFA Advantage Program without the Down Payment Assistance Program (DPA). Lenders are no longer required to submit three (3) years of tax returns to the Agency for the pre-closing review for the Homeward Bound Program or the HFA Advantage Program without the DPA. The Lender Submission Checklist has been updated to reflect this change for the Homeward Bound Program without the DPA, and the HFA Advantage Program without the DPA.
Note that there is no change to the documentation requirements when using the DPA with the Homeward Bound or HFA Advantage programs. For all DPA loans, lenders shall continue to submit three (3) years of tax returns to the Agency for the pre-closing review.
The Lender Submission Checklist has been updated on the Internet Loan Reservation System (ILRS) and on the Lender Portal Page.
Lenders must ensure that all other documents outlined on the checklist and documents required to render an approved decision are submitted with the pre-closing submission to the Agency.
Lenders are advised to follow the first investor/insurer’s guidelines for the required credit documents.
| 
