“Refinance Your Home—At 90% of It’s Current Appraised Value”

With The FHA-Hope for Homeowners Act of 208

Mandatory Qualification Questionnaire

Q; Is your property located in Florida?

A; Yes / No      Answer must be YES we only lend in Florida

Q; Are you Current or Delinquent on your Mortgage(s)?

A; Yes / No       If Yes, how late?________

Q; Is this your primary residency and you reside in this property?

A; Yes / No      Answer must be YES to qualify

Q; Do you have an ownership interest in other residential real estate?

A; Yes / No      Answer must be NO to qualify

Q; Was your current 1st mortgage originated on or before January 1, 2008?

A; Yes / No      Answer must be YES to qualify

Q; Have you made a minimum of six (6) full payments during the life of the existing 1st mortgage?

A; Yes / No      Answer must be YES to qualify

Q; Have you filed your tax returns for the past 2 years?

A; Yes / No      Answer must be YES to qualify

Q; Have you defaulted on any Government insured loans such as; student loans, FHA loans and/or any IRS tax liens?

A; Yes / No      Answer must be NO to qualify

Q; Do you have consistent and current verifiable Income to afford a lower monthly mortgage payment? (no stated

income)

A; Yes / No      Answer must be YES to qualify

Q; Do you think 90% of your homes current value is less than $550,440?

A; Yes / No      Answer must be YES to qualify

Q; Was your payment-to-income ratio on all mortgages more than 31% of your gross monthly income as of March 1, 2008? (this includes principal and interest, taxes and insurances, homeowners’ association fees, ground rents, special assessments and all subordinate liens). Divide your total monthly payment(s) by your monthly gross income. Is your payment-to-income ratio greater than 31%?

A; Yes / No      Answer must be YES to qualify

Q; Is your property type one of the following? Single family residence, townhomes, villas, condominiums and cooperatives, or a manufactured home attached to real property? (2 to 4 unit types are not allowed ie; duplexes, triplexes, 4 plexes, types are not allowed).

A; Yes / No      Answer must be YES to qualify

Q; Do you agree to pay The Upfront Mortgage Insurance Premium of 3% (which is paid out of the refinance proceeds) and an annual premium of 1.5%? (this will be included in your new monthly mortgage payment).

A; Yes / No      Answer must be YES to qualify

Q; Are you making payments under a forbearance plan, Yes / No If no go to next question.

If YES have the payments under the forbearance agreement been made in a timely manner.

A; Yes / No      Answer must be YES to qualify

Q; Do you agree to the 50% Shared Future appreciation agreement? You must agree to share with HUD 50% of any future property appreciation upon sale or disposition of the property. Future appreciation is the difference between the gross proceeds from the sale or disposition of the property and the appraised value of the property at origination of the H4H mortgage, less allowable closing costs incurred in connection with the sale or disposition and a percentage of the value of any capital improvements to the home that increases the value of the property.

A; Yes / No      Answer must be YES to qualify

Q; Do you agree to The Initial Shared Equity Agreement? Initial equity is the difference between the appraised value and the mortgage amount. In the event of refinance, sale or other disposition, HUD receives the following percentage of initial equity. During Year 1-100% of equity is paid to FHA, During Year 2-90% of equity is paid to FHA, During Year 3-80% of equity is paid to FHA, During Year 4-70% of equity is paid to FHA, During Year 5-60% of equity is paid to FHA, After Year 5 -50% of equity is paid to FHA. Example: Appraised value is $100,000 and the new loan amount is $90,000 the initial appreciation is $10,000. If you sold your home during year 3 HUD/FHA would receive 80% or $8,000 in this example

A; Yes / No      Answer must be YES to qualify

Q; Do you agree that you cannot take out a second mortgage, home equity loan, or home equity line of credit for the first five years you have your new loan, except under certain circumstances for emergency repairs.

A; Yes / No      Answer must be YES to qualify

If all of your answers match all the required answers, complete the following forms and fax them to us for a pre-approval review. If you were unable to answer the questions with the required answer, were sorry you won’t be able to participate in this program.