Cedars-Sinai Medical Center Housing Assistance Program

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Program Matrix

Last Updated 1/3/2024 12:00:00 AM
Program Name Cedars-Sinai Medical Center Housing Assistance Program
Loan Type Conventional Only
Max Assistance Minimum of $100,000 in assistance.
Max LTV/CLTV CLTV: Total outstanding loans against property, including the Cedars-Sinai loan, cannot exceed a loan-to-value ratio of 80% for properties valued at or over $1,000,000 and 90% for properties valued under that loan amount. 
Min FICO Score Follow 1st mortgage guidelines.
Max DTI Ratio Follow 1st mortgage guidelines.
Property Type 1-Unit SFR, Condo, Townhome

Primary residence only –no income properties.
First-Time Homebuyer Must be first-time homebuyer.
Max Sales Price/Max Loan Amount $1,000,000
Product Codes N/A
Special Alerts/Comments EAH offer must be stated in the borrower’s employment contract. Must be buyer's principal residence and continue to be employed by the Medical Center.

These program parameters pertain to the housing agency’s guidelines as of the last known agency change. Program guidelines should be confirmed with the respective agency prior to loan submission to ensure the use of the most current parameters. When combined with any program, the stricter guidelines will always prevail.

Program Terms

Program Name Cedars-Sinai Medical Center Housing Assistance Program
Maximum Assistance Amount Minimum of $100,000 in assistance.
Program Type Employer Assisted Housing
State CA
County Within the County of Los Angeles.
Repayment Deferred payments for 10 years. Loan may be forgiven if forgiveness is stated in the borrower’s employment contract. Due and payable on one of the following dates, whichever occurs first:
  • 90 days following the date upon which the borrower ceases to be employed by Cedars-Sinai
  • 90 days following the date upon which the property ceases to be the primary residence of the borrower
  • On a specific date stated on the note
  • Upon sale, conveyance, or transfer of the residence.
If the Medical Center has offered to forgive any amount of the loan as part of the borrower’s employment contract, any such forgiveness shall be reported as compensation on the borrower’s W-2.
Special Alerts/Comments EAH offer must be stated in the borrower’s employment contract. Must be buyer's principal residence and continue to be employed by the Medical Center.
Use of Funds Purchase primary residence.
Interest Rate 0%
Status Active
Eligible 1st Mortgage Type Conventional Only
Eligible 1st Mortgage Types Notes N/A
MCC Permitted Yes
Mortgage Insurance N/A
Equity Sharing Does not have equity sharing.
Last Updated 1/3/2024 12:00:00 AM
Comments

Borrower Eligibility

First Time Homebuyer Must be first-time homebuyer.
Homebuyer Education Requirement Not Required
Income Limits Check with Cedars-Sinai for current limits. Currently per household size of: 1: $68,700 | 2: $75,900 | 3: $83,200 | 4: $90,400 | 5: $97,600 | 6: $104,900 | 7: $112,100 | 8: $119,300
Income Calculation Method Total gross income from all sources of all adult household members.
Minimum FICO Follow 1st mortgage guidelines.
Debt To Income Ratio Follow 1st mortgage guidelines.
Borrower Contribution Program does not require a minimum contribution - follow first mortgage guidelines.
Maximum Assets N/A
Minimum Reserves Follow 1st mortgage guidelines.
Other Borrower Eligibility Requirements Co-signer may be a spouse, family member or domestic partner.
Co-Signers Allowed. Co-signer may be a spouse, family member or domestic partner.
Non-Occupant Co-Borrowers and Co-Signers Contact Agency

Property Eligibility

Eligible Property Types 1-Unit SFR, Condo, Townhome

Primary residence only –no income properties.
Maximum Units 1
Ineligible Properties Manufactured homes, 2-4 units, Investment properties.
Occupancy Home must be primary residence.
LTV/CLTV CLTV: Total outstanding loans against property, including the Cedars-Sinai loan, cannot exceed a loan-to-value ratio of 80% for properties valued at or over $1,000,000 and 90% for properties valued under that loan amount. 
Max Sales Price/Max Loan Amount $1,000,000
High Balance Loan Amount Standard HBL procedures.
Home Warranty / Termite Inspection Contact Agency
Additional Subject Property Requirements Home must be located in Los Angeles County. 

Funds may not be used to purchase undeveloped land or new construction.
Other Property Owned Not Allowed
Hazard Insurance Follow 1st mortgage guidelines.
Hazard/Flood Insurance Max Deductible Follow 1st mortgage guidelines.
Impound Requirements Follow 1st mortgage guidelines.
Appraisal Requirements Standard appraisal procedures apply.
Comments None

Lender Eligibility

Lender Participation Info N/A
Training Requirements Not Required
Comments

Fee Information

1st Mortgage Origination Fee N/A
1st Mtg Underwriting Fee N/A
1st Mortgage Processing Fee N/A
1st Mtg Tax Service Fee N/A
Compliance Review Fee N/A
Master Servicer Funding Fee N/A
Other 1st Mortgage Fees N/A
2nd Mortgage Processing Fee None
Other 2nd Mortgage Fees $295 MWF doc prep fee 
Other Fees

Lock Information

Lock Time Frame N/A
# Days for Rate Lock N/A
Extension Policy N/A
Cancelation Policy N/A
Additional Lock Requirements See rate lock policies and procedures MWF does not allow discount points for lock extensions. 

Submission

Loan Submission Assistance is stated in the employee’s offer of employment letter. Employee to contact the employer to begin the process.
BOLT Input Originator or Processor is to submit as “Other Financing”.
Product Code N/A
Linked Loan Product Code
Comments

Disclosures

1st Mortgage Registration and Disclosures N/A
2nd Mortgage Registration and Disclosures Employer provides the disclosures for the assistance.
Closing Disclosure Standard CD procedures apply.
QM Standard QM guidelines apply.
HPML Standard HPML guidelines apply.
Comments

Underwriting

AUS Follow 1st mortgage guidelines.
Manual Underwriting Follow 1st mortgage guidelines.
Gift Funds Follow 1st mortgage guidelines.
Seller Contribution Follow 1st mortgage guidelines.
Prior-to-Doc Conditions None
Prior-to-Funding Conditions Standard prior-to-funding conditions apply.

Cedars-Sinai sends the documents to the escrow company approximately one week before closing.
Compliance File N/A
MWF Overlays Underwriting: Complete Custom Field code 57 in LQB. Place a checkmark in the box and include the program name and dollar amount. If using multiple assistance programs, place the dollar amount of all the programs in the field and break out the programs by name and individual dollar amounts in the comments section of the Custom Field.

No Escrow Holdbacks.
Comments

Loan Documents

Lien Position 2nd
MERS Standard MERS procedures apply.
Max Cash Back Contact Agency
Excess Funds Contact Agency
Escrow Holdbacks N/A
Doc Provider Agency provides docs for the assistance.
Note Holder Offering agency
Requesting Docs Cedars-Sinai works with the MLO and Borrower to coordinate the closing.
Wiring of Funds Offering agency wires the funds for the assistance.
Notice Prior to Funding Cedars-Sinai sends the documents to the escrow company approximately one week before closing.
Title Insurance Required
Required Documents Agency to provide checklist.

Agency requires a separate HUD-1 for the subordinate financing.
Late Payment Information N/A
Collateral Process Standard collateral processes apply.
Funding Source Contact Agency
DPA Source Documentation As indicated in HUD ML 2019-06, for FHA mortgages, documentation must be in the file from the governmental offering agency indicating they can legally provide funds for the borrower’s MRI and a signed legal opinion indicating they are within the jurisdiction in which the Property is located. Without this documentation, the program cannot cover the Borrower’s MRI for a FHA first mortgage.
Comments

Post Closing

Credit Package Delivery Checklist N/A
Compliance File Delivery/Checklist N/A
# of Days to Purchase File N/A
Post Closing Requests N/A
Post Closing Additional Requirements N/A

Offering Agency

Offering Agency Cedars-Sinai Medical Center
Agency Contact Information Anya Wojciechowska: (310) 423-1650 [email protected]
Website Links Cedars-Sinai
Program Flyer/Guidelines Benefits for Cedars-Sinai Employees
Program Provider Type Employer
Address 8700 Beverly Boulevard
Los Angeles, CA 90048
Master Servicer N/A
EIN/Tax ID Contact Cedars-Sinai
Investor N/A
Program Administrator N/A
Comments