FHA Simple Refinance Worksheet

FHA Simple Refinance Worksheet

General Eligibility

Current loan must be FHA-insured Appraisal required and minimum property requirements must be met Full credit qualifying required Condominium units allowed if project is currently approved Manufactured home must have been permanently erected on site for more than 12 mos prior to case number assignment. For LTV/CLTV calculation properties acquired within 12 months of the case number assignment date must use the lesser

of: o the purchase price, plus any documented improvements made subsequent to the purchase; or o the property value

Inherited properties or properties gifted by family may use the property value to calculate the LTV/CLTV. Primary residence and HUD-approved second homes are acceptable At least 1 borrower on the new loan must currently hold title to the property being refinanced prior to case number

assignment.

Payment history (manually underwritten files only) o No lates on subject property mortgages for loan with less than 6 mos of payment history. o No more than 1 30-day late for all mortgages for 6 mos prior to case number assignment date. o All subject property mortgages must be paid within month due for the month prior to mortgage disbursement. o If subject property mortgage is not reported on credit report 12 mos VOM must be obtained.

Manual UW allowed however loan must be scored in TOTAL. LTV/CLTV

o 97.75% ? primary residence

o 85% - HUD-approved second home LDP and SAM lists must be checked.

$500 excess cash back allowed for estimating errors. Refund of unused escrow balance is not counted in total. Amounts

exceeding $500 may be used to reduce outstanding principal balance.

Maximum Mortgage Amount _____________ Lesser of

the Nationwide Mortgage Limit; the maximum LTV ratio; or the sum of existing debt and costs associated with the transaction as follows: o existing debt

includes: unpaid principal balance of the FHA-insured first mortgage as of the month prior to mortgage

disbursement; interest due on the existing mortgage; MIP due on existing mortgage; late charges; and escrow shortages; o allowed costs include all borrower paid costs associated with new loan and

borrower paid repairs required by the appraisal -_____________ UFMIP refund* (if financed in original loan) +_____________

New UFMIP (see pg 2)

=_____________ Maximum New Mortgage Amount

*see UPMIP Refund chart pg 2

Page 1

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FHA Simple Refinance Worksheet

FHA Upfront Mortgage Insurance Premium Refund Percentages

Month of Year

1

2

3

4

5

6

7

8

9

10

11

12

Year

1

80

78

76

74

72

70

68

66

64

62

60

58

2

56

54

52

50

48

46

44

42

40

38

36

34

3

32

30

28

26

24

22

20

18

16

14

12

10

FHA Streamline Refinance and Simple Refinance Mortgage Insurance Premiums Up Front MIP

For refinance of previous Mortgage endorsed on or before May 31, 2009 All other mortgages

For Hawaiian Home Lands Section 247 see 4000.1 Handbook Appendix 1.0 Indian Lands Section 248 do not require UFMIP

Annual Mortgage Insurance Premium (MIP)

Base Loan Amount Less than or equal to $625,500

LTV 90.00%

Mortgage Term of More Than 15 Years MIP .80%

> 90.00% but 95.00% > 95.00%

.80% .85%

.01% 1.75%

Duration 11 years Mortgage term Mortgage term

Greater than $625,500

Base Loan Amount Less than or equal to $625,500

90.00%

1.00%

> 90.00% but 95.00%

1.00%

> 95.00%

1.05%

Mortgage Term of Less than or Equal to 15 Years

LTV

MIP

90.00%

.45%

> 90.00%

.70%

11 years Mortgage term Mortgage term

Duration 11 years Mortgage term

Greater than $625,500

78.00%

> 78.00% but 90.00% > 90.00%

.45%

.70% .95%

11 years

11 years Mortgage term

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FHA Simple Refinance Worksheet

Annual MIP - All Mortgage Terms When Previous Mortgage Endorsed on or Before May 31, 2009

Base Loan Amount

LTV

Annual MIP

Duration

All

90.00%

.55%

11 years

> 90.00%

.55%

Mortgage term

For Mortgages where FHA does not require an appraisal, the value from the previous Mortgage is used to calculate the LTV

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