FHA Maximum Mortgage Calculation Worksheet (2)
FHA Maximum Mortgage Calculation Worksheet
For Streamline Refinances Without Appraisal
Borrower Name(s): ______________________________________________
FHA Case#: ____________________________________________
1st Calculation ? Total Loan Amount of Current FHA Loan - $____________________________
2nd Calculation ? Existing Indebtedness
1. Unpaid Principal Balance $_______________________
30 Days of Interest $____________________
2. Minus LESSER of:
a. Unearned UFMIP (from FHA Refinance Authorization) $___________________
-OR-
b. New Estimated UFMIP $______________________
c. Maximum UFMIP (lesser of a or b) $(________________)
3. Maximum Base Mortgage:
$_______________________________
FINAL COMPUTATION
Maximum Base Mortgage $_____________________ (Based on the lesser of calculations 1 or 2)
Plus New UFMIP $_______________________ (Include only if financed)
Total New Mortgage Amount $_____________________________
The loan amount may exceed the current statutory loan limits if the new mortgage complies with standard product guidelines and specific requirements.
Net Tangible Benefit Calculation
From
Fixed Rate
Any ARM With Less Than 15 Months to Next Payment Change Date Any ARM With Greater Than or Equal to 15 Months to Next Payment Change Date
Fixed Rate New Combined Rate
At least 0.5 percentage points below the prior Combined Rate. No more than 2 percentage points above the prior Combined Rate.
No more than 2 percentage points above the prior Combined Rate.
To One-Year ARM New Combined Rate
At least 2 percentage points below the prior Combined Rate. At least 1 percentage point below the prior Combined Rate.
At least 2 percentage points below the prior Combined Rate.
Hybrid ARM New Combined Rate
At least 2 percentage points below the prior Combined Rate. At least 1 percentage point below the prior Combined Rate.
At least 1 percentage point below the prior Combined Rate.
Does Borrower Meet One of the Above Benefits: _______________________________
................
................
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