FHA Maximum Mortgage Worksheet and Net Tangible Benefit
FHA Maximum Mortgage Worksheet and Net Tangible Benefit
Maximum Mortgage Amount is lesser of two calculations
Outstanding Principal Balance* Interest Due MIP Due on Existing Mortgage Total
MIP Refund Maximum Allowable Mortgage
+ +
= 0
-
= 0
Original Principal Balance MIP Refund Maximum Allowable Mortgage
-
= 0
*Payoff must be dated no earlier than the month prior to mortgage disbursement.
NET TANGIBLE BENEFIT
Interest Rate
New Loan % %
= 0
Interest Rate MIP Rate
Combined Rate
Existing Loan % %
= 0
Fixed Rate to: Fixed Rate: At least .5% point BELOW the existing combined rate One Yr ARM: At least 2% points BELOW the existing combined rate Hybrid ARM: At least 2% points BELOW the existing combined rate
ARM with Less than 15 Months to next payment change date to: Fixed Rate: No more than 2% points ABOVE the existing combined rate One Yr ARM: At least 1% point BELOW the existing combined rate Hybrid ARM: At least 1% point BELOW the existing combined rate
Arm with More than 15 Months to next payment change date to: Fixed Rate: No more than 2% points ABOVE the existing combined rate One Yr ARM: At least 1% point BELOW the existing combined rate HYBRID ARM: At least 1% point BELOW the existing combined rate
Reduction in Term The following conditions must be met in order to meet the Reduction in Term Net Tangible Benefit
The mortgage term has been reduced from _____ years to _____ years
The new interest rate of ______ does not exceed the old interest rate of ______.
The new combined principal interest and MIP payment of ____________ does not exceed the existing combined principal interest and MIP payment of ____________.
Revised 11.16.2015
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