FHA Minimum Downpayment Worksheet - VertaSource
[Pages:1]FHA Minimum Downpayment Worksheet
PART I: Minimum Investment
BORROWER:_________________________ M&T LOAN #:________________________
Sales Price
(HUD Line 101)
(A) 3.5 % of Sales Price =
$______________ $______________ = Borrower(s) Minimum Downpayment
(B) Earnest Money Deposit =
(HUD Line 201)
$(_____________) -Subtract from (A)
(C) Funds Due from Borrower Notes:
$______________
HUD Line 303 `Cash From Borrower' must reflect at least this amount
Closing Costs may NOT be used to help meet the minimum 3.5% down payment requirement Closing Costs are not considered in the mortgage amount/down payment calculation for purchase money mortgages POC Fees (Appraisal, Hazard, etc.) may NOT be included in the 3.5% investment calculation Only the sum of HUD Lines 201 + 303 may be added to calculate the borrower's 3.5%
PART II: Interested Party Contributions
HUD-1 Audit: All borrower charge(s) eligible for a seller credit must be displayed in the borrower's column, AND a credit to offset charge(s) must be listed in Section J, Summary of Borrower's Transaction, on HUD Lines 204-209, with a corresponding reduction to the seller's proceeds in Section K, Summary of Seller's Transaction on HUD Lines 506-509.
Seller Credit Itemization
List items charged in the borrower column; do not list POC's
(Write-in other lines not itemized below, as needed)
Prepaids
Closing Costs
HUD Line
Amount
HUD Line
Amount
901
803
903
804
1001
805
806
807
1101
1103
1201
1203
Lender Credit Calculation Box
The underwriter shall determine if the lender credit is derived from preium pricing (interest rate benefit to the customer) and list the appropriate lender
credit condition as an At-Closing Condition
Amount of Lender Credit Derived from Premium Pricing
$____________
This amount may appear on the HUD-1, without being counted toward the 6% cap
Amount of Lender Credit NOT Derived from Premium Pricing**
$____________
**This amount must be inserted into field (E) below, and must be counted toward the 6% cap
Examples: Checking Credit, M&T Grant, etc.
TOTAL :
TOTAL :
Sum of Seller Credits = $
(must match (F) below)
SUMMARY CALCULATIONS:
Sales Price
(HUD Line 101)
$___________________
X
6%
(D) EQUALS:
$ Max Allowable Credits
(E) Lender Credit
Not derived from premium pricing
$_________________
(F) Seller Credit
As per purchase contract
(G) EQUALS:
+ $
$ Actual Credits Applied
M&T Closing Confirmation: Place initials next to the box to indicate compliance, and the date you reviewed
Review Date Closer Initials Confirmation
Part I: Borrower(s) have made their required minimum contribution. HUD Lines 201 + 303
equal or exceed (A) above.
Part II: The sum of interested party contributions (G) does not exceed sum of allowable credits
listed in (D)
Exh 03-500 FHA Maximum Down Payment Worksheet
Rev 12-05-11
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