PDF VA Renovation Loan Maximum Mortgage Worksheet

VA Renovation Loan Maximum Mortgage Worksheet

Revised 7/10/2018 Borrower Name

Loan #

Purchase ? Complete Sections A, B and C

Refinance - Complete Sections A, B and D

Always check the veteran's COE for VA guaranty and funding fee requirements and Plaza's UW guidelines for eligibility

Establishing Financeable Repair / Improvement Costs and Fees

A. Total Financeable Repair and Improvement Costs

1 Hard Cost (Material / Labor)

2

FINANCED Contingency Reserves (10% of line A1 or 15% of line A1 when utilities are off)

%

3 Inspection Fees for interim draws. ( Max of 2)

X

$150.00

4

Final Inspection Note: VA requires a final 1004D by the VA appraiser ?Refer to the VA fee schedule.

5 Permit Fees

6 Title Update Fee ( 1 at final for $200)

Total Financeable Repair and Improvement Costs

Sum of lines A1 - A6

MAXIMUM ALLOWED $50,000.00

B. Property Information

1 Contract Purchase Price

2 Financeable Repair and Improvement Costs - Sum of A1-A6

3 Total Purchase Price including renovation funds - Sum of lines B1+ B2

4 After Improved (as completed) Value (matches the NOV)

C Mortgage Calculation for Purchase Transactions

All LTV's - Min Fico is 620

1

Maximum Purchase Renovation Base Loan amount (Lesser of line B3 or B4) LTV Cannot exceed 100% of the NOV

2 Purchase renovation LTV

(Can never exceed 100%)

EEM's are allowed per regular VA guidelines up to $6000. Refer to VA Handbook Pamphlet 26-7, Chpt 7

D Mortgage Calculation for Refinance Transactions

All LTV's - Min Fico is 620

1 Payoff of any existing mortgages/liens being paid with subject loan

2 Financeable allowable fees, prepaids and charges per VA guidelines on a cash out refinance

3 Financeable Discount Points per VA guidelines on cash out refinance 4 Total Financeable Repair and Improvement costs (from Line A above) 5 Total Refinance Renovation Loan Amount (sum of Lines D1 - D4)

6 Maximum Refinance Renovation Base Loan Amount (lesser of B4 or D5)

7 Refinance Renovation LTV (Min FICO is 620)

EEM's are allowed per regular VA guidelines up to $6000. Refer to VA Handbook Pamphlet 26-7, Chpt 7

This information is published and/or provided by Plaza Home Mortgage, Inc. as a courtesy to its customers and is meant for instructional purposes only. None of the information provided is intended to be legal advice in any context. Plaza makes every effort to provide accurate information; however, Plaza does not guarantee, warrant, insure or promise that it is correct; and any effort to blame Plaza if this information proves to be incorrect will be vigorously defended. Each customer is highly encouraged to seek the advice of legal counsel prior to distributing any of the information provided herein. Any unauthorized use, dissemination or distribution of this document is strictly prohibited.

Plaza Home Mortgage, Inc. is an Equal Housing Opportunity Lender. This is not a commitment to lend. Information is intended for mortgage professionals only and not intended for public use or distribution. Terms and conditions of programs are subject to change at any time. Refer to Plaza's underwriting and program guidelines for loan specific details and all eligibility requirements. ? 2015 Plaza Home Mortgage, Inc. All rights reserved. Company NMLS #2113.

VA Renovation Maximum Mortgage Worksheet FM-457 Page 1 of 1 7/10/2018

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