Maximum Mortgage Worksheet Fha Streamline Refinance Loan/case
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1
2Maximum Mortgage Worksheet- FHA Streamline Refinance
Must be used for Case Numbers assigned on or after 4/18/11 (FHA to FHA only)
______________________________
Loan#/Case#
Streamline Transactions Not Eligible For:
1.
Submission to TOTAL Scorecard.
(Case Query must state “Total Score Processed: No”)
2.
Payoff of FHA Secure loans or loans with <6 consecutive monthly payments made prior to application.
3.
Term reduction refinances
. (Term must be the lesser of 30 yrs or remaining term on existing mortgage plus 12
years.)
4.
Loans not meeting TMS guidelines for FICO, mortgage payment history, etc.
(see FHA Product Description)
5.
Loans not meeting Net Tangible Benefit guidelines.
(See Below)
Credit Qualifying Streamline Refinance WITH Appraisal
(owner-occupied only) (4155.1.6.C.2)
LOWER OF:
Unpaid Principal Balance
(drop odd cents)
Allowable Borrower Paid Closing Costs
(no Discount Points)
Prepaid Items to establish the escrow account
-
MIP Refund if any
Base Loan Amount
New UFMIP
Maximum Insurable Mortgage Amount
OR
Appraised Value
97.75%
Base Loan Amount
X
New UFMIP
Maximum Insurable Mortgage Amount
Streamline Refinance WITHOUT Appraisal
(owner-occupied)
(drop odd cents)
Unpaid Principal Balance
-
MIP Refund if any
Base Loan Amount
New UFMIP
Maximum Insurable Mortgage Amount
Streamline Refinance WITHOUT Appraisal
(non-owner-occupied)
Unpaid Principal Balance ONLY
(no interest or other items; drop odd cents)
-
MIP Refund if any
Base Loan Amount
New UFMIP
Maximum Insurable Mortgage Amount
Net Tangible Benefit
Current Note Rate
New Note Rate
Current Pymt*
New Pymt*
Current Pymt* x 5%
Current Pymt* minus New Pymt*
Current Loan is: Fixed
Hybrid Arm
1 Year Arm
Fixed-to-Fixed: Pymt* must reduce at least 5%
1 Year ARM-to-Fixed: Rate may not increase more than 2%
For other loan types, see attached
*Defined as P & I plus MIP
May include payment (including interest) due for month in which the loan is closing & funding, (max 30 days interest). May NOT
include delinquent interest, late charges, or escrow shortages. Loan must be current for month due.
Revised 06/22/2011
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