Job Aids and Worksheets
Job Aids
- Bank Statement Income Calculation Request Guide
- Borrower eSign & Disclosure Guide
- Condo Buyer Guide: What your Borrower Should Know
- Debt Service Coverage Ratio (DSCR) FAQ
- DPA 2nd Lien Process Guide
- Insurance and Title Mortgagee Clauses
- FHA Disclosures and Forms Job Aid
- Net Tangible Benefit Worksheet Job Aid
- To Be Determined (TBD) Process Guide
- USDA Disclosures and Forms Job Aid
- VA Disclosures and Forms Job Aid
- Warrantable vs. Non-Warrantable Condo Structuring Guide
Worksheets
*FHA Refinance Worksheets
Maximum Mortgage Glossary
Adjusted Value: For properties acquired by the borrower within 12 months of the case number assignment date the adjusted value is the lesser of
- The borrower’s purchase price, plus any documented improvements made after the purchase; or
- The property value.
Properties acquired by the borrower within 12 months of application by inheritance or through a gift from a family member may utilize the calculation of adjusted value for properties purchased 12 months or greater.
For properties acquired by the borrower greater than or equal to 12 months prior the case assignment date, the adjusted value is the property value.
This policy applies to all FHA refinance transactions that require appraisals including, FHA-to-FHA refinance transactions.
Maximum LTV / CLTV
Streamline Refinance
- No limit / No limit
Rate / Term Refinance
- 97.75/97.75% for principal residences that have been owner-occupied for previous 12 months, or owner-occupied since acquisition if acquired within 12 months, at case number assignment
- 85.00/85.00% for a borrower who has occupied the subject property as their principal residence for fewer than 12 months prior to the case number assignment date; or if owned less than 12 months, has not occupied the property for that entire period of ownership
- 85.00/85.00 for documented HUD-approved secondary residences.
Cash-Out Refinance
- 80.00/80.00% principal residence occupancy allowed only.
Simple Refinance
- 97.75/97.75% for principal residences
- 85.00/85.00% for documented HUD-approved secondary residences