Form HUD-92700 203(k) and Streamlined (k) Maximum Mortage Worksheet

203(k) and Streamlined (k)
Maximum Mortgage Worksheet

U.S. Department of Housing
and Urban Development
Office of Housing
Federal Housing Commissioner

See Public Reporting Statement on the back before
completing this form (See Notes 1 thru 5 on back)

Borrower's Name & Property Address (include street, city, State, and zip code) FHA Case Number

OMB Approval No. 2502-0527
(exp. 1/31/2009)

No. of Units HUD-REO Property?

Yes

Purchase

No

Refinance

Type

Streamlined (k)(Note 6)
Owner-Occupant

Nonprofit

Purchase date (owned less
than 6 months)

Government Agency

A. Property
Information

1. Contract Sales Price

$

OR

2. "As-Is" Value (Note 1) 3. After-Improved Value

$

$

4. 110% of A3

5. Borrower Paid
Closing Costs

$

$

Existing Debt

6. Allowable energy
Improvements (Note 2)

$

0

1. Total Cost of Repairs (Line 36, HUD-9746-A) includes the improvements in A6

B. Rehabilitation
and REO Lead Based Paint Stabilization
and Other
Allowable
2. Contingency Reserve on Repair Costs (
Costs
3. Inspection Fees (

x$

4. Mortgage Payments Escrowed (

$
%) (10 to 20% of B1)

$

per inspection) + Title Update Fee (
months x $

x$

per draw)

) if uninhabitable

0

$
$

5. Sub-Total for Rehabilitation Escrow Account (Total of B1 thru B4)

$

6. Architectural and Engineering Fees (Exhibits)

$

7. Consultant Fees (including mileage, if applicable) (_____ +___ miles @ ____/mile)(N/A for Steamlined (k))

$

8. Permits

$

9. Other Fees (Explain in Remarks)

$

10.Sub-Total (Total of B5 thru B9)

$

11.Supplemental Origination Fee for both 203k and Streamlined (k) (greater of $350 or 1.5% of B10)

$ _____

12.Discount Points on Repair Costs and Fees (B10 x

$

%)

13.Sub-Total for Release at Closing (Total of B6 thru B9 + B11 and B12) (Note 3)

$

14.Total Rehabilitation Cost (Total of B5 and B13 minus A6)

C. Mortgage
Calculation
for Purchase
Transactions
(see note
below)

(Streamlined (k) can not exceed $35,000.)

$

1. Lesser of Sales Price (A1) or As-Is Value (A2)

$

2. Total Rehabilitation Cost (B14)

$

3. Lesser of Sum of C1 + C2 ($
0 ) or 110% of After-Improved Value (A4)
4. Mortgage Amount Sum of C3 + (-) Required Adjustment (Note 4) ($
LTV Factor (Owner-Occupant) or Less Allowable Down payment/HUD-Owned
Property ($
)(Note 5)

$
)
$

5. Statutory Investment Required (C3 x 3%)

$

6. Actual Cash Investment Required (C3 + A5 minus C4 ($
0). (This figure must be equal to
or greater than C5; if less, an adjustment must be made to C4 to ensure a 3% investment)
7. Adjusted Maximum Mortgage Amount (If required in C6)

$

1. Sum of Existing Debt (A1) + Rehabilitation Cost (B14) + Borrower Paid Closing Costs (A5) + Prepaids
D. Mortgage
Calculation
+ Discount on Total Loan Amount minus Discount on Repair Costs (B12) minus FHA MIP Refund ($
)
for Refinance
2. Lesser of Sum of As-Is Value (A2) (Note 1) + Rehabilitation Costs (B14) ($
)
or
0
Transactions
110% of After-Improved Value (A4)
(see note
below)
3. D2 ($
0 ) x LTV Factor (Owner-Occupant)
4. Maximum Mortgage Amount Lesser of D1 or D3 (Note 5)
5. Borrower's Required Investment (D1 minus D4) = ($

E. Calculation
for Energy
Efficient
Mortgage

$
$
$
$

0)

$

1. Energy Efficient Mortgage Amount (C4 or C7, or D4) + A6 (Note 2)

Remarks (Continue on back if necessary)

0

$

UFMIP

Total Escrowed Funds Interest Rate

Discount Pts.

%

Maximum Mortgage Amount with
UFMIP (C4, D4 or E1 + UFMIP) $
DE Underwriter's Signature, Title & Date

Borrower's Signature & Date (Optional)

CHUMS No

Co-Borrower's Signature & Date (Optional)

Note: 203(k) and Streamlined (k) mortgages are subject to UFMIP
Clear All Page 1 of 2
and periodic premiums monthly on or after 1/1/2006.

Print

ref: Handbook 4240.4

form HUD-92700 (2/06)

Instructions to Transfer Data
For Refinancing Only
From: The 203(k) and Streamlined (k) Maximum Mortgage Worksheet, form HUD-92700
To: The Mortgage Credit Analysis Worksheet, form HUD-92900-WS
Transfer information from HUD-92700
(Item number(s))

To Section 10 of the form HUD-92900-WS
(Settlement requirements / Mortgage calculation)

A1

a. Contract Sales Price

B14 + A6

b. Repairs & Improvements

A5

c. Borrower Paid Closing Costs (from 5c)

Complete as necessary

d. Sales Concessions (Subtract )

D1

e. Mortgage Basis (Sum of 10a+b+c minus 10d)

Leave Blank.

f.

Leave Blank

(1)

Multiply Mort. Basis (10e) by 97/95/90%. (if $50,000 or less, multiply by 97%.)

(2)

Multiply the Value (line 4) by 97.75%. (if $50,000 or less, multiply by 98.75%)

D4, or E1

g. Mortgage (without UFMIP)

D5

h. Required investment (10e minus 10g)

Note: this may not exceed the lesser of 10f(1) or 10f(2).

Complete i. thru q. as necessary

i.

Discounts paid in cash

j.

Pre-payable expenses

k. MIP paid in cash
l.

Non-Realty and other items (see 10d)

m. Total requirements (sum of 10h thru 10l)
n. Amount paid in

cash

o. Amount to be paid in

other (explain)
cash

other

p. Assets available
q. 2nd mortgage proceeds (if applicable)

For Purchases Only
From: The 203(k) and Streamlined (k) Maximum Mortgage Worksheet, form HUD-92700
To: The Mortgage Credit Analysis Worksheet, form HUD-92900-PUR
Transfer information from HUD-92700
(Item number(s))

To Sections 10, 11, and 12 of the form HUD-92900-PUR
(Settlement requirements / Mortgage calculation)
10. Statutory Investment Requirements

C3

a. Contract Sales Price

A5

b. Borrower Paid Closing Costs (from 5c)

C3 + A5

c. Unadjusted Acquisition (10a + 10b)

C5

d. Statutory Investment Requirement (10a x LTV Factor)
11. Maximum Mortgage Calculation

C3
C4

a. Lesser of Sales Price (10a) or Value (from 4)
Adjustments

b. Required Adjustments (+/-)

C3 + Adjustments in C4

c. Mortgage Basis (11a + 11b)

C4

d. Mort Amt. (11c x LTV Factor

% or Less)

12. Cash Investment Requirements
C6

a. Minimum Down Payment (10c minus 11d)
(This amount must equal or exceed 10d)

Remarks (Continue on a separate page if needed)

Notes:
1. If owned less than 1 year, use lesser of A2 or Original Acquisition Cost
plus Debts incurred for rehabilitation since acquisition.
2. Refer to Mortgagee Letters 95-46, 93-13 and 05-21.
3. These Allowable Costs may be released at closing, provided paid
receipts or contractual agreements requiring payment are obtained.
4. Required Adjustments would include additions such as financeable

5.
6.

repairs and improvements, energy related weatherization items, and
solar energy systems, as well as subtractions including sales concessions in excess of six percent of the sales price, inducements to
purchase, personal property items, etc., all as per HUD Handbook 4155.1.
(May also include REO Lead Based Paint Credit.)
Maximum mortgage not to exceed statutory limit.
See ML 2005-50 and 2005-21 for Streamlined (k).

Public reporting burden for this collection of information is estimated to average 25 minutes per response, including the time for reviewing instructions, searching existing data
sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not collect this information, and you are
not required to complete this form, unless it displays a currently valid OMB control number.
This information collection involves an expanded information requirement for lenders that originate and service Section 203(k) mortgages. The purpose of the information is
to help mitigate program abuses. The expanded information focuses on the loan origination process and requires increased documentation and strengthened internal control
procedures. Periodic reporting of the information is not required. The information also includes information that was voluntarily accepted by the 203(k) lending community. The
information provides a more comprehensive basis for evaluating lender underwriting practices and thereby improves risk management of the 203(k) loan portfolio. Responses
are required under Section 203(k) of the National Housing Act (12 U.S.C. 1703). No assurance of confidentiality is provided.
Note: 203(k) and Streamlined (k) mortgages are subject to UFMIP
and periodic premiums monthly on or after 1/1/2006.

Page 2 of 2

ref: Handbook 4240.4

form HUD-92700 (2/06)