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FHA Loan Underwriting and Transmittal Summary
ICR 202608-2502-008 · OMB 2502-0059 · Object 172316000.
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Document Metadata
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
|---|---|
| File Title | FHA Loan Underwriting and Transmittal Summary |
| Author | Mead, Carmen C |
| Last Modified By | Writer |
| File Modified | 2026-05-28 |
| File Created | 2026-10-31 |
| Conversion State | complete |
Extracted Text
FHA Loan Underwriting U.S. Department of Housing and OMB Approval No. 2502 - 0059 and Transmittal Summary Urban Development (expires XX/XX/XXXX) See back of page for Public Burden and Sensitive Information statements Office of Housing Federal Housing Commissioner Borrower and Property Information FHA Case No. SOA Borrower Name SSN Co-Borrower Name SSN Property Address Property Type (Check only 1) Additional Property Information Property Rights Construction 1 unit 2 units 3 – 4 units Condominium Co-op Manufactured Housing Sales Price $ Appraised Value $ Fee Simple Leasehold Existing Proposed New (less than 1 year) Mortgage Information Amortization Type (Check only 1) Fixed Rate Monthly Payments ARM 1 3 5 7 or 10 years ARM Index ARM Margin Interest Rate Buydown Loan Information Mortgage w/o UFMIP $ Mortgage w/ UFMIP $ Interest Rate % Qualifying Rate % (1-Year ARM) Loan Term (in months) Loan Purpose (Check all that apply) Purchase No Cash-Out Refinance Cash-Out Refinance Simple Refinance Streamline Refinance Construction-to-Permanent Energy Efficient Mortgage Building On Own Land HUD REO 203(k) Standard Limited Other Secondary Financing Source/EIN Gov’t NP Family Other Amount of Secondary Financing $ Gifts Seller Funded DAP Y/N 1) Source/EIN Gov’t NP Family Other Amount of Gift $ 2) Source/EIN Gov’t NP Family Other Amount of Gift $ Underwriting Information Monthly Income Proposed Monthly Payments Borrower Co-Borrower Total Borrowers Primary Residence Base Income $ $ $ First Mortgage P&I $ Other Income $ $ $ Monthly MIP $ Net Rental Income $ $ $ HOA Fees $ Total Income $ $ $ Lease/Ground Rent $ Second Mortgage P&I $ Hazard Insurance $ Taxes & Special Assessments $ Total Mortgage Payment $ Debts & Obligations Total Installment Debt Child Support Negative Rental Cash Flow All Other Monthly Payments Total Fixed Payment Monthly Unpaid Balance Qualifying Ratios LTV % CLTV (if 2nd permitted) % Mortgage Payment-to-Income % Total Fixed Payment-to-Income % Borrower Funds to Close Required Verified Assets Closing Costs Source of Funds No. of Months in Reserves Seller Contribution $ $ $ % Borrower Co-Borrower(s) CAIVRS # LDP/SAM Yes No Yes No Underwriter Comments Underwriter’s signature & date (if required) X CHUMS ID # Risk Assessment Scored by TOTAL? Yes No Risk Class A/A or Refer CHUMS ID # for Reviewer of appraisal (Required for loans scored by TOTAL with risk class A/A or loans where the appraisal and credit reviews are performed by different underwriters.) FHA Loan Underwriting U.S. Department of Housing and Transmittal Summary and Urban Development Office of Housing Federal Housing Commissioner This information is required pursuant to Section 203 of the National Housing Act to determine the eligibility of FHA mortgage insurance applicants. Public reporting burden for this collection of information is estimated to average 10 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. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions to reduce this burden, to PRA Liaison, Department of Housing and Urban Development, 451 7th Street SW, Room 9139-37, Washington, DC 20410-5000. This agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collection displays a valid OMB control number. The information will be protected by the Privacy Act as described in the Privacy Act Statement below. Borrower and Property Information SOA Mortgagees must enter the Section of the Act under which the mortgage is to be insured. Mortgage Information Interest Rate: Mortgagees must enter the interest rate for fixed rate mortgages or the initial rate for 3-, 5-, 7-, and 10-year ARMs. ARM Index: Mortgagees must enter the name of the index used. Qualifying Rate: Mortgagees must enter the interest rate used to qualify a borrower for a 1-year ARM. Loan Purpose: Mortgagees must check all loan purpose types that apply (e.g., the purchase of a property owned by HUD should have both the Purchase and HUD REO boxes checked). Secondary Financing: Mortgagees must indicate the source type. If indicating a nonprofit (NP) or government agency (Gov’t), they must also enter in the Employer Identification Number (EIN) for the entity. When indicating Other, lenders must identify the type (e.g., employer, labor union) and enter in the EIN (if applicable). Seller-Funded DAP: Mortgagees must indicate whether any of the gift funds are derived from such a program by entering Y. Gifts: Mortgagees must indicate the source type(s). If indicating a nonprofit (NP) or government agency (Gov’t), they must also enter in the Employer Identification Number (EIN) for the entity. When indicating Other, lenders must identify the type(s) (e.g., employer, labor union) and enter in the EIN (if applicable). Underwriting Information Negative Rental Cash Flow: If there is negative rental cash flow for the subject property and/or other properties owned by the borrower, the lender must enter the total dollar amount. Total Fixed Payment: All debts and obligations, including the proposed housing payment. Borrower Funds to Close Required: Mortgagees must enter the total amount that the borrower is required to pay at closing. If the borrower is receiving cash back, the amount should be in parentheses. Closing Costs: Mortgagees must enter the amount being paid by the borrower, which may include prepaid & non-recurring closing costs but not discount points. No. of Months in Cash Reserves: Mortgagees must enter the number of months in reserves for 3- and 4-unit properties only. Seller Contribution: Mortgagees must enter the seller contribution as a percentage of the sales price. CHUMS ID # for Review of Appraisal: This captures the CHUMS ID number of the underwriter who reviewed the appraisal. Completing this field is applicable when the underwriter who reviewed the appraisal is different from the one who reviewed the credit package (e.g. an Automated Underwriting System). LDP/SAM Mortgagees must check the box if the borrower or coborrower’s name appears on list . Privacy Act Notice Authority: Section 203 of the National Housing Act (12 U.S.C. §1709) and Section 255 of the National Housing Act (12 U.S.C. §1715z-20) authorize HUD to process applications for FHA insurance of eligible Single Family and Home Equity Conversion Mortgages and respond to inquiries regarding applications for mortgage insurance. 31 U.S.C. §7701 and 42 U.S.C. §3543 authorize HUD to collect taxpayer identifying numbers, which may include Social Security Numbers (SSNs). Purpose: HUD will use this information to determine eligibility for FHA mortgage insurance, and for other purposes described in the published Privacy Act System of Records Notice (SORN). Routine Uses: Pursuant to the published SORN, HUD may share the information with other program offices within HUD, law enforcement, other government agencies, government sponsored enterprises (GSEs), lenders, and other program participants, as necessary to verify eligibility, process mortgage insurance applications, prevent improper payments, engage in research and analysis, enforce the law, assist in matters related to court proceedings, respond to potential or actual threats to the security of Federal information systems and related data, prevent waste, fraud and abuse, and for any other routine use published in the SORN. Disclosure: Providing this information is voluntary; however, failure to provide the requested information may delay or restrict your eligibility for an FHA-insured mortgage loan, or other benefits you are seeking. The System of Records Notice (SORN) for this collection is the Single Family Mortgage Insurance Origination System and is publicly available at: https://www.federalregister.gov/documents/2025/08/01/2025-14530/privacy-act-of-1974-system-of-records