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Point User Guide 185
FHA loans
4
Complete the Cash Investment Requirements section.
This section calculates the total cash the borrower needs to close the transaction, or
the amount of money they will receive back.
a
The
Minimum Down Payment
field is automatically calculated by subtracting the
Sales Price
from the
Maximum Mortgage Amount
for a purchase transaction. To
manually edit this field, click the lock box to enable the field.
b
The
Refi (Incl Debts to be Paid Off)
,
Prepaid Expenses
,
Closing Costs
,
Discount
Points
, and
Subordinate Financing
fields are populated with information that was
entered in the Loan Application and Good Faith Estimate . Click the lock box
next to
Refi (Incl Debts to be Paid Off)
to manually edit the field.
c
To add or edit additional itemized closing costs, click the
CC Adjustments for
FHA
button to open the FHA: Additional Itemized Closing Costs dialog box.
d
The
Upfront MIP Paid in Cash
field is automatically populated from information
that was entered in the Mortgage Insurance Premium/Funding Fee dialog
box. Click the lock box to manually edit this field.
The
Credits
field calculates the total of all credit sources that are applied to the loan.
The
Cash from/to Borrower
field calculates the total of all credits from all sources that
are applied in the Cash Investment Requirements section.
Tip
This dialog box is also accessible from the
Good Faith Estimate
and the
Loan Application
.
Warning
If the
Cash from/to Borrower
field does not match the
Cash from/to
Borrower
in the
Details of Transaction
section on the
Good Faith
Estimate
and
Loan Application
, a message is displayed at the bottom
of the screen.