- Contract sales price
- Actual price to be paid for the home. This does not include any closing costs paid by the borrower.
- Borrower-paid closing costs
- Any closing costs paid by the borrower. This plus the contract sales prices is used to determine the total required investment for the purchase.
- Statutory Investment Percent
- Percent of your contract price, plus borrower-paid closing costs, that you are required to pay and not borrow. This is designed to require at least a small downpayment from the purchaser.
- Appraised value of home and required adjustments
- If this plus any required adjustments is lower than the contract sales price, the appraised value is used to calculate the maximum mortgage instead of the contract sales price.
- States with low avg. closing costs
- Check this box if you are purchasing in Arizona, California, Colorado, Guam, Idaho, Illinois, Indiana, New Mexico, Nevada, Oregon, Utah, Virgin Islands, Washington, Wisconsin, Wyoming. A different Maximum LTV Multiplier is used for these states (0.9765 vs. 0.9775 for all other states)
- Minimum downpayment
- Downpayment amount that is calculated as required for this loan.
- Prepaid expenses, points, non-financeable repairs/improvements, MIP, other items
- Any other items required at closing that are not able to be financed into the mortgage. These items plus your downpayment is your total cash required to close this mortgage.
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