GMAC BANK FHA STANDARD REFINANCE OPTIONS MATRIX
RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES
1. ELIGIBLE • FHA Fixed Rate Product
PROGRAMS • FHA ARM Products
2. CURRENT FIRST • Conventional Mortgages
MORTGAGE • FHA Fixed Rate Product
ELIGIBILITY • FHA ARM Product
• VA Fixed Rate Product
3. LOAN • Maximum mortgage cannot exceed statutory limits for the area. • Maximum base mortgage amount cannot exceed the statutory county limit for the
AMOUNTS/LTV https://entp.hud.gov/idapp/html/hicostlook.cfm area https://entp.hud.gov/idapp/html/hicostlook.cfm
LIMITS • Max CLTV 9 7.75% • Max CLTV 85%
• If the property was acquired less than one year prior to application and the loan is not
an existing FHA loan, additional calculations will apply.
Units Maximu Length of Maximum Total LTV Maximum Maximum
• FHA Maximum Mortgage Calculation Worksheet to be completed, reviewed, and m Base Ownership1 LTV including CLTV CLTV
signed by the DE Underwriting Consultant. Loan UFMIP (subordinat (new
amount ed existing subordina
lien) te lien)
Units Maximu Length Maximum Total LTV Maximum Maximum
1-4 All loan > = 12 85% of AV 87.25% of AV 85% of AV 85% of AV
m Base of LTV including CLTV CLTV
Amts months
Loan Owners UFMIP (subordinate (new
amount hip1 d existing subordina 1-4 All loan = 12 97.75% of 98.75% of AV 97.75% of AV 97.75% of
whichever less is less whichever
Amts months AV AV
is less is less
1–4 All loan 43% 95% LTV
Greater than 15years 1.00% 1.15% 1.00% 1.15%
=or 90% LTV
Less than or equal to 15 years 1.00% .50% 1.00% .50%
> 78 and = or 95% LTV
Greater than 15years 1.00% .90% 1.00% .90%
=or 90% LTV
Less than or equal to 15 years 1.00% .25% 1.00% .25%
= or 95% LTV
Greater than 15years 2.25% .55% 2.25% .55
= or 90% LTV
Less than or equal to 15 years 2.25% .25% 2.25% .25%
= or < 90.00% LTV
Less than or equal to 15 years 2.25% None 2.25% None
Product Summaries contain eligibility guidelines only. Consult the Client Guide for full details 10-1-2011
Page 11
FHA MAXIMUM MORTGAGE CALCULATION WORKSHEET
FHA TO FHA
Rate & Term Refinance Transactions
Borrower Name(s): GMACM Loan #: FHA Case #:
1st CALCULATION - LTV Limitation
1. Appraised Value* * 0.9775 $
* Use Lesser of Sales Price or Appraised Value if property is owned less than 1 year prior to loan application & loan is not FHA insured.
2. 1st Calculation Maximum Base Mortgage: 1. $
2nd CALCULATION - Existing Debt Calculation
1. Unpaid Principal Balance (plus up to one month of monthly MIP + $
60 days interest charged by servicing lender for the current
month+ late charges + escrow shortages (may not include
delinquent interest)
2. Plus Junior Liens Over 12 Months Old $
3. Plus Allowable Borrower-Paid Closing Costs, Discounts, Accrued
Late Charges and Escrow Shortages $
4. Plus Prepaid Expenses (per diem interest to end of month on new
loan + hazard insurance deposits+ real estate tax deposits
needed to establish the escrow account) (no delinquent taxes
permitted in calculation) $
5. Minus Lender credit for closing costs and prepaid expenses $
6. Subtotal $
7. Minus LESSER of:
a. Unearned UFMIP Refund (from
FHA Refinance Authorization or
appropriate MIP Refund Schedule) $
- OR -
b. New Estimated UFMIP
$
c. Maximum UFMIP (lesser of a or b) $( )
8. 2nd Calculation Maximum Base Mortgage: 2. $
MAXIMUM BASE MORTGAGE $ Based on the lesser of calculations 1, or
2
Plus UFMIP $ (Maximum Base Mortgage x UFMIP
factor based on when case # was
ordered – refer to UFMIP chart)
TOTAL NEW MORTGAGE AMOUNT: $ (Must be <= 100% of
the Appraised Value)
The loan amount may exceed the current statutory loan limits if the new mortgage complies with standard product guidelines and
specific requirements. Refer to the FHA Standard Refinance Options Matrix.
Last Updated 10-1-11
FHA MAXIMUM MORTGAGE CALCULATION WORKSHEET
Non FHA to FHA
Rate & Term Refinance Transactions
Borrower Name(s): GMACM Loan #: FHA Case #:
1st CALCULATION - LTV Limitation
1. Appraised Value* * 0.9775 $
* Use Lesser of Sales Price or Appraised Value if property is owned less than 1 year prior to loan application & loan is not FHA insured.
2. 1st Calculation Maximum Base Mortgage: 1. $
2nd CALCULATION - Existing Debt Calculation
1. Unpaid Principal Balance (plus up to one month of monthly MIP + $
60 days interest charged by servicing lender for the current
month+ late charges + escrow shortages (may not include
delinquent interest)
2. Plus Junior Liens Over 12 Months Old $
3. Plus Allowable Borrower-Paid Closing Costs, Discounts, Accrued
Late Charges and Escrow Shortages $
4. Plus Prepaid Expenses (per diem interest to end of month on new
loan + hazard insurance deposits+ real estate tax deposits
needed to establish the escrow account) (no delinquent taxes
permitted in calculation) $
5. Minus Lender credit for closing costs and prepaid expenses $
6. Subtotal $
7. Minus LESSER of:
a. Unearned UFMIP Refund (from
FHA Refinance Authorization or
appropriate MIP Refund Schedule) $
- OR -
b. New Estimated UFMIP
$
c. Maximum UFMIP (lesser of a or b) $( )
8. 2nd Calculation Maximum Base Mortgage: 2. $
3rd CALCULATION (Using Statutory County Limit)
1. Statutory Limit for County $
2. 3rd Calculation Maximum Base Mortgage: 3. $
MAXIMUM BASE MORTGAGE $ Based on the lesser of calculations 1, 2
or 3
Plus UFMIP $ (Maximum Base Mortgage x UFMIP
factor based on when case # was
ordered – refer to UFMIP chart)
TOTAL NEW MORTGAGE AMOUNT: $ (Must be <= 100% of
the Appraised Value)
Last Updated 10-1-11
FHA MAXIMUM MORTGAGE CALCULATION WORKSHEET
FHA TO FHA
CASH-OUT REFINANCE TRANSACTIONS
Borrower Name(s): GMACM Loan #: FHA Case #:
1st CALCULATION – LTV Limitation
If Property is owned as borrower’s primary residence for more than one year prior to loan application,
regardless of # of units:
1. Appraised Value * 0.8500 $
If property is owned as borrower’s primary residence for less than one year prior to the loan application,
regardless of # units
2. Lesser of Appraised Value or Original
Sales Price Multiplied by 0.8500 (85%) $
1st Calculation Maximum Base 1. $
3. Mortgage:
* Closing Costs, Prepaid Expenses and Discount Points may not be included. These costs must be paid from borrower’s own
funds.
MAXIMUM BASE MORTGAGE $ Calculation 1
Plus UFMIP (if financed) $ (Maximum Base mortgage x UFMIP factor based
on when case # was ordered – refer to UFMIP
chart)
TOTAL NEW MORTGAGE AMOUNT: $ Must be < = 100% of Appraised Value)
The loan amount may exceed the current statutory loan limits if the new mortgage complies with standard product
guidelines and specific requirements. Refer to the FHA Standard Refinance Options Matrix.
Last updated 10-1-11
FHA MAXIMUM MORTGAGE CALCULATION WORKSHEET
NON FHA TO FHA
CASH-OUT REFINANCE TRANSACTIONS
Borrower Name(s): GMACM Loan #: FHA Case #:
1st CALCULATION – LTV Limitation
If Property is owned as borrower’s primary residence for more than one year prior to loan application,
regardless of # of units:
1. Appraised Value * 0.8500 $
If property is owned as borrower’s primary residence for less than one year prior to the loan application,
regardless of # units
2. Lesser of Appraised Value or Original
Sales Price Multiplied by 0.8500 (85%) $
1st Calculation Maximum Base 1. $
3. Mortgage:
* Closing Costs, Prepaid Expenses and Discount Points may not be included. These costs must be paid from borrower’s own
funds.
2nd CALCULATION (Using Statutory County Limit)
1. Statutory Limit for County $
2. 2nd Calculation Maximum Base 2. $
Mortgage:
MAXIMUM BASE MORTGAGE $ Based on the lesser of calculations 1 or 2
Plus UFMIP (if financed) $ (Maximum Base mortgage x UFMIP factor based
on when case # was ordered – refer to UFMIP
chart)
TOTAL NEW MORTGAGE AMOUNT: $ Must be < = 100% of Appraised Value)
Last updated 10-1-11