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HSOAFHAStreamlines11 25 11 (Excel)

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                          HSOA Streamline Refinance Maximum Mortgage Worksheet
                                         For Loans submitted on and after April 15, 2011
                              [Use with FHA Loan Underwriting and Transmittal Summary - HUD-92900-LT]

                                Base Mortgage Calculation cannot exceed the county limit allowed by FHA


          FHA Case Assignment Date                     11/1/2010


                                            Streamline Without an Appraisal
                                  For Owner Occupied Transactions only; no other occupancies accepted
                  $   $               200,000.00     Unpaid principal balance
                      $                   700.00     Current month's interest payment, if not already paid
                      $                   800.00     Up to 30 days interest for the month of payoff
                                                      Escrow/Impound balance -only if included in the pay off demand
                      $                         -   calculation; enter as a positive number

                      $               201,500.00 Subtotal

                                                   MIP Refund, if applicable, not to exceed the new UFMIP amount
                  -   $                   500.00 (enter refund amount as a positive number)

                                      $201,000.00 Maximum Mortgage BEFORE UFMIP
              M
                                1.00%                x MIP Factor
              I
                                        $2,010.00      UFMIP
              P
                                      $203,010.00    Total Loan Amount       (UFMIP pennies to be paid in cash)


                                        Payment and Rate Change Requirements

A. Reduction of at least 5 percent of P&I and MIP:
          Fixed rate to Hybrid ARM or fixed rate
          Hybrid ARM during fixed period to Fixed rate or Hybrid ARM
          One-year ARM to one-year ARM
          Hybrid ARM during ARM period to one-year ARM

                                Existing payment                             Proposed payment
P&I                              $       300.00                              $ 250.00
FHA monthly MIP                   $        35.00                                $    55.00

Total P&I + MIP                   $       335.00                                $   305.00

Maximum allowed payment               $318.25                       OK

B. New interest rate no greater than 2 percentage points above the current ARM interest rate:
          One-year ARM to Fixed Rate
          Hybrid ARM during ARM period to fixed rate

C. New interest rate at least 2 percentage points below the current ARM interest rate:
          Fixed rate to one-year ARM
          One-year ARM to Hybrid ARM
          Hybrid ARM during fixed period to one-year ARM
          Hybrid ARM during ARM period to Hybrid ARM




                                                     dc1caa2a-8c14-4edd-9bca-a18c0269c117.xls

				
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