Net Tangible Benefit Worksheet (Excel)
Document Sample
NET TANGIBLE BENEFIT WORKSHEET
for all FHA Streamline Refinance Transactions
Loan #: NEW LOAN INFO:
FHA Case #: Base Loan
Borrower's Name: Loan w/UFMIP:
Underwriter Name: Interest Rate
Date: P&I 0.00
MIP Factor:
All loans must meet one of the following Benefit Tests: P&I + MIP: 0.00
FROM A FIXED RATE TO FIXED RATE OR TO HYBRID ARM OR
BENEFIT FROM A HYBRID(During Fixed Period) TO FIXED RATE OR TO HYBRID ARM OR
TEST #1 FROM A 1-YEAR ARM TO 1-YEAR ARM OR
FROM A HYBRID(During Adjustable Period) to 1-YEAR ARM
There must be a reduction in the mortgage payment (principal, interest, monthly MIP) of at least 5% from
the existing mortgage payment.
Total Current (P&I + Monthly MIP): $
Total Proposed (P&I + Monthly MIP): $ 0.00
% Difference in Monthly Payment ( => 5% ) #VALUE! %
BENEFIT FROM A 1-YEAR ARM TO FIXED RATE:
TEST #2 FROM A HYBRID ARM(During Adjustable Period) TO FIXED RATE
The interest rate on the new mortgage must be no greater than 2% above the current
rate of the 1-year ARM .
Interest Rate on Current ARM Loan %
Interest Rate on Proposed Fixed Rate Loan %
Difference in Interest Rates ( <= 2% ) #VALUE! %
FROM A HYBRID ARM(During Adjustable Period) TO HYBRID
BENEFIT FROM A FIXED RATE TO A 1-YEAR ARM:
TEST #3 FROM A HYBRID ARM(During Fixed Period) to 1-YEAR ARM
FROM A 1-YEAR ARM TO HYBRID ARM:
The interest rate on the new mortgage must be at least 2% below the interest rate of the
current mortgage.
Interest Rate on Current Loan $
Interest Rate on Proposed Loan $
Difference in Interest Rates ( => 2% ) #VALUE! %
Rev.July.2011
