Open House Flyer - Mortgage Coach by niusheng11

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									                           Borrowers Name
                            Street Address
                             City, State Zip

                               Loan Officer:            Andrew Adams
                                        Title:        Senior Loan Officer
                                        Title:       Renovation Specialist
                            Street Address:            210 Essex Street
                             City, State Zip:          Salem, MA 01970
                                      e-mail:    andrew.adams@salemfive.com
                                   Phone #::             978-720-5632
                                      Fax #::            978-498-0240

                              Closing Date:               5/30/2011
                             Purchase/Refi:               Purchase
              203(K) or Streamline 203(K):            Streamline 203(K)
                               Interest Rate:              5.000%                     Purchase 203(K)
                                 Origination:              0.000%                     Refi       Streamline 203(K)
                                   Discount:               0.000%                                Streamline REFI
                                                                                      Stremline REFI
          Purchase Price/or Existing Debt:                $199,000
                                 As Is Value:             $199,000
                     After Improved Value:                $216,100
                    Appraised Value in e3:                $216,100
                                 Renovation:               $15,000
                     Contingency Reserve:                    10%
                                  Total Reno               $16,500
                             Appraisal Fee:                 $400
                            Settlement Fee:                 $750
                            Consultant Fee:                   $0
           Architectural/Engineering Fees:                    $0
                           # of Inspections:                  1
                       Cost of Inspections:                 $200
                             Title Rundown:                  $50
                                     Permits:                 $0
                                 Other Fees:                  $0
             MIP Refund(if FHA refinance)                     $0
                                     Credits
                Lender Credit Percentage:                 0.000%
                     Lender Credit Dollars:                $0.00
                       Seller Concessions:                 $0.00
                   Earnest Money Deposit:                  $0.00
                                Escrow Info                                   0.371
                            Annual Tax Bill:               $2,500
                  Months Taxes Escrowed:                      3
                 HomeOwners' Insurance:                     $700
  Months Homeoners' Insurance Escrowed                        2
                  Annual Flood Insurance:                     $0
Months Annual Flood Insurance Escrowed:                       0
          Monthly Condo/Association Fee:                      0
           Mortgage Payments Escrowed:                        0
                     Reserve Requirement:                     0
                 Estimated Rental Income:                     0
            Estimated Mortgage Payment:                  $1,599.17
                             +/- Cash Flow:              ($1,599.17)
                                  Entre Data
 FHA 203K Max Mortgage Base Loan Amt:                    $208,536
                       Total Loan Amount:                $210,621
                Appraised Value for Entre:               $216,100
      Alterations, Improvements, Repairs:                17,100.00
                                                Option 1      Option 2
Appraised Value                 $216,100.00   $203,800.00   $214,900.00
Base Loan Amount                $208,535.50   $196,666.00   $207,297.16

Repairs                         $17,100.00     $13,800.00   $24,816.75
Closing Costs                    $3,598.35      $3,267.38    $3,310.98
Pre-paids                        $1,470.92      $1,469.25    $1,470.75
Insurance                          $58.33         $58.33       $58.33
Taxes                             $208.33        $208.33      $208.33


                                      Talking Points
Additional costs from Option1                                 -$45.09
Additional costs from Option2
  Option 3
$224,900.00
$216,993.97

$34,865.25
 $3,483.96
 $1,472.11
   $58.33
  $208.33



 -$219.43
 -$174.34




              4229
                                        Estimated Closing Cost Worksheet
                                                                     FHA 203K


          Base loan Amount                                                                                                  $208,535.50
          Total Loan amount                                                                                                 $210,620.86
          Rate                                                                                                                  5.000%
          Origination %                                                                                                          0.00%
          Discount %                                                                                                             0.00%

                                                                   Monthly Payment
          Principle & Interest                                                                                                 $1,130.66
          Monthly Mortgage Insurance                                                                                             $201.84
          Monthly Real Estate Taxes                                                                                              $208.33
          Monthly Homeowner's Insurance                                                                                            $58.33
          Monthly Condo/Association Fee                                                                                             $0.00
          Total Monthly Payment                                                                                              $1,599.17

                                                            Estimated Closing Costs

          Salem Five Fees                                                                                                        $572.50
          3rd Party Fees                                                                                                        $2,425.85
          203K Fees                                                                                                              $600.00
          Pre-Paid Items                                                                                                        $1,470.92
          Total Fees (Closing Costs & Pre-Paids)                                                                                $5,069.27

Salem Five Mortgage Fees

          Origination Fee                                                                                               $            -
          Discount Fee                                                                                                  $            -
          Processing/Commitment Fee                                                                                               $500.00
          Automated Underwriting Service fee                                                                                       $23.50
          Credit Report Review Fee                                                                                                 $49.00


Total Salem Five Mortgage Fees:                                                                                                   $572.50

Third Party Fees

          Appraisal Fee                                                                                                           $400.00
          Recert Fee for Appraisal                                                                                                  $0.00
          Credit Report                                                                                                            $22.80
          Tax Service Fee                                                                                                          $72.00
          Flood Cert.                                                                                                               $9.50
          Attorney Fee                                                                                                            $750.00
          Title Insurance                                                                                                         $526.55
          Municipal Lien Certificate                                                                                               $25.00
          Recording Fee                                                                                                           $300.00
          Recording fee for MLC                                                                                                    $65.00
          Assignment Recording Fee                                                                                                 $75.00
          Survey or Survey Deletion Affidavit                                                                                     $150.00
          Courier Fee                                                                                                              $30.00

Total Third Party Fees                                                                                                          $2,425.85

203(K) Fees
      203(K) Cost Consultant Fee                                                                                                    $0.00
      Suplimental Origination Fee                                                                                       $         350.00
      Title Rundowns                                                                                                               $50.00
      Draw Inspections                                                                                                           $200.00
      Cost Of Improvements (*These funds are placed in an Escrow Account at closing)                                    $      17,100.00

Total 203(K) Fees                                                                                                             $17,700.00

Total Closing Fees                                                                                                            $20,698.35

Taxes and Misc. Fees
                    (These funds are used to establish your escrow accounts and to pay the interest that is due from the date of closing thru
                    month end. These funds should not vary between lenders)


          Interest from       5/30/2011 to     5/31/2011     at $29.25 per day                                                      $29.25
          Hazard Insurance Annual Premium       $700.00 POC
          Hazard insurance    2 months at        $58.33    per month                                                              $116.67
          City Property Taxes        3 months at       $208.33 per month                                                          $625.00
          Flood Insurance Annual Premium         $0.00      POC
          Flood Insurabce     0 months at        $0.00     per month                                                                $0.00
          FHA Up Front Mortgage Insurance Premium     $2,085.36 (Financed)                                                      $2,085.36

Pre-Paid Items                                                                                                                  $3,556.27

Total Closing Fees & Pre-Paid Items                                                                                           $24,827.13
Cost of Improvements                                                                                                        ($17,100.00)
Financed Up Front MIP                                                                                                        ($2,085.36)
Hud Consultant Fee Paid Outside Closing                                                                                           $0.00
Lender Credit                                                                                                                     $0.00
Seller Concessions                                                                                                                $0.00
Estimated Closing Costs and Prepaid Items                                                                                    $5,641.77


Prepared for:

                          0

Provided By:

                              Andrew Adams
                              Senior Loan Officer
                              Renovation Specialist
                              210 Essex Street
                              Salem, MA 01970

               Phone: 978-720-5632
                 Fax: 978-498-0240
               e-mail: andrew.adams@salemfive.com
Rhode Island licensed loan broker and loan lender. Maine SLB7364, SLB2540, SLM6573.
Borrower's Name & Property Address (include street, city, state, and zip code)       FHA Case Number                  No. of Units             Hud-REO Property ?                                                  Purchase

                                        0                                                                                                           Yes           No                                               Refinance

                                        0                                            Type                                                                                                            Streamline (k) (Note 6)

                                        0                                                        Owner-Occupant              Nonprofit                                 Purchase date (owned less
                                                                                                                             Government Agency                         than 6 months)
A.   Property            1. Contract Sales Price        2. "As-Is" Value (Note 1) 3. After Improved Value 4. 110% of A3                        5. Borrower paid        6. Allowable Energy Improvements (Note 2)
     Information                                                                                                                               closing costs

                                 $199,000
                       OR           Existing Debt             $199,000                          $216,100                   $237,710                  $2,998                                    N/A
B.   Rehabilitation
     and other         1. Total Cost of Repairs (Line 36, HUD-9746A) includes the improvements in A6 and REO Lead Based Paint Stabilization                                    15,000.00
     allowable
     Costs             2. Contingency Reserve on Repair Costs                    (       10% )             (10 to 20% of B1)                                                    1,500.00
                       3. Inspection Fees           (        1     X       $200 per inspection)+Title Update Fees(                         $50 per draw)                         250.00
                       4. Mortgage Payments Escrowed (                        0      Months x             $1,599      ) if Uninhabitable                                           0.00
                       5. Sub-Total for Rehabilitation Escrow Account (Total B1 thru B4)                                                                                       16,750.00
                       6. Architectural and Engineering Fees (Exhibits)                                                                                                            0.00
                       7. Consultant Fees (Including Milage, if applicable)                 (        $0       +                  miles @.37/mile) (N/A Streamline K)               0.00
                       8. Permits                                                                                                                                                  0.00
                       9. Other Fees (Explain in remarks)                                                                                                                          0.00
                       10. Sub-Total (Total of B5 thru B9)                                                                                                                     16,750.00
                       11. Supplimental Origination Fee for both 203K and Streamline (k) (greater of $350 or 1.5% of B10)                                                        350.00
                       12. Discount Points on Repair Costs and Fees (B10 X                        0.00% )                                                                          0.00
                       13. Sub-Total for Release at Closing (Total of B6 thru B9+B11 and B12) (Note 3)                                                                           350.00

                       14. Total Rehabilitation Cost (Total of B5 and B13 Minus A6)                                                                                            17,100.00
                          (streamline (k) cannot exceed $35,000)
C.   Mortgage
     Calculation for   1. Lesser of Sales Price (A1) or As Is Value (A2)                                                                                                       199,000.00
     Purchase
     Transactions
                       2. Total rehabilitation Costs (B14)                                                                                                                     17,100.00
     (see note
                       3. Lesser of Sum of C1 + C2 $                216,100          or 110% of After Improved Value (A4)                                                      216,100.00
     Below)
                       4. Mortgage Amount sum of C3 +(-) Required Adjustment (Note 4)                      $216,100                                                            208,536.50
                                 LTV Factor (Owner Occupied) or less Allowable Down Payment/Hud Owned Property                     (                  $0 )

                       5. Statutory Investment Required (C3 x 3.5%)                                                                                                             7,563.50
                       6. Actual Cash Investment Required (C3 + A5 minus C4 ($                     10,562 ). (This figure must be equal to                                     10,561.85
                          or greater than C5; If less, an adjustment must be made to C4 to ensure a 3% investment)

                       7. Adjusted Maximum Mortgage Amount (if required in C6)                                                                                                 208,536.50
D.   Mortgage             Sum of Existing Debt (A1) + Rehabilitation Cost (B14) + Borrower Paid Closing costs (A5) + Prepaids + Discount                                          N/A
     Calculation for   1. on Total Loan Amount minus discount on Repair Costs (B12) minus FHA MIP Refund (                  $0 )
     Refinance         2. Lesser of Sum of As-Is Value (A2) (Note 1) + Rehabilitation Costs (B14) ($                  $216,100 ) or                                                N/A
     Transactions         110% of After-Improved Value (A4)
     (see note
     Below)            3. D2 (   N/A          ) x LTV Factor (Owner-Occupant)                                                                                                      N/A
                       4. Maximum Mortgage Amount Lesser of D1 or D3 (Note 5)                                                                                                      N/A
                       5. Borrower's Required Investment (D1 Minus D4) = ( $                                          )                                                            N/A
E.   Calculation for
     Energy            1. Energy Efficient Mortgage Amount (C4 or C7, or D4) + A6 (note 2)
     Efficient
     Mortgage



Remarks (Continue on Back if necessary)
                                                                                       MIP Factor                 UFMIP                Total Escrowed Funds                         Interest Rate              Discount Pts.


                                                                                            1.00%             $2,085.36                        $17,100                               5.000%                      0.000%

								
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