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Fha 203k Processor Microsoft Power Point
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Fha 203k Processor Microsoft Power Point

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FHA 203K presentation for processors

FHA 203K presentation for processors

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Fha 203k Processor Microsoft Power Point Presentation Transcript

  • 1. PMAC 203k Processor Flow Chart Fields to complete for application and FHA Case ordering Choose 203k on MCAW “section of the Act”, Construction Code: Substantial Rehabilitation, Processing Type: Real Estate Owned with Appraisal ADP Code: 702, Housing Program: Improvements (203k), 203 Consultant ID: Either their ID# or 203ks for a 203k Streamline, PMAC HUD ID: 7854600002 Complete borrower information and basic info on 1003. Make sure “purchase price” is from contract and “loan amount” is purchase price + rehab. LTV/CLTV will be 100%+ Complete 203k Maximum Mortgage worksheet Complete each section, include any applicable inspection, consultant, permit fees, etc., Line B-2 Contingency Reserve is 10% on work over $7500 or 30+ yrs, Line B-11 Supplemental Origination Fee – will populate investor fee, Line C-4 is the Mortgage amount/base loan amount, Line C-5 is the down payment, Line C-6 is the down payment + borrower paid closing costs Go to MCAW 10.a and click “from 203k WS line C3” for “Purchase Price”. Go to pg 4 of 1003, line “b” (Alterations, improvements, repairs) in the details of transaction. Value here should match the total rehabilitation costs (line B14 from 203k WS) Check that all figures on 203k worksheet, MCAW, and 1003 match up. The MCAW should reflect 97.15% on line16-A (or what is applicable for loan amt) Run DU based on final figures; if originally ran as a 203b figures will be off, make sure to change to 203k ALWAYS review final forms with your PMAC AE – we are here to help!