Calyx Point 7 User Manual page 192

FHA and VA loans
The following table shows how Point calculates the maximum loan-to-value based on
whether the property is located in a low or high cost closing state:
If the seller is paying the entire amount of closing costs for the borrower, do not click
the Max Loan button for an FHA loan. The borrower must contribute a 3% down
payment, which you must enter in the
Click the Mtg Insurance button to complete the mortgage insurance requirement for
3
the FHA loan.
The
a
b
c
174
Closing state
Low cost
AZ, CA, CO, GU, ID, IL, IN,
NM, NV, OR, UT, VI, WA, WI,
WY
High cost
All other states
Mortgage Insurance Premium/Funding Fee
Click FHA Max Ln next to the
all of the borrower's closing costs).
The FHA Max Ln button is enabled only when both the
Purchase
check boxes are selected in the
Loan
sections on the
A message is displayed that shows the maximum loan amount.
Click Yes in response to the prompt to copy the maximum loan amount to the
field in the Borrower Information
Amount
Enter the up-front mortgage insurance premium in the
predefined value from the dropdown list.
If the lesser of the appraised value or sales price is:
Between $50,000
Less than $50,000 and $125,000
98.75% 97.65%
98.75% 97.75%
Borrower Information
Base Loan Amount
Requirement
Loan Type
Borrower Information
screen.
screen.
More than
$125,000
97.15%
n/a
screen.
dialog box is displayed.
field (unless the seller is paying
FHA
and
Purpose of
and
field or select a
MIP, FF
Calyx Software
Loan