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FHA and VA loans
•
Complete the
7
a
b
Complete the
8
Many of these fields are already populated from the
Lending
a
b
178
Refer
Select
to indicate that the lender is required to manually underwrite the
loan.
The Technology Open to Approved Lenders (TOTAL) Mortgage Scorecard
was developed by HUD to evaluate the credit risk of FHA loans that are
submitted to an automated underwriting system. To underwrite an FHA
loan electronically, a mortgagee must process the request through an
automated underwriting system that can communicate with the FHA
TOTAL Scorecard.
Borrower and Property Information
Select the type of property being purchased from the Property Type dropdown list.
Specify whether the property is an
New (less than 1 year)
or
Mortgage Information
, and
Transmittal Summary
If the mortgage insurance information is not completed, click the Mtg Insurance
button and enter the necessary information in the
Premium/Funding Fee
Complete the
Interest Rate
needed.
For FHA loans, the qualifying rate is equal to the interest rate unless the
loan-to-value is less than or equal to 95% and the loan is a one year ARM
or less, then the qualifying rate is +1%.
Note
section.
Existing Construction
.
section.
Loan Application
screens.
dialog box.
,
, and
Qualifying Rate
Loan Term (mths)
Note
Proposed Construction
,
,
Truth-in-
Mortgage Insurance
fields, if
Calyx Software
,
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