178 Calyx Software
FHA and VA loans
• Select Refer to indicate that the lender is required to manually underwrite the
loan.
7 Complete the
Borrower and Property Information section.
a Select the type of property being purchased from the Property Type dropdown list.
b Specify whether the property is an
Existing Construction, Proposed Construction,
or
New (less than 1 year).
8 Complete the
Mortgage Information section.
Many of these fields are already populated from the
Loan Application, Truth-in-
Lending
, and Transmittal Summary screens.
a If the mortgage insurance information is not completed, click the Mtg Insurance
button and enter the necessary information in the
Mortgage Insurance
Premium/Funding Fee
dialog box.
b Complete the
InterestRate, QualifyingRate, and LoanTerm(mths) fields, if
needed.
Note
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.
Note
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%.
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