Calyx Point 7 - Page 201

Point User Guide 183
FHA loans
To complete the FHA Statutory Requirements Worksheet:
1 Select Forms > Federal Housing Administration > FHA Statutory Requirements
Worksheet.
The
FHA Statutory Requirements Worksheet is displayed.
The
AppraisedValue field is automatically populated from the Borrower
Information
screen. The TotalClosingCostsandPrepaidItems, Borrower‐Paid
ClosingCostsandPrepaidItems
, and SellerContribution fields are automatically
populated with information that was entered into the
Good Faith Estimate and are
not editable.
The
MaximumAllowableContributions field is automatically calculated by multiplying
the sales price (
SalesPrice field) by 6%.
2 Complete the
Statutory Investment section.
Prerequisites
Completing the Borrower Information screen, Loan Application,
Good Faith Estimate, and the FHA Transmittal Summary before
you complete the
FHA Statutory Requirements Worksheet will
ensure that it is populated with accurate data.
Requirement
The Statutory Investment section is required only for purchase
transactions. It is not required for refinances.