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| | | Forum Newbie
Group: Forum Members
Last Login: 9/19/2006 2:33:12 PM
Posts: 4, Visits: 23 |
| | I am processing my 1st FHA loan to a Veteran and I can't figure out how to get the loan keyed in properly to allow the 3% statutory investment requirement to be reduced (line 10d) on MCAW. Does anyone else have experience with these loan types? PP is 189,700 and I have put 2.25% in DP on borrower screen and need to have line 10d on Mcaw changed to 2.25%, correct? Does the section of the Housing Act drop down need to be changed--I currently have 203b? |
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| | | Junior Member
Group: Forum Members
Last Login: 11/29/2008 4:46:57 PM
Posts: 24, Visits: 40 |
| | Huh? Why would you do an FHA for a veteran? Do a VA loan, then you don't need any downpayment, and they don't have mortgage insurance. But if you're determined to do a FHA, then on the borrower information screen you: 1) enter purchase price, 2) 3% down payment, 3) click MTG Insurance button at bottom of screen, 4) enter 1.5 in MIP, FF, 5) enter .5 in box 1. of "Monthly Mortgage Insurance Premium" Then your MCAW should be right. Or just fill it out to the best of your ability and let the underwriter correct you.Jay |
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