The Government Tab is only available when the 1003 > Terms Tab > Mortgage Applied For drop-down list displays FHA or VA.
When 1003 > Terms Tab > Mortgage Applied For > FHA:
In the FHA Purchase section:
The Section of the Act drop-down list allows users to determine the FHA Program that will be used on the loan.
Tip: The program chosen in this drop-down list will dictate the additional screens that are available under Forms & Docs in the left-side navigation. For example, the FHA 103(k) Worksheet will not be available unless the Section of the Act drop-down list displays a 203(k) program.
Users can enter the FHA Case Number and case assignment date. The FHA Lender and Sponsor ID fields will automatically populate if they are configured within the Admin Site.
The Monthly MCC can be input if the Mortgage Credit Certificate Program is used.
Tip: To include the MCC in the DTI calculation, users will enter the monthly amount on 1003 > Income & Housing Tab > Other Income > Mortgage Credit Certificate.
The Additional FHA Data section has drop-down list options to specify borrower type, homeownership counseling and type of refinance (FHA to FHA, etc.) when applicable.
The Closing Costs section will display the estimated closing costs as calculated on 1003 > Transaction Details > Line f. Fields b, c and d can be used to indicate which party is paying closing costs and the amount that is being paid. Any points being paid can be input in the appropriate field.
The Attachment A section will display the maximum allowable seller contribution based on the purchase price. Borrower Closing Costs Paid by Seller will populate from the Closing Cost section. If the closing costs paid by the seller exceed the allowable seller contribution, the excess will be calculated and displayed in the Excess Contribution field.
When 1003 > Terms Tab > Mortgage Applied For > VA:
VA Government Information section:
If the 1003 > Property Tab > Purpose of Loan displays Refinance, users can select whether the VA refinance is Full Doc or an IRRRL.
The VA Residual Income is a manual entry field where users can enter the Required Residual Income per VA Guidelines.
Tip: The calculated and required residual income displays on Forms & Docs > VA Loan Analysis > Section E > Line 43.
The Family Size field will adjust the calculated field on Forms & Docs > VA Loan Analysis > Section E > Line 43 to show the applicable required residual income.
Users can indicate whether or not the borrower is exempt from the VA Funding Fee.
Tip: If set to Yes, there will be no Funding Fee displayed on 1003 > Transaction Details Tab as the borrower is indicated as exempt.
The VA Lender or Sponsor ID fields will automatically populate if they are configured within the Admin Site.
The Closing Costs section will display the estimated closing costs as calculated on 1003 > Transaction Details > Line f. Fields b, c and d can be used to indicate which party is paying closing costs and the amount that is being paid. Any points being paid can be input in the appropriate field.
The Proposed Estimated Monthly Shelter Expenses section populates from the 1003 > Income & Housing Tab. Maintenance and Utilities can be updated manually and will populate to the Forms & Docs > VA Loan Analysis screen > Section C.
The Contributions section will display the maximum allowable seller contribution based on the purchase price. Borrower Closing Costs Paid by Seller will populate from the Closing Cost section. If the closing costs paid by the seller exceed the allowable seller contribution, the excess will be calculated and displayed in the Excess Contribution field.
The Total Taxes field is a manual input field that will pass to Automated Underwriting for residual income calculations. Users can input the total monthly amount for tax deductions here to ensure accurate findings.
Tip: The tax deductions are itemized on Forms & Docs > VA Loan Analysis > Section E.
Nearest living relative information can be input.