FHA Self Sufficiency Calculator – Patriot Pacific Financial Corp

FHA Self-Sufficiency Calculator

BORROWER Name:

FHA Case #:

1st Calculation - Mortgage Payment

A1. Principal & Interest Monthly Payment at Note Rate

A2. Monthly Mortgage Insurance

A3. Monthly Taxes

A4. Monthly Insurance

A5. Monthly Flood Insurance

A6. Monthly HOA Fees

A7. Total

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2nd Calculation - Rents

B1. Market Rent (per apraisal, all units including the unit chosen by the borrower for occupancy).

B2. Minus 25% Vacancy Factor

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B3. Total Net Rental Income

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Total Payment

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Net Rental Income

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Ratio not to exceed 100%:

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Notes:

Per ML 11-11, the self-sufficiency test applies in its entirety to both refinance and purchase transactions.

Borrower must have 3 months' PITI reserves after closing from own funds and CANNOT be from a gift.

Maximum mortgage is limited so that the ratio of the monthly mortgage payment pided by the monthly.

Net rental income does not exceed 100%.