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mortiz0126
205 Posts |
 Posted - 02/21/2008 : 4:35:36 PM
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I want to know what is done with the escrow account on FHA streamline. Does that count towards the maximum loan amount allowed? This is my first FHA streamline. Any help will be greatly appreciated.
Max L/A allowed is original loan amount + UFMIP
What fees go into a streamline? Title, Broker Fees, UFMIP, Escrows?
Thanks |
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hherrm
1407 Posts |
Posted - 02/21/2008 : 4:44:21 PM
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Max L/A allowed is original loan amount + UFMIP
That is your key for a streamline without appraisal. You take payoff plus 1 months interest, plus late charges, subtract the MI refund, add closing cost and prepaids. If the amount is higher than the loan amount + UFMIP, you have to get an appraisal.
The escrow is part of the new loan amount. They will get a check 30 days after payoff.
You have to work the numbers, sometimes it works with them going to closing with that months payment.
Wells Fargo will deduct the escrow from the payoff, most will not. |
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mortiz0126
205 Posts |
Posted - 02/21/2008 : 4:49:07 PM
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| Thanks a million. Tons of help. |
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