| Complete 203k Calculator |
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| Completing 203k Calculator is required for 203(k) cases assigned a case number on or after October 31, 2016. It is optional for 203(k) cases assigned a case number prior to that date. Use 203k Calculator to: |
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Establish financeable repair and improvement costs, fees, and reserves. |
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Establish the value of the property. |
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Calculate the maximum mortgage eligibility. |
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Calculate additions to the base mortgage amount. |
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Calculate the loan-to-value (LTV) percentage for application of the annual mortgage insurance premium (MIP). |
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Establish the rehabilitation escrow amount. |
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203k Calculator is pre-filled with the information entered through Case Number Assignment, Appraisal Logging, and FHA TOTAL Scorecard. |
| Note: A Rehabilitation Loan Agreement is entered into and an interest-bearing rehabilitation escrow account is established by the lender. |
