**Loan-to-Value and Combined Loan-to-Value Mortgage Amount Calculation
Comparison**

+-----+----------------------+--------------------+-------------------+
| **C | **Rate-and-Term      | **Streamlined      | **Streamlined     |
| rit | Refinance**          | Refinance          | Refinance         |
| eri |                      | (FHA-to-FHA) WITH  | (FHA-to-FHA)      |
| a** | **                   | Appraisal**        | WITHOUT           |
|     | (Conventional-to-FHA |                    | Appraisal**       |
|     | or FHA-to-FHA)**     |                    |                   |
+=====+======================+====================+===================+
| **  | **97.75%**           | **97.75%**         | **n/a (New        |
| LTV |                      |                    | mortgage cannot   |
| A   |                      |                    | exceed original   |
| ppl |                      |                    | principal except  |
| ied |                      |                    | by UFMIP)**       |
| to  |                      |                    |                   |
| App |                      |                    |                   |
| rai |                      |                    |                   |
| sed |                      |                    |                   |
| V   |                      |                    |                   |
| alu |                      |                    |                   |
| e** |                      |                    |                   |
| [   |                      |                    |                   |
| ^1] |                      |                    |                   |
+-----+----------------------+--------------------+-------------------+
| *   | **Existing Debt:**   | **Existing Debt:** | **Existing        |
| *Ex | *Add* together the   | *Add* together the | Debt:** *Add*     |
| ist | amount of the        | amount of the      | together the      |
| ing | existing first lien, | existing           | amount of the     |
| D   | any purchase money   | FHA-insured first  | existing          |
| ebt | second mortgage, any | lien, closing      | FHA-insured first |
| C   | junior liens over 12 | costs, prepaid     | lien, closing     |
| alc | months old, closing  | expenses, discount | costs, prepaid    |
| ula | costs, prepaid       | points, and then   | expenses,         |
| tio | expenses, borrower   | *subtract* any     | discount points,  |
| n** | paid repairs         | refund of UFMIP.   | and then          |
|     | required by the      |                    | *subtract* any    |
|     | appraisal, discount  |                    | refund of UFMIP.  |
|     | points, and then     |                    |                   |
|     | *subtract* any       |                    |                   |
|     | refund of UFMIP.     |                    |                   |
+-----+----------------------+--------------------+-------------------+
|     | **Interest:** The    | **Interest:** The  | **Interest:** The |
|     | amount of the        | amount of the      | amount of the     |
|     | existing first       | existing first     | existing first    |
|     | mortgage may include | mortgage may       | mortgage may      |
|     | the interest charged | include the        | include the       |
|     | by the servicing     | interest charged   | interest charged  |
|     | lender when the      | by the servicing   | by the servicing  |
|     | payoff will not      | lender when the    | lender when the   |
|     | likely be received   | payoff will not    | payoff will not   |
|     | on the first day of  | likely be received | likely be         |
|     | the month (as is     | on the first day   | received on the   |
|     | typically assessed   | of the month (as   | first day of the  |
|     | on FHA-insured       | is typically       | month (as is      |
|     | mortgages).          | assessed on        | typically         |
|     |                      | FHA-insured        | assessed on       |
|     |                      | mortgages).        | FHA-insured       |
|     |                      |                    | mortgages).       |
+-----+----------------------+--------------------+-------------------+
|     | **Prepayment         | **Prepayment       | **Prepayment      |
|     | Penalties:** The     | Penalties:** Not   | Penalties:** Not  |
|     | amount also may      | applicable         | applicable        |
|     | include any          |                    |                   |
|     | prepayment penalties |                    |                   |
|     | assessed on a        |                    |                   |
|     | conventional         |                    |                   |
|     | mortgage or FHA      |                    |                   |
|     | Title I loan.        |                    |                   |
+-----+----------------------+--------------------+-------------------+
|     | **Late Charges,      | **Late Charges,    | **Late Charges,   |
|     | Prepaids and         | Prepaids and       | Prepaids and      |
|     | Escrows:** In        | Escrows:** In      | Escrows**: In     |
|     | determining the      | determining the    | determining the   |
|     | existing debt as     | existing debt as   | existing debt as  |
|     | part of the mortgage | part of the        | part of the       |
|     | amount calculation,  | mortgage amount    | mortgage amount   |
|     | the mortgagee may    | calculation, the   | calculation, the  |
|     | include accrued late | mortgagee may      | mortgagee may     |
|     | charges and escrow   | include accrued    | include accrued   |
|     | shortages.           | late charges and   | late charges and  |
|     |                      | escrow shortages.  | escrow shortages. |
|     | Prepaid expenses may |                    |                   |
|     | include the per diem | Prepaid expenses   | Prepaid expenses  |
|     | interest to the end  | may include the    | may include the   |
|     | of the month on the  | per diem interest  | per diem interest |
|     | new loan, hazard     | to the end of the  | to the end of the |
|     | insurance premium    | month on the new   | month on the new  |
|     | deposits, monthly    | loan, hazard       | loan, hazard      |
|     | mortgage insurance   | insurance premium  | insurance premium |
|     | premiums, and any    | deposits, monthly  | deposits, monthly |
|     | real estate tax      | mortgage insurance | mortgage          |
|     | deposits needed to   | premiums, and any  | insurance         |
|     | establish the escrow | real estate tax    | premiums, and any |
|     | account regardless   | deposits needed to | real estate tax   |
|     | whether the          | establish the      | deposits needed   |
|     | mortgagee            | escrow account     | to establish the  |
|     | refinancing the      | regardless whether | escrow account    |
|     | existing loan is     | the mortgagee      | regardless        |
|     | also the servicing   | refinancing the    | whether the       |
|     | lender for that      | existing loan is   | mortgagee         |
|     | mortgage.            | also the servicing | refinancing the   |
|     |                      | lender for that    | existing loan is  |
|     |                      | mortgage.          | also the          |
|     |                      |                    | servicing lender  |
|     |                      |                    | for that          |
|     |                      |                    | mortgage.         |
+-----+----------------------+--------------------+-------------------+
|     | **Seasoning:** If    | **Seasoning:** Not | **Seasoning:**    |
|     | any portion of the   | applicable.        | Not applicable.   |
|     | funds of an equity   |                    |                   |
|     | line of credit in    |                    |                   |
|     | excess of \$1000 was |                    |                   |
|     | advanced within the  |                    |                   |
|     | past twelve months   |                    |                   |
|     | and was for purposes |                    |                   |
|     | other than repairs   |                    |                   |
|     | and rehabilitation   |                    |                   |
|     | of the property, the |                    |                   |
|     | line of credit is    |                    |                   |
|     | *not* eligible for   |                    |                   |
|     | inclusion in the new |                    |                   |
|     | mortgage.            |                    |                   |
+-----+----------------------+--------------------+-------------------+
| **  | Unlimited CLTV on    | Unlimited CLTV for | Unlimited CLTV    |
| CLT | new and/or           | re-subordination   | for               |
| V** | re-subordination or  | or modification of | re-subordination  |
|     | modification of      | existing           | or modification   |
|     | existing subordinate | subordinate        | of existing       |
|     | financing.           | financing.         | subordinate       |
|     |                      |                    | financing.        |
+-----+----------------------+--------------------+-------------------+
| **A | **Status of          | **Status of        | **Status of       |
| ddi | Mortgage:** The      | Mortgage:** The    | Mortgage:** The   |
| tio | mortgage being       | mortgage being     | mortgage being    |
| nal | refinanced must be   | refinanced must be | refinanced must   |
| und | current for the      | current for the    | be current for    |
| erw | month due.           | month due.         | the month due.    |
| rit |                      | Borrowers no more  | Borrowers no more |
| ing | **Cash Back:** At    | than two months    | than two months   |
| and | closing, the         | delinquent may     | delinquent may    |
| el  | borrower may not     | also be refinanced | also be           |
| igi | receive cash back in | in this manner per | refinanced in     |
| bil | excess of \$500.     | instruction        | this manner per   |
| ity |                      | contained in       | instruction       |
| c   | **Acquired \> 1      | handbook           | contained in      |
| rit | year:** If the       | HUD-4155.1 REV-5,  | handbook          |
| eri | property was         | paragraph 1-12D6.  | HUD-4155.1 REV-5, |
| a** | acquired less than   |                    | paragraph 1-12D6. |
|     | one year before the  | **Cash Back:** At  |                   |
|     | loan application and | closing, the       | **Cash Back:** At |
|     | is not already       | borrower may not   | closing, the      |
|     | FHA-insured, in      | receive cash back  | borrower may not  |
|     | addition to the      | in excess of       | receive cash back |
|     | calculations         | \$500.             | in excess of      |
|     | described above, the |                    | \$500.            |
|     | original sales price | **Acquired \> 1    |                   |
|     | of the property also | year:** Not        | **Acquired \> 1   |
|     | must be considered   | applicable         | year:** Not       |
|     | in determining the   |                    | applicable        |
|     | maximum mortgage.    |                    |                   |
|     | With conclusive      |                    |                   |
|     | documentation,       |                    |                   |
|     | expenditures for     |                    |                   |
|     | repairs and          |                    |                   |
|     | rehabilitation       |                    |                   |
|     | incurred after the   |                    |                   |
|     | purchase of the      |                    |                   |
|     | property may be      |                    |                   |
|     | added to the         |                    |                   |
|     | original sales price |                    |                   |
|     | in calculating the   |                    |                   |
|     | mortgage amount.     |                    |                   |
+-----+----------------------+--------------------+-------------------+

[^1]: Does not include UFMIP added-on.