Get Maximum Mortgage Worksheet Form 1035 2020-2025

The Maximum Mortgage Worksheet Form 1035 is a crucial document that assists users in calculating the mortgage amount for either purchase or refinance transactions related to the HomeStyle Renovation Mortgage. Understanding how to properly fill out this form online can help streamline the mortgage process and ensure accuracy in financial assessments.

Follow the steps to fill out the Maximum Mortgage Worksheet Form 1035 online:

1. Press the ‘Get Form’ button to access the worksheet and open it in your editor.
2. Begin by filling out the borrower name and the date at the top of the form.
3. In section A, 'Loan Parameters,' enter the applicable loan-to-value percentage in the first field, along with the renovation costs as a percentage of the estimated 'as completed' value, ensuring it does not exceed 50%. Specify whether the property is a primary residence, secondary residence, or an investment.
4. In section B, 'Property Information,' complete the fields for the sales price, first mortgage pay-off and any eligible liens for refinance transactions, and estimated 'as completed' value after improvements.
5. In section C, 'Alterations, Improvements, and Repairs,' list the hard costs related to labor and materials, along with any contingency reserve, architect or engineer fees, consultant fees, inspection fees, title updates, permits, and any payment reserves. Sum these amounts in 'Total Alterations, Improvements, and Repairs' ensuring this total does not exceed the calculated limit.
6. Proceed to section D, 'Loan Amount,' where you will calculate the total of the purchase price and improvement costs. Determine the lesser of either purchase mortgage loan amount or refinance mortgage amount based on corresponding calculations.
7. For section E, 'Details of Transaction,' fill in the necessary information regarding the purchase price, alterations, estimated prepaid items, closing costs, and total costs, ensuring accuracy to facilitate the financial assessment.
8. Finally, review all entries made across the form for accuracy and completeness. Once reviewed, save any changes made, and choose to download or print the form for your records, or share it as needed.

Start filling out your documents online today!