Form preview

Get the free 203k maximum mortgage worksheet form

Get Form
203(k) and Streamlined (k) Maximum Mortgage Worksheet U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner See Public Reporting Statement on the back before
We are not affiliated with any brand or entity on this form

Get, Create, Make and Sign

Edit
Edit your 203k maximum mortgage worksheet form online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share
Share your form instantly
Email, fax, or share your 203k maximum mortgage worksheet form via URL. You can also download, print, or export forms to your preferred cloud storage service.

How to edit 203k maximum mortgage worksheet online

9.5
Ease of Setup
pdfFiller User Ratings on G2
9.0
Ease of Use
pdfFiller User Ratings on G2
Here are the steps you need to follow to get started with our professional PDF editor:
1
Log in. Click Start Free Trial and create a profile if necessary.
2
Upload a file. Select Add New on your Dashboard and upload a file from your device or import it from the cloud, online, or internal mail. Then click Edit.
3
Edit 203k worksheet form. Rearrange and rotate pages, add new and changed texts, add new objects, and use other useful tools. When you're done, click Done. You can use the Documents tab to merge, split, lock, or unlock your files.
4
Save your file. Select it from your list of records. Then, move your cursor to the right toolbar and choose one of the exporting options. You can save it in multiple formats, download it as a PDF, send it by email, or store it in the cloud, among other things.
With pdfFiller, it's always easy to work with documents. Check it out!

How to fill out 203k maximum mortgage worksheet

Illustration

How to fill out 203k worksheet:

01
Gather all necessary documentation, such as contractor bids, project plans, and estimates for repairs or improvements.
02
Complete the borrower's information section, including personal details, loan information, and property details.
03
Fill out the contractor information section, providing details about the contractor or contractors involved in the project.
04
Enter the project costs and estimates in the appropriate sections, specifying each item and its corresponding cost.
05
If applicable, provide information on any architectural exhibits or engineering exhibits that are required for the project.
06
Review the completed worksheet for accuracy and make any necessary corrections before submitting it.

Who needs 203k worksheet:

01
Homeowners planning to purchase a property that requires repairs or improvements may need to fill out a 203k worksheet.
02
Loan officers or mortgage lenders who handle FHA 203k loans may also require the completion of a 203k worksheet as part of the loan application process.
03
Contractors or builders involved in a project that is financed using an FHA 203k loan may need to provide information on the worksheet to document the scope of work and associated costs.

Fill form : Try Risk Free

Rate free

4.7
Satisfied
64 Votes

For pdfFiller’s FAQs

Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.

The 203k worksheet is a document used in the FHA 203k loan program. This program is designed to help homeowners finance the purchase or refinance of a property that needs significant repairs or renovations. The worksheet is used to calculate the maximum mortgage amount available for the property, taking into account the estimated cost of repairs or renovations. It includes sections for listing the repair costs, architectural plans, contractor bids, and other relevant information. The worksheet is typically completed by the lender or a consultant hired by the homeowner.
The 203k worksheet is typically required to be filed by lenders and contractors who are involved in the rehabilitation of a property using the Federal Housing Administration's 203k loan program.
To fill out a 203k worksheet, follow these steps: 1. Begin by entering the loan number and borrower information at the top of the worksheet. 2. Next, list the property address, the renovation consultant's name (if applicable), and the contractor's name. 3. In the "Consultant Fee" section, calculate the consultant's total fee, including any applicable inspection fees. 4. Fill in the "Costs To Rehab" section. This includes listing all the repairs and renovations required for the property. Include the cost estimates for each item, and calculate the total cost of repairs. 5. In the "Contingency Reserve" section, calculate the contingency reserve amount. This is usually 10-20% of the total cost of repairs and is set aside for unexpected expenses during the renovation process. 6. Move on to the "Architectural and Engineering Fees" section. If there are any architectural or engineering fees associated with the project, list them here. 7. In the "Permits and Other Fees" section, include any permit fees, inspection fees, or other related costs. 8. Next, fill out the "Miscellaneous Expenses" section. This may include any additional costs not covered in previous sections, such as temporary housing expenses or rental allowances during the renovation. 9. Calculate the "Subtotal" by adding up all the cost elements mentioned above. 10. In the "Maximum Mortgage Work" section, calculate the lesser of the "Subtotal" or the "Mortgage Limit." 11. Finally, determine the "Base Mortgage Amount" by subtracting the required down payment from the "Maximum Mortgage Work." 12. Review the worksheet to ensure accuracy and completeness, and make any necessary adjustments or corrections. 13. Obtain any necessary signatures and submit the completed worksheet as required by your lender or the relevant authority. Note: It is recommended to consult with a renovation consultant or a professional familiar with 203k loan requirements to ensure accurate completion of the worksheet.
The purpose of a 203k worksheet is to provide lenders and borrowers with a detailed breakdown of the costs associated with a 203k loan, which is a type of mortgage that allows borrowers to finance the purchase or refinance of a home along with funds for renovation or repair work. The worksheet helps to outline the scope of the repairs and renovations needed, estimate the costs involved, and ensure that the loan amount is sufficient to cover these expenses. It serves as a valuable tool for both borrowers and lenders to track and document the progress of the renovation project.
The 203k Worksheet is used to calculate the maximum mortgage amount for a 203k renovation loan through the Federal Housing Administration (FHA). The following information must be reported on the 203k Worksheet: 1. Purchase Price: The purchase price of the property being financed. 2. Rehabilitation Costs: The estimated costs of the planned renovations and repairs. 3. Contingency Reserve: An amount set aside for unforeseen expenses during the renovation process. 4. Mortgage Loan Amount: The total amount of the mortgage loan, including the purchase price and rehabilitation costs. 5. Maximum Mortgage Amount: The maximum amount that can be financed for the property, which is typically based on the lesser of the purchase price plus rehabilitation costs or the appraised value of the property after renovations. 6. 203k Loan Limits: The maximum loan amount allowed for a 203k renovation loan, which may vary depending on the location and type of property. 7. Down Payment: The amount of money the borrower will contribute towards the purchase of the property and renovation costs. 8. Total Cash Investment: The sum of the down payment and any additional out-of-pocket expenses. 9. Loan-to-Value (LTV) Ratio: The ratio of the mortgage loan amount to the appraised value of the property after renovations. 10. Loan-to-Cost (LTC) Ratio: The ratio of the mortgage loan amount to the total costs of the purchase and rehabilitation of the property.
The penalty for the late filing of the 203k worksheet can vary depending on the specific guidelines set by the relevant authority or agency. In general, late filing penalties may include financial penalties such as late fees or interest charges. It is important to consult the specific guidelines or contact the relevant authority for accurate and up-to-date information on the penalties for late filing.
You may use pdfFiller's Gmail add-on to change, fill out, and eSign your 203k worksheet form as well as other documents directly in your inbox by using the pdfFiller add-on for Gmail. pdfFiller for Gmail may be found on the Google Workspace Marketplace. Use the time you would have spent dealing with your papers and eSignatures for more vital tasks instead.
With pdfFiller, you may easily complete and sign 203k maximum mortgage worksheet online. It lets you modify original PDF material, highlight, blackout, erase, and write text anywhere on a page, legally eSign your document, and do a lot more. Create a free account to handle professional papers online.
Use the pdfFiller Android app to finish your maximum mortgage worksheet and other documents on your Android phone. The app has all the features you need to manage your documents, like editing content, eSigning, annotating, sharing files, and more. At any time, as long as there is an internet connection.

Fill out your 203k maximum mortgage worksheet online with pdfFiller!

pdfFiller is an end-to-end solution for managing, creating, and editing documents and forms in the cloud. Save time and hassle by preparing your tax forms online.

Get started now
Form preview