How do I enter financed closing costs on a FHA loan?

To enter financed closing costs such as MIP:

1. Goto the 'Open House Flyers' tab
2. Edit a specific flyer
3. Goto the 'Terms' tab
4. Check the 'FHA Loan' checkbox for the scenario that is a FHA loan
5. Enter the Upfront MIP % (which is usually 1.75% but confirm with your guidelines)
• When you tab out of this field the Upfront MIP dollar amount will be auto calculated and entered in the 'Financed Costs' field
6. Enter the MI % factor (which varies based on loan amount and LTV, refer to your guidelines or HUD Mortgagee Letter 2013-04)
• When you tab out of this field the Monthly MI dollar amount will be auto calculated and entered in the 'Monthly MI' field
7. Click the 'Save Changes' button
8. Goto the 'Fees' screen and click the 'Add Fee' button
9. Add a fee called 'Upfront MIP' and enter the same amount you entered in the 'Financed Costs' field
10. Click the 'Save' button

Screenshot (Terms screen):

Screenshot (Fees screen):

• 13-04ml.pdf