For a 203(k) refinance case, existing debt includes the following:
| • | Unpaid principal balance of the first mortgage as of the month prior to mortgage disbursement. |
| • | Unpaid principal balance of any purchase money junior mortgage as of the month prior to mortgage disbursement. |
| • | Unpaid principal balance of any junior liens over 12 months old as of the date of mortgage disbursement. If the balance or any portion of an equity line of credit in excess of $1,000 was advanced within the past 12 months and was for purposes other than repairs and rehabilitation of the property, that portion above and beyond $1,000 of the line of credit is not eligible for inclusion in the new mortgage. |
| • | Interest due on the existing mortgage(s). |
| • | Mortgage insurance premium (MIP) due on the existing mortgage(s). |
| • | Any prepayment penalties assessed. |
| • | Late charges. |
| • | Escrow shortages. |
Last revised: December 24, 2015